ROX RESOURCES LIMITED

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ASX Release: 15 October 2019 ASX Code: VMC

Air Core Results Outline Significant Gold and Pathfinder Base Metal Anomalies North of the Penny West Gold Mine ‐ Youanmi Gold Project

Venus Metals Corporation Limited (“Venus” or the “Company”) in conjunction with its Joint Venture partner Rox Resources Limited (ASX: RXL), is pleased to announce the results of an air core drilling program totalling 5,774m in 114 holes at its Youanmi Gold Project (Figure 1), north of the historical Penny West gold mine and the historical Magenta and Columbia gold prospects.

Highlights:

Air core (AC) drilling discovered two gold anomalies (max. 0.73 g/t and 0.17 g/t Au in VRAC039 and VRAC085 respectively ) , spatially associated with anomalous lead concentrations of up to 0.15% and zinc concentrations of up to 0.28% in VRAC055 (Figures 2 and 3). A third gold anomaly (max. 0.16 g/t Au) in hole VRAC079 is associated with anomalous copper concentrations with a maximum of c. 0.23% copper within an interval of 24m at c. 0.1% Cu from 32m depth .

Recent geochemical studies by the Joint Venture have shown, the association of gold with anomalous lead, zinc and copper characterizes many high‐grade gold intercepts at Currans North (refer ASX release 5 August 2019) and an association with base metals, and lead in particular, has also been reported from the historical Penny West gold mine (Radford & Boddington 2003). The discovery of gold – lead – zinc ‐ copper anomalies along strike from the Penny West gold mine and less than 2km east of the Currans Find North high‐grade gold mineralization is therefore considered highly significant.

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Project Background

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL) previously reported historical aeromagnetic data showing a magnetic low within which the Penny West gold deposit and the Columbia‐Magenta prospects are located (refer ASX release 12 August 2019). This magnetic feature extends north into the Venus Joint Venture tenement (E57/1019) where it appears to diverge into two subparallel trends both of which present highly prospective settings for gold mineralization of the Penny West type. Both magnetic trends were targeted by the recent AC program.

Historical drilling in the general target area is very limited and transported soil cover has rendered historical surface exploration mostly ineffective. Hence, this area has remained largely unexplored for gold and base metals.

The recent AC program was designed to explore for shallow geochemical anomalies (gold, lead, zinc and copper) that may indicate the presence of Currans North and Penny West‐style high‐ grade gold mineralization. The AC target area is located on E57/1019 that is part of the Venus Joint Venture (VMC 50% and RXL earning 50% ‐ gold rights only).

Summary and Planned Work

An initial AC drilling program has discovered strong base metal anomalies two of which are associated with highly anomalous gold. These anomalies are located along an aeromagnetic low west of a prominent north‐trending magnetic low to the east and set in deeply weathered terrain. The hole depths (blade refusal) around the gold anomalies vary between 50 and 60m with a maximum depth of 85m.

The association of base metals and gold in mafic, ultramafic and intermediate rocks resembles that encountered at the historical Penny West Gold Mine and at the Currans Find North prospect, where recent RC drilling by the Company discovered very high‐grade gold mineralization (refer ASX releases 13 June, 24 June, 5 August, 27 August and 5 September 2019).

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The current AC results outline distinct lead, zinc and copper anomalies that are spatially associated with anomalous gold of up to 0.73 g/t and are considered highly significant. It is important to note that Radford and Boddington (2003) stated “a program of vertical RAB drilling successfully reached saprolite, and recorded sporadic Au concentrations up to 1.5 ppm.” This was the first‐pass RAB drilling that eventually led to the discovery of the Penny West gold mine. The results from the recent AC drilling by the Venus JV appear to be comparable to the historical results of the initial drilling at Penny West.

A follow‐up AC program totalling 51 holes for 2608m has just been completed on high‐priority targets identified from the AC program reported here and analytical work is in progress. Results from the follow‐up AC drilling are awaited with strong interest.

For further information please contact

Venus Metals Corporation Limited

Matthew Hogan Managing Director Ph +61 8 9321 7541

Alex Passmore Managing Director Ph +61 8 9226 0044

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Figure 1. Location plan showing the area of AC drilling and Youanmi Gold Project Ownership Structure.

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Figure 2. Area of air core drilling shown on regional aeromagnetic image with nearby historical Penny West gold mine and other gold prospects.

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Figure 3. Air core drilling shown on regional aeromagnetic image with gold anomaly trends and specific gold and base metal anomalies.

