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Jaxon Mining set for C$1mln raise

Last updated: 14:29 21 Sep 2018 EDT, First published: 09:29 21 Sep 2018 EDT

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Jaxon is an exploration company with a focus on Western Canada

Jaxon Mining Inc (CSE:JAX) unveiled a C$1mln private placing.

It will issue up to around 5.8mln units at C$0.12 each for gross proceeds of C$700,000, and 2mln flow-through units at C$0.15 each for gross proceeds of C$300,00. Each unit consists of one share and half a share purchase warrant. Each warrant will entitle the holder to buy one share at C$0.20 for the non-flow-through units and C$0.24 per share for the flow-through units. The warrants will have an expiry date of two years from the closing of the placing.

The funds will be used for general working purposes and advancing the Hazelton property, the company said.

Encouraging sample assays

Yesterday, Jaxon, in a release, said it had been encouraged by initial sample assays from the Backbone prospect at the Red Springs project in British Columbia and revealed that preparation for drilling was underway.

Chip sample results and another 55 surface grab/chip samples were collected at the Backbone and North Cirque areas from the 2017 and early 2018 exploration seasons.

These confirm up to 1000 metres of strike length at the high-grade gold-bearing tourmaline breccia mineralization zone at Backbone and North Cirque areas.

Highlights of the sampling were five metres at a grade of 6.78 grams per tonne (g/t) gold, including two metres grading 15.28 grams per tonne (g/t).

There was also 13 metres grading 2.86 g/t gold including 2 metres grading 8.96 g/t and; 1 metre grading 6.57 grams per tonne (g/t) gold and 1.35 % copper in another channel, the firm said.

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