Australian gold and nickel company, Rox Resources Limited ('Rox' or 'the Company') (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX: VMC) is pleased to provide an update on exploration activities at Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area.

Assay results from the current drill program, which commenced in early February 2021, have now started to flow in. Results have been received for three holes, results are awaited for 15 holes. The Company notes assay turnaround times are running at approximately 5-6 weeks due to increased activity across the sector.

We are pleased to report that recently returned drill results have extended the known area of high-grade mineralisation at Grace by 100m to the south of previously determined extent. The highlight of this round of drilling being 8m @ 19.9 g/t Au encountered in a shallow position in RXRC363.

The current RC drilling program has been designed to test the southern continuation of the Grace deposit and other high grade near mine targets including the recently identified high priority Junction and Link targets.

Managing Director Alex Passmore commented: 'We are pleased to report these latest strong drill results from Youanmi and the shallow strike extensions at Grace. We look forward to updating the market as more results come to hand.'

Following the extensive drilling campaign in 2020 a re-interpretation of structural controls on mineralisation at Youanmi was completed which identified underexplored high priority targets. This re-interpretation, a result interpretation of 2020 drilling results, structural relogging of historical diamond core and an audit of historical mining data, indicates that high-grade mineralisation along the Mine Shear Zone is strongly associated with shallow-plunging dilational shoots trending NNW.

The RC holes reported in this announcement (RXRC363: 8m @ 19.9g/t Au from 68m and RXRC362: 4m @ 5g/t Au from 40m at Grace South and RXRC361: 4m @ 6g/t Au from 84m and 8m @ 4.1g/t Au from 112m at Junction.) have confirmed the new interpretation is geologically robust and additional RC drilling has been planned. This new geological model indicates these targets have strong potential to significantly enhance near mine gold inventory.

Forward plan

The current drilling in near mine and resource extension areas will feed into mineral resource estimation and a subsequent definitive feasibility study for the project. Work for 2021 will include substantial RC and diamond drilling programs, metallurgical, hydrogeological, geotechnical and environmental studies to underpin an updated and optimised development plan.

Diamond drill targets in 2021 were not adequately tested due to poor contractor performance. The company has engaged a new drilling contractor and will resume diamond drilling in due course. The Company looks forward to updating the market on the further results of ongoing drilling programs as results come to hand.

Contact:

Tel: +61 8 9226 0044

Email: admin@roxresources.com.au

Forward Looking Statements

This document may include forward looking statements. Forward looking statements include, but are not limited to, statements concerning Rox Resources Limited planned exploration program(s) and other statements that are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate,' 'expect,' 'intend,' 'may', 'potential,' 'should,' and similar expressions are forward looking statements.

About Rox Resources

Rox Resources Limited is an emerging Australian minerals exploration company. The company has a number of key assets at various levels of development with exposure to gold, nickel, copper and platinum group elements (PGE's). The 1.2Moz Youanmi Gold Project and the Fisher East Nickel Project (78kt Ni) being the most advanced projects with exploration ongoing at the Mt Fisher Gold Project and the Collurabbie Nickel-Copper-PGE Project.

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