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Table 1. AC drill hole locations; all holes drilled at -60 deg

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Depth Azimuth Depth Azimuth
Hole ID Easting Northing Hole ID Easting Northing
(m) (deg) (m) (deg)
VRAC001 676152 6810350 31 270 VRAC058 676249 6811115 62 270
VRAC002 676200 6810352 48 270 VRAC059 676300 6811114 45 270
VRAC003 676251 6810350 44 270 VRAC060 676345 6811116 41 270
VRAC004 676299 6810352 43 270 VRAC061 676403 6811111 45 270
VRAC005 676354 6810352 40 270 VRAC062 676453 6811142 70 270
VRAC006 676401 6810351 59 270 VRAC063 676501 6811149 59 270
VRAC007 676450 6810350 45 270 VRAC064 676556 6811147 65 270
VRAC008 676500 6810349 50 270 VRAC065 676600 6811150 44 270
VRAC009 676551 6810351 52 270 VRAC066 676651 6811149 64 270
VRAC010 676599 6810350 39 270 VRAC067 675901 6811154 52 270
VRAC011 676651 6810351 50 270 VRAC068 675924 6811151 44 270
VRAC012 676700 6810351 39 270 VRAC069 675949 6811149 44 270
VRAC013 676103 6810549 35 270 VRAC070 675958 6811348 58 270
VRAC014 676152 6810551 34 270 VRAC071 676002 6811351 43 270
VRAC015 676201 6810552 40 270 VRAC072 676057 6811358 62 270
VRAC016 676249 6810553 38 270 VRAC073 676100 6811353 56 270
VRAC017 676303 6810551 32 270 VRAC074 676155 6811362 51 270
VRAC018 676350 6810547 50 270 VRAC075 676205 6811351 71 270
VRAC019 676398 6810551 42 270 VRAC076 676253 6811350 64 270
VRAC020 676449 6810552 41 270 VRAC077 676302 6811347 53 270
VRAC021 676502 6810551 47 270 VRAC078 676364 6811360 62 270
VRAC022 676053 6810754 49 270 VRAC079 676401 6811353 67 270
VRAC023 676099 6810747 48 270 VRAC080 676503 6811365 73 270
VRAC024 676150 6810749 48 270 VRAC081 676560 6811360 49 270
VRAC025 676197 6810752 31 270 VRAC082 676614 6811355 68 270
VRAC026 676250 6810752 50 270 VRAC083 675997 6811550 38 270
VRAC027 676297 6810750 41 270 VRAC084 676051 6811549 50 270
VRAC028 676348 6810750 53 270 VRAC085 676100 6811558 68 270
VRAC029 676399 6810752 46 270 VRAC086 676152 6811552 62 270
VRAC030 676447 6810749 45 270 VRAC087 676209 6811552 61 270
VRAC031 676500 6810749 46 270 VRAC088 676257 6811550 68 270
VRAC032 676549 6810751 29 270 VRAC089 676318 6811546 56 270
VRAC033 676602 6810752 9 270 VRAC090 676354 6811549 63 270
VRAC034 676650 6810758 41 270 VRAC091 676408 6811553 71 270
VRAC035 676001 6810946 40 270 VRAC092 676451 6811552 50 270
VRAC036 676053 6810948 32 270 VRAC093 676508 6811550 48 270
VRAC037 676099 6810951 41 270 VRAC094 676557 6811555 38 270
VRAC038 676145 6810951 59 270 VRAC095 676607 6811554 50 270
VRAC039 676197 6810947 62 270 VRAC096 676656 6811559 40 270
VRAC040 676250 6810943 47 270 VRAC097 676505 6811753 49 270
VRAC041 676300 6810953 66 270 VRAC098 676598 6811755 54 270
VRAC042 676348 6810947 55 270 VRAC099 676008 6811961 51 270
VRAC043 676400 6810949 53 270 VRAC100 676056 6811956 44 270
VRAC044 676455 6810950 48 270 VRAC101 676115 6811956 47 270
VRAC045 676500 6810945 48 270 VRAC102 676155 6811958 34 270
VRAC046 676554 6810943 56 270 VRAC103 676209 6811958 41 270
VRAC047 676598 6810945 52 270 VRAC104 676257 6811953 54 270
VRAC048 676653 6810946 50 270 VRAC105 676312 6811950 56 270
VRAC049 676703 6810944 69 270 VRAC106 676356 6811953 75 270
VRAC050 675903 6811099 46 270 VRAC107 676415 6811952 52 270
VRAC051 675928 6811100 44 270 VRAC108 676452 6811951 43 270
VRAC052 675952 6811100 49 270 VRAC109 676504 6811952 48 270
VRAC053 675999 6811121 65 270 VRAC110 676544 6811951 50 270
VRAC054 676062 6811114 53 270 VRAC111 676599 6811955 45 270
VRAC055 676104 6811119 85 270 VRAC112 676649 6811960 53 270
VRAC056 676155 6811119 51 270 VRAC113 676703 6811954 58 270
VRAC057 676204 6811115 77 270 VRAC114 676753 6811953 62 270
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Table 2. All analytical results for Au >50ppb and/or Cu >300ppm and/or Pb >65ppm and/or Zn >240ppm

