Rox Resources : New Midway lode at Youanmi Gold Project extended

onlyROX

ASX ANNOUNCEMENT

RRL1823D

08 June 2022

New 'Midway' lode at Youanmi Gold Project extended to 160m down plunge

RESOURCES LIMITED	Highlights:

ASX: RXL useRox Resources Limited (ASX:

RXL) is an Australian listed company with advanced gold projects in Western Australia: the Youanmi Gold Project and the Mt Fisher Gold project.

personalMarket Cap.	$54.0m
DIRECTORS
Mr Stephen Dennis
Chairman
Mr Alex Passmore
Managing Director
Dr John Mair
Non-Executive Director
Shares on Issue	168.9m
Share Price	$0.32
Cash	$6.9m
(as at 31 Mar 22)
Level 2, 87 Colin Street,
West Perth WA 6005
For[phone]

[e-mail]

www.roxresources.com.au

Follow Rox:

• New hanging-wall lode 'Midway' continues to return high- grade results as follow up drilling confirms at least 160m of plunge continuity
• New high-grade intersections 160m up plunge of discovery drillhole (RXDD022) include:

RXRC449: 8m @ 5.1g/t Au from 212m including 4m @ 9.45g/t Au from 212m and 4m @ 6.03g/t Au from 140m

• Previously released high-grade intersections from Midway include:

RXDD022: 4m @ 45.5g/t Au from 341m, including 1.33m @

129.3g/t Au from 341.75m (ASX: RXL 06/09/2021)

RXDD046: 3.87m @ 9.9g/t Au from 328.33m, including

2.45m @ 15.02 g/t Au from 328.8m (ASX: RXL 18/11/2021)

RXDD045: 3.62m @ 6.49g/t Au from 315.42m, including

0.86m @ 21.03g/t Au from 315.42m (ASX: RXL 18/11/2021)

• The Midway lode remains open down dip and along strike. Follow up drilling is planned to incorporate the new high- grade lode into the Youanmi gold project resource

___________________________________________________________

West Australian focused gold exploration and development 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 drill results from the Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%).

The highlights of this round of results include 8m @ 5.1g/t Au from 212m including 4m @ 9.45g/t Au from 212m and 4m @ 6.03g/t Au from 140m intersected in RXRC449 and 0.78m @ 32.98g/t Au from 256.3m intersected in RXDD046. The results continue to define the continuity of the recently discovered high-grade Midway Lode in the historically underexplored hanging-wall area 300m south of the Youanmi Mine (Table 1, Figure 1).

Managing Director Alex Passmore commented: "These results from Midway extend the known extent of the lode significantly up plunge and demonstrate good continuity. This prospect has strong potential for contributing additional ounces to the overall project resource, and highlights

For personal use only

the potential for new high-grade lodes in a previously untested area. We look forward to drilling out the interpreted oxide zone at surface which may contribute to the early part of mine plan."

High-Grade Midway Lode Extended Up Plunge

Drilling results reported in September 2021 identified high-grade mineralisation in a newly delineated position in the hanging wall to the main Youanmi Mine Lode. This zone of mineralisation is situated 300m south of the Youanmi underground mine between the Bunker Pit and the Youanmi Main Pit (Figures 1 and 2).

Diamond drilling to follow up on the previously reported discovery hole RXDD022 (4m @ 45.5g/t Au from 341m, including 1.33m @ 129.3g/t Au from 341.75m) (ASX: RXL 06/09/2021) has been ongoing.

Follow up results reported in November 2021 confirmed the continuity of high-grade mineralisation. RXDD045 tested 40m up dip of RXDD022, while RXDD046 tested 40m down plunge, with both holes intersecting similar style high-grade mineralisation (RXDD046: 3.87m @ 9.9g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m, RXDD045: 3.62m @ 6.49g/t Au from 315.42m, including 0.86m @ 21.03g/t Au from 315.42m) (ASX: RXL 18/11/2021).

An RC hole was recently completed 160m up plunge of RXDD022 to determine lode continuity into shallow depths previously untested by drilling. This has now returned the following strong results:

• RXRC449: 8m @ 5.1g/t Au from 212m including 4m @ 9.45g/t Au from 212m and 4m @ 6.03g/t Au from 140m.

This drilling confirms at least 160m of plunge continuity for high-grade mineralisation at Midway.

Additionally sampling of shear zones identified in previously reported drillholes has identified a second lode at Midway, with new results including:

• RXDD046: 0.78m @ 32.98g/t Au from 256.3m and 1.76m @ 3.63g/t Au from 307m
• RXDD022: 2m @ 3.85g/t Au from 307m

These results together with recent drilling demonstrate that the Midway area has strong potential to host a significant mineralised system with evidence for multiple lodes.

Gold mineralisation at Midway is shear zone hosted within highly altered tholeiitic and komatiitic basaltic rocks. The alteration assemblages consist of sericite, quartz, carbonate and biotite. Gold occurs in association with pyrite and lesser arsenopyrite. The Midway lode remains open along strike and down dip (Figures 1 and 2).

The results to date define at least two gold lodes striking WNW and dipping towards the SW. Structural analysis of the mineralised zones (shear fabric and stretching mineral lineation) indicate the lodes are dipping steeply towards the southwest and show a high-grade component plunging at 50 degrees to the WNW. The orientation of the new lodes is different to previously identified lodes at Youanmi, which strike NW to NNW (Figure 1). This new orientation of mineralised structure opens up several new exploration targets at the project. Further drilling is planned.

ROX RESOURCES LIMITED	2	ASX CODE: RXL
Level 2, 87 Colin Street,
West Perth WA 6005		E: [e-mail]
[phone]		www.roxresources.com.au

For personal use only

Figure 1. Plan view of Youanmi Mine Area with resource block model and Rox drill intercepts. Midway

sits outside areas of known mineralisation.

ROX RESOURCES LIMITED	3	ASX CODE: RXL
Level 2, 87 Colin Street,
West Perth WA 6005		E: [e-mail]
[phone]		www.roxresources.com.au

For personal use only

Figure 2. View through the Youanmi lode system looking north-west including drill intercepts shown

on Figure 1, pits and underground development and June 2021 resource model.

Forward Plan

The Company continues its approach of simultaneously exploring and conducting mining studies. Ongoing and planned activities at Youanmi gold project include:

• Inferred to indicated resource conversion and exploration drilling;
• Feasibility level underground and open pit metallurgical testwork;
• Scoping level study processing plant design and costing; and
• Mine design and environmental work.

The Company looks forward to providing updates on these in due course.

Authorised for release to the ASX by the Board of Rox Resources Limited.

*** ENDS ***

ROX RESOURCES LIMITED	4	ASX CODE: RXL
Level 2, 87 Colin Street,
West Perth WA 6005		E: [e-mail]
[phone]		www.roxresources.com.au

onlyusepersonalFor	For more information:
	Alex Passmore
	Managing Director
	Rox Resources Limited
	Tel: [phone]
	E:[e-mail]

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005

[phone]

Matt Hogan

Managing Director

Venus Metals Corporation Limited

Tel: [phone]

5	ASX CODE: RXL

1. [e-mail]
   www.roxresources.com.au