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 (Rox 70% and Manager, VMC 30%).

On 19 April 2021 the Company announced high grade gold drill intersections at the Link prospect at the Youanmi OYG JV and is pleased to report further high-grade drill intersections from the Junction prospect which is located over 1km (1,100m) along strike to the south of Link.

These positive results have extended the known area of high-grade mineralisation at Junction 150m beneath the historically mined high-grade Youanmi Main Pit. The highlight of this round of results being 4m @ 17.5g/t Au from 259m intersected in RXRC380.

Assays are awaited for 9 completed drill holes with RC drilling ongoing which is designed to follow up recent high-grade results at Link, Junction and the Grace prospects.

Junction Target Area

The Junction Target area is the interpreted convergence zone, at depth, between the historically mined Main Lode and the recently-discovered Grace Lode. It is situated under the southern extent of the Youanmi Main Pit in the vicinity of the historically mined, high-grade Pollard Lode. The Pollard lodes were mined underground, at shallow depths in the 1930's with historical mine records indicating production of 260,000oz at 15 g/t Au mined grade.

The current mineralisation model being tested consists of low to moderate angle NW-plunging ore shoots within moderate to steep SW-plunging mineralised envelopes. Rox has identified at least four further such mineralised envelopes at Youanmi. The Junction target lies within the Pollard mineralised envelope and presents a high priority target area largely unexplored at depth by historical drilling.

The Junction area and Youanmi Deeps underground mine are separated by the late-stage post mineralisation E-W striking Main Pit Fault that offsets the ore zones by 30m. The Youanmi Deeps underground workings were mined to 600m depth north of the Main Pit Fault and known high-grade resources continue to 950m below surface. Rox believes the Pollard mineralised envelope has strong potential to continue to similar depths.

The RC holes reported in this announcement (RXRC380: 4m @ 17.5g/t Au from 259m, RXRC376: 4m @ 6.1g/t Au from 170m, RXRC378: 3m @ 8g/t Au from 194m and RXRC379: 3m @ 7.1g/t Au from 243m at end of hole) demonstrate the Junction area has strong potential to significantly enhance near mine gold inventory with close proximity to existing underground development.

Forward plan

Following these results, 15 holes have been planned to delineate a new mineralised shoot within the Junction structure. More broadly, drilling is delineating and extending shallow high-grade ore shoots at Grace, Link and Junction with the aim of increasing near-mine mineral resources. Additionally, results from the RC program will aid in refining deeper down plunge targets for drill testing with an extensive upcoming diamond core drilling program.

The current drilling will feed into updated mineral resource estimation work that is well progressed. Further work for 2021 including substantial RC and diamond drilling programs, metallurgical, hydrogeological, geotechnical and environmental studies to underpin an updated development plan. The Company looks forward to updating the market on the further results of ongoing drilling programs as results are available.

Contact:

Alex Passmore

Tel: +61 8 9226 0044

Email: admin@roxresources.com.au

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