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From Au Cu Pb Zn From To Au Cu Pb Zn
Hole Id To (m) Hole Id
(m) (ppb) (ppm) (ppm) (ppm) (m) (m) (ppb) (ppm) (ppm) (ppm)
VRAC002 24 28 <50 691 <65 <240 VRAC079 51 52 <50 974 <65 <240
VRAC002 40 44 86 <300 <65 <240 VRAC079 52 53 <50 903 <65 <240
VRAC003 36 40 <50 <300 <65 248 VRAC079 53 54 <50 1022 <65 <240
VRAC003 40 44 51 <300 <65 <240 VRAC079 54 55 <50 1268 <65 <240
VRAC029 40 44 <50 <300 <65 <240 VRAC079 55 56 <50 715 <65 <240
VRAC029 44 46 <50 <300 <65 <240 VRAC079 56 60 <50 422 <65 <240
VRAC036 12 16 <50 <300 160 <240 VRAC080 24 28 <50 341 <65 <240
VRAC037 24 28 <50 <300 70 <240 VRAC080 36 40 <50 362 <65 <240
VRAC039 28 32 <50 <300 <65 404 VRAC083 32 36 <50 <300 145 <240
VRAC039 32 36 <50 <300 68 455 VRAC085 24 28 <50 <300 259 <240
VRAC039 36 37 59 <300 86 248 VRAC085 32 33 51 <300 <65 365
VRAC039 37 38 734 <300 <65 <240 VRAC085 32 36 <50 <300 <65 849
VRAC039 38 39 56 <300 <65 <240 VRAC085 33 34 <50 351 <65 963
VRAC040 16 20 <50 467 <65 <240 VRAC085 34 35 <50 <300 <65 805
VRAC040 20 24 <50 312 <65 <240 VRAC085 35 36 <50 <300 <65 1047
VRAC046 24 28 88 <300 <65 <240 VRAC085 36 40 <50 <300 <65 450
VRAC049 40 44 <50 <300 <65 279 VRAC085 44 48 <50 <300 161 <240
VRAC049 48 52 <50 <300 <65 250 VRAC085 48 49 <50 <300 394 <240
VRAC052 32 36 <50 <300 151 <240 VRAC085 49 50 162 <300 366 276
VRAC053 24 28 <50 <300 75 <240 VRAC085 50 51 171 327 168 1398
VRAC053 28 32 <50 313 <65 <240 VRAC085 51 52 <50 <300 418 528
VRAC053 48 52 73 <300 <65 <240 VRAC085 52 56 <50 <300 686 436
VRAC053 56 60 90 <300 <65 251 VRAC085 56 57 <50 <300 1193 <240
VRAC053 60 63 <50 <300 <65 290 VRAC085 57 58 <50 <300 1468 <240
VRAC054 36 40 64 <300 <65 <240 VRAC085 58 59 <50 <300 1052 <240
VRAC055 76 80 <50 <300 <65 497 VRAC085 59 60 <50 <300 448 <240
VRAC055 80 83 <50 <300 <65 365 VRAC085 60 64 96 <300 137 331
VRAC055 83 84 <50 <300 1459 2853 VRAC085 64 68 <50 <300 167 <240
VRAC055 84 85 65 <300 1334 2135 VRAC086 36 40 51 <300 <65 <240
VRAC056 32 36 <50 <300 68 <240 VRAC087 12 16 <50 314 <65 <240
VRAC066 28 32 <50 <300 <65 273 VRAC087 24 28 <50 376 <65 <240
VRAC066 32 36 <50 <300 <65 481 VRAC087 28 32 <50 368 <65 <240
VRAC072 24 28 <50 <300 <65 331 VRAC094 25 26 <50 <300 <65 413
VRAC076 32 36 56 <300 <65 <240 VRAC094 26 27 <50 483 133 597
VRAC078 12 16 <50 300 <65 <240 VRAC094 27 28 <50 891 990 862
VRAC078 16 20 <50 395 <65 <240 VRAC094 28 29 <50 989 1912 670
VRAC078 20 24 <50 397 <65 <240 VRAC094 29 30 <50 919 887 1152
VRAC079 16 20 <50 418 <65 <240 VRAC094 30 31 <50 <300 145 786
VRAC079 28 32 <50 454 <65 265 VRAC094 31 32 <50 366 157 519
VRAC079 32 33 <50 821 <65 388 VRAC097 20 24 <50 <300 134 <240
VRAC079 33 34 <50 984 <65 313 VRAC106 24 28 <50 <300 <65 317
VRAC079 34 35 <50 1484 <65 283 VRAC106 28 32 <50 <300 <65 386
VRAC079 35 36 <50 647 <65 322 VRAC106 32 36 <50 <300 <65 479
VRAC079 36 37 <50 2291 <65 291 VRAC106 40 44 <50 <300 <65 304
VRAC079 37 38 <50 634 <65 256 VRAC106 44 48 <50 <300 132 453
VRAC079 38 39 <50 971 <65 <240 VRAC106 48 52 <50 <300 71 <240
VRAC079 39 40 <50 650 <65 <240 VRAC106 56 60 <50 <300 70 <240
VRAC079 40 41 <50 1330 <65 <240 VRAC106 64 68 <50 <300 <65 349
VRAC079 41 42 <50 528 <65 <240 VRAC110 20 24 <50 599 <65 <240
VRAC079 42 43 <50 994 <65 <240 VRAC110 24 28 <50 468 <65 <240
VRAC079 43 44 125 1191 <65 <240 VRAC110 40 44 <50 367 <65 <240
VRAC079 44 45 148 1165 <65 <240 VRAC110 44 48 <50 339 <65 <240
VRAC079 45 46 159 1323 <65 <240 VRAC111 36 40 55 <300 <65 <240
VRAC079 46 47 <50 1417 <65 <240 VRAC112 36 40 91 <300 <65 <240
VRAC079 47 48 <50 1163 <65 <240 VRAC112 44 45 126 <300 <65 <240
VRAC079 48 49 123 803 <65 <240 VRAC112 46 47 130 368 <65 346
VRAC079 49 50 <50 325 <65 <240 VRAC112 47 48 319 338 <65 426
VRAC079 50 51 <50 379 <65 <240 VRAC112 48 49 221 <300 <65 <240
VRAC112 49 50 185 <300 <65 <240
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Appendix-1

