Jaxon Mining Inc. (TSX-V: JAX; FSE: OU31) has secured a strategic investment from Zijin Midas Exploration Fund, a subsidiary of Zijin Mining Group Co. Ltd. (SSE: 601899) and certain other investors, of up to 5,625,000 flow-through shares at a price of $0.32 per share for gross proceeds of $1.8 million.
Jaxon Mining intends to use proceeds to fund Fall/Winter 2017 drill program at its Hazelton silver-zinc VMS target in BC’s prolific Skeena Arch.
“The Zijin Midas Exploration Fund is a cornerstone strategic investor and we welcome their continued support,” said Jason Cubitt, Jaxon’s President and CEO. “We’re excited to be mobilizing to the field for a Phase 1 drill program at the Hazelton project. We have a host of high priority targets to drill test—many beneath interpreted feeder zones associated with bonanza grades of silver and zinc at surface in outcrop.”
The financing is subject to approval by the TSX Venture Exchange.
Vancouver based Jaxon Mining is a precious and base metals exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Hazelton Project in north-central British Columbia and the More Creek Project (consolidating the Wishbone and Foremore properties) in BC’s Golden Triangle.
photo credit: Jaxon Mining