Rox Resources Limited in conjunction with Venus Metals Corporation reported that it has commenced substantial reverse circulation and diamond drilling programs at the Youanmi Gold Project. The 16,000 metre RC drill program and 7,000 metre DD drill program will be ongoing throughout January-April with first drill assay results expected in late February. Rox is well funded due to the strong support it received in the recent Placement and SPP and the receipt of funds f rom the sale of Cannon Shares.

Resource drilling is focused on converting the inferred resources to indicated classification at the high priority areas Link and Kathleen . The conversion of these inferred resources is integral to the Youanmi Gold Project and will form the early production f or the purposes of the upcoming feasibility studies. Exploration drilling will initially focus on the exciting, high-grade `Midway' discovery made by the OYG JV in 2021.

Midway is located 300m within the hanging-wall of the Youanmi Main Lode and presents an excellent near mine exploration target which is open in all directions. The `Youanmi South' prospect will also be tested and has previously shown broad high-grade gold intersections. The system is in a geologically complex position where the main lode shear zone interacts with the southern end of the Youanmi Granite.

Resource drilling at Kathleen and Link is designed to delineate adequate reserves to accommodate the first years of the production target in upcoming Youanmi Gold Project feasibility studies and to confirm the continuity of gold grades proximal to the current indicated resources. This is intended to be achieved by upgrading part of the existing Inferred Resource in the Youanmi Gold Project Scoping Study. Mineralisation at Kathleen occurs as a high-grade, steeply north-plunging shoot beneath the historical high-grade open pit.

Drilling by the OYG JV at Kathleen has def inedan indicated resource of 37koz @ 8 g/t Au and an inferred resource of 35k oz @ 7g/t Au. Proposed RC Drilling at Kathleen aims to convert the inf erred resources to indicated classification. Mineralisation at Link occurs as a zone of high-grade mineralisation more than 200m f rom historical.

Mineralisation at Link remains open down plunge to the northwest and up plunge to the southeast. Drilling by the OYG JV has definedan indicated resource of 270koz @ 5.5 g/t Au and an inferred resource of 280koz @ 6g/t. The proposed program aims to convert inferred resources to indicated classification. Drilling by the OYG JV resources in 2021 at the Midway prospect intercepted numerous high-grade intercepts including: RXDD022: 4m @ 45.5 g/t Au f rom 341m, including 1.33m @ 129.3 g/t Au f rom 341.75m; RXRC449: 8m @ 5.1 g/t Au f rom 212m including 4m @ 9.45 g/t Au f rom 212m and 4m @ 6.03 g/t Au from 140m; RXDD046: 3.87m @ 9.9 g/t Au f rom 328.33m, including 2.45m @ 15.02 g/t Au f rom 328.8m; and RXDD045: 3.62m @ 6.49 g/t Au f rom 315.42m, including 0.86m @ 21.03 g/t Au f rom 315.42m.

Gold mineralisation at Midway is shear-zone hosted within highly altered tholeiitic and komatiitic basaltic rocks. The alteration assemblage consists of sericite, quartz, carbonate, and biotite. Gold occurs in association with pyrite and lesser arsenopyrite.

The results to date define at least two gold lodes striking WNW and dipping towards the SW. Structural analysis of the mineralised zone (shear fabric and stretching mineral lineation) indicates that 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.

This new orientation of mineralised structures is apparent in high resolution drone magnetic imagery and has generated several new exploration targets which will be tested by RC and DD drilling. Drilling by OYG JV between 2019 and 2021 at the Youanmi South prospect has intercepted numerous high-grade fresh rock intercepts including: RXRC053: 4m @ 11.2 g/t Au f rom 110m; RXRC103: 1m @ 27.93 g/t Au f rom 176m; and RXRC397: 2m @ 10g/t Au f rom 268m. Youanmi South is in a geologically complex position where the main lode shear zone interacts with the southern end of the Youanmi Granite.

The depth of weathering is deep, commonly exceeding 100 vertical metres with supergene gold enrichment within the regolith occurring over 200 metres of strike. Three RC holes drilled by Rox have intercepted high-grade mineralisation within f resh rock. Modelling of the primary mineralisation indicates that the lode is striking towards the NE with a sub vertical dip.

Exploration RC drilling will test this interpreted NE trending lode along strike and will additionally test the interaction of the lode with the southern end of the granite, which is a potential dilatational zone and a focus for gold bearing fluids. This conceptual target has never been tested by historical drilling. In addition to the drilling programs outlined above, further work programs include: Mining studies to determine the scale of operation proposed for upcoming feasibility studies; Metallurgical test work underway to develop a flowsheetf or feasibility studies; Interpreting results from current exploration drilling at Midway and Youanmi South f or potential additional drilling to constrain mineralisation geometry and tenor; and Regional exploration of the Youanmi Regional JV tenements.

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