JORC Code, 2012 Edition – Table 1

Youanmi Gold Project- Currans Find North

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• 114 air core (AC) holes for 5774m were completed as part of this program. • Sampling was by using a plastic sampling spear to take two scoops from a drill spoil pile on the ground. • Composite samples were collected for four-metre intervals by combining sub- samples taken from drill spoil representing individual one-metre intervals.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• AC drilling was used to obtain one-meter samples that were passed through a cyclone and collected in a bucket which was then emptied on the ground.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• The sample recovery was visually assessed. • The recovery was considered to be good and samples were generally dry due to minimal groundwater. • All AC holes were drilled to blade refusal.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detailto support	• A qualified geologist logged all holes in full and supervised the sampling.

Criteria	JORC Code explanation	Commentary
	appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Small sub-samples were washed and stored in chip trays for reference. • Photographs were taken of all chip trays.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• The AC samples were collected using a cyclone attached to the drill rig. The sample material was emptied on the ground and a 400-500g sub-sample taken from each one-metre interval using a sampling spear. Sub-samples for four consecutive meters were placed in a numbered calico bag. • All AC samples were analysed at a Perth laboratory using an aqua regia digest on a 25g sample followed by an ICPMS finish for gold and a suite of base metal and pathfinder elements. • Sample preparation included sorting, drying and pulverizing (85% passing 75 µm) in a LM5 steel mill.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• The laboratory is NATA ISO17025 accredited for sample preparation and analysis. • Quality control procedures include certified reference materials and/or in-house controls, blanks, splits and replicates. • All QC results are satisfactory. • The near-total digest and analytical method used are considered adequate for a reconnaissance AC program.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• No independent verification of sampling and assaying has been carried out.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic	• AC drill collars were located using a handheld GPS with an accuracy of +/- 4m. Grid systems used were geodetic datum: GDA 94, Projection: MGA, Zone 50. • Due to the relatively flat nature of the terrain, topographic control was not

