West Australian gold exploration and development company, Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation (ASX: VMC), is pleased to report that it has commenced substantial reverse circulation (RC) and diamond drilling (DD) programs at the Youanmi Gold Project (OYG JV).

Highlights:

• 23,000m multi-rig resource definition and exploration drill campaign has commenced at the Youanmi Gold Project
• Resource definition drilling is focused on the conversion of resources from inferred to indicated classification to upgrade the Youanmi Gold Project Resource
• Exploration drilling will test the exciting, near-mine Midway discovery, as well as testing underexplored regional targets to delineate additional ounces which can be incorporated into the Youanmi Gold Project
• The Company is well funded with receipt of funds from its recent capital raising and the sale of Cannon shares (ASX:CNR) in December 2022

Resource drilling is focused on converting the inf erred resources to indicated classif ication at the high priority areas Link and Kathleen (Figure 2). The conversion of these inf erred resources is integral to the Youanmi Gold Project and will form the early production for 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 (ASX announcement 8 June 2022). 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.

Managing Director Rob Ryan commented:

“We are pleased to recommence drilling at the Youanmi project as we look to improve the quality and scale of the resource. Drilling is planned to infill high-grade areas at Kathleen and Link to bolster shallow, indicated resources for upcoming feasibility studies.

“The Midway discovery is an exciting discovery and is close to existing infrastructure with tremendous potential to grow in all directions. The limited drilling to date, within the structural corridor, has shown thick continuous high-grade intersections. We intend to drill out the Midway area with the aim of adding additional resources to the Youanmi Gold Project.

“With drilling underway and feasibility studies advancing, investors can look forward to consistent news flow in 2023 as we look to improve the current resource and project metrics.”

Kathleen and Link Resource Drilling

Resource drilling at Kathleen and Link is designed to delineate adequate reserves to accommodate the f irst years of the production target in upcoming Youanmi Gold Project feasibility studies and to conf irm the continuity of gold grades proximal to the current indicated resources. This is intended to be achieved by upgrading part of the existing Inf erred Resource in the Youanmi Gold Project Scoping Study (ASX announcement 19 October 2022).

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 ined an indicated resource of 37koz @ 8 g/t Au and an inf erred resource of 35k oz @ 7g/t Au (ASX announcement 20 January 2022 and 20 April 2022). Proposed RC Drilling at Kathleen aims to convert the inf erred resources to indicated classif ication.

Mineralisation at Link occurs as a zone of high-grade mineralisation more than 200m from historical underground and open pit workings with extensive down-plunge continuity of high-grade ore zones (Figure 3). Mineralisation at Link remains open down plunge to the northwest and up plunge to the southeast. Drilling by the OYG JV has def ined an indicated resource of 270koz @ 5.5 g/t Au and an inf erred resource of 280koz @ 6g/t (ASX announcement 20 January 2022 and 20 April 2022). The proposed program aims to convert inf erred resources to indicated classif ication.

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