ROX RESOURCES LIMITED - Capital/Financing Update 2019

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ASX Release: 22 July 2019 ASX Code: VMC

YOUANMI GOLD PROJECT

RC DRILLING RECOMMENCED AT CURRANS FIND & REGIONAL TARGETS

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL)is pleased to announce the commencement of a c. 1,600m reverse circulation (RC) drilling program at the Youanmi Gold Project, Western Australia (Figure 1). The drilling program will explore the Currans North Prospect and other targets (Figure 2), and is expected to be completed by the end of July.

At the ‘Currans North’ prospect , RC drilling of c. 1,100m will focus on down-plunge and alongstrike extensions of bonanza-grade gold mineralization intersected in previous RC drilling (refer ASX release 24 June 2019), including:

CFRC16: 3m @ 27.5 g/t from 39m including 1m @ 72.67 g/t Au from 39m

CFRC14: 2m @ 13.34 g/t from 61m including 1m @ 25.38g/t Au from 61m

In addition, RC drilling of four holes is planned at the Golden Victoria Prospect where historical drilling intersected shallow high-grade gold mineralization, possibly associated with banded iron formation, and potential down-dip extensions of the high-grade mineralization that was intersected in deeper drilling but was not followed up at the time.

A high priority EM anomaly target along the main Youanmi Shear Zone will also be tested for gold and base metals mineralization as part of this RC program.

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Please Direct Enquiries to:

Matthew Hogan Managing Director Ph: 08 9321 7541

Barry Fehlberg Exploration Director Ph: 08 9321 7541

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In early August, the Company is planning to commence a 5,000m aircore drilling program north of the historical Penny West gold mine, the historical Magenta and Columbia gold prospects, and the recent Penny North gold discovery by Spectrum Minerals Ltd, c. 2-4km to the south and along strike of the area to be tested by the AC program. Aeromagnetic data (Figure 3) show, the stratigraphic units that host these gold deposits may extend north into the Venus Joint Venture tenement where they present a prime gold exploration target for highgrade gold mineralization of the Penny West type.

Exploration Targets

The term ‘Exploration Target’ should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2012), and therefore the terms have not been used in this context.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Venus Metals Corporation Limited planned exploration program 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. Although Venus Metals Corporation Ltd believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Person’s Statement

The information in this release that relates to the Youanmi Gold Project is based on information compiled by Mr Barry Fehlberg, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Fehlberg is Exploration Director of Venus Metals Corporation Limited. Mr Fehlberg has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Fehlberg consents to the inclusion in the release of the matters based on his information in the form and context that the information appears.

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