Criteria	JORC Code explanation	JORC Code explanation	Commentary
	control.		deemed necessary at this stage.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.		• AC drilling was on lines approximately 200 to 400m apart, with holes approximately 50m spaced along lines. • The AC drilling was of a reconnaissance nature, designed to test for gold and base metal geochemical signatures in the regolith. • The drilling was not designed for mineral resource calculation.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		• AC drilling was inclined at -600; all holes were drilled to the west (2700) (for collar details see Table 1). • The drilling was approximately perpendicular to the general strike of the lithology in the area as indicated by the GSWA 100k mapping but due to variable dips and strikes, reported intervals are not necessarily representative of true widths.
Sample security	• The measures taken to ensure sample security.		• All drill samples were transported directly to the Perth laboratory in plastic bags closed with cable ties and inside larger bulka bags.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.		• No audits or reviews have been carried out to date.
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• E57/1019 is held by Venus Metals Ltd and is part of the Venus Joint Venture (VMC 50% and RXL earning 50% (gold rights only). • To the best of Venus’ knowledge, there are no known impediments to operate on E57/1019 as Manager of the JV.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical work in the general area was by WMC in the 1970s followed by Consolidated Goldfields and Carpentaria Exploration, Newmont Pty Ltd, Dampier Mining Company Limited (later BHP) with ICI as manager. CRA carried out further work. Eastmet (later Gold Mines of Australia) continued exploration in the 1990s, followed by Goldcrest (formerly Goldcrest Mines Limited). Despite significant regional work in the past,verylittle drillingwas carried outin

Criteria	JORC Code explanation	Commentary
		the area tested by the AC program.
Geology	• Deposit type, geological setting and style of mineralisation.	• This reconnaissance drilling program targeted Archean lode gold associated with quartz veining and sulphides, hosted in shear zones within a structurally controlled setting potentially similar to that at the historical Penny West Gold mine c. 4km to the south.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: `o` easting and northing of the drill hole collar `o` elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar `o` dip and azimuth of the hole `o` down hole length and interception depth `o` hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• For drill collar information refer to Table 1. • All assay results in composite and one- metre intervals referred to in this announcement are listed in Table 2. • All drill hole locations are shown on Figures 2 and 3.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• All analytical results (> 50ppb Au and/or >300ppm Cu and/or >65ppm Pb and/or >240ppm Zn) are reported in Table 2. • No upper cut-off has been applied.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• The AC drilling was of a reconnaissance nature only. • Reported downhole lengths and intervals may not represent true widths due to the variable and uncertain dip of the lithology.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant	• Plans are attached to the report (Figures 2 and 3)

Criteria	JORC Code explanation	Commentary
	discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All analytical results (> 50ppb Au and/or >300ppm Cu and/or >65ppm Pb and/or >240ppm Zn) are reported in Table 2.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• The AC drilling program targeted an area located along strike from the high-grade Penny West gold mine some 4km to the south. Other gold prospects (Magenta- Columbia) are located less than 2km to the south. Both, the historical Penny West mine and the Magenta-Columbia prospects, are situated along an aeromagnetic feature that trends north and was specifically tested by this AC program.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Follow-up AC drilling of reportedgeochemical anomalies has been completed and analytical work is in progress. • Following evaluation of the AC data, RC drilling of specific geochemical targets is planned to investigate the bedrock for potential gold mineralization beneath the oxide zone.

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References

Radford and Boddington, 2003. Penny West Gold Deposit, Youanmi, WA. crcleme.org.au/RegExpOre/PennyWest. pdf

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 report that relates to Exploration Results is based on information compiled by Dr M. Cornelius, geological consultant and part‐time employee of Venus Metals Corporation Ltd, who is a member of The Australian Institute of Geoscientists (AIG). Dr Cornelius has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Cornelius consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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AI assistant

ROX RESOURCES LIMITED Regulatory Filings 2019

65741_rns_2019-10-14_dc23edf9-d6f9-488e-90ce-607d9a644f1a.pdf

Air Core Results Outline Significant Gold and Pathfinder Base Metal Anomalies North of the Penny West Gold Mine ‐ Youanmi Gold Project

Highlights:

Project Background

Summary and Planned Work

Venus Metals Corporation Limited