ROX RESOURCES LIMITED — Regulatory Filings 2019

Sep 4, 2019

ASX Release: 5 September 2019 ASX Code: VMC

Currans Find North Gold Prospect

RC Drilling intersects Stacked Lodes and extends

High-Grade Gold Zone along strike

Highlights:

Bonanza-grade gold intersections have previously been reported from Stage 1 and 2 RC drilling at the Currans Find North Prospect (refer ASX releases from 13 June, 24 June, 5 August and 27 August 2019).

The results of a recently completed Stage 3 RC drilling program totalling 602m in 5 holes (Figure 1) confirm the along-strike continuation of the high-grade gold zone (Figure 2).

Best results from Stage 3 RC drilling include:

CFRC32	1m @ 39.61g/t Au from 94m	(Lower Lode)
CFRC46and	1m @ 13.32g/t Au from 110m2m @ 3.84g/tAufrom 128m	(Upper Lode)(Lower Lode)
CFRC47	4m @ 5.28g/t Au from 90mIncluding 1m @ 15.30g/t Au from 92m	(Upper Lode)
and	2m @ 5.05g/tAufrom 111m	(Lower Lode)

The Stage 3 results confirm the presence of two stacked lodes at Currans North and show an increase in gold grade and width in the Upper Lode (CFRC47 and CFRC46; Table 2). The results also demonstrate that the gold mineralization remains open at depth and downplunge.

Multi-element analyses of high-grade gold intersections from this and previous drilling by the Company have been completed. This work has identified a distinct geochemical signature that will be used to target similar lodes elsewhere within the Currans Joint Venture mining lease and the adjoining Venus Joint Venture exploration licences.

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL) previously reported the discovery of significant high-grade gold intersections from its recent Stage 1 and Stage 2 RC drilling programs at the Currans Find Joint Venture gold project (ASX releases 15 April 2019, 13 June 2019, 24 June 2019, 5 August 2019 and 27 August 2019).

Stage 1 and Stage 2 RC drilling revealed the following bonanza-grade gold intersections in the Lower Lode:

CFRC26 3m @ 32.58 g/t Au from 115m including 1m @ 76.03 g/t Au from 115m

CFRC42 4m @ 9.25 g/t Au from 46m including 2m @ 16.05 g/t Au from 48m

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

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

CFRC31 3m @ 25.00 g/t Au from 109m including 1m @ 57.15 g/t Au from 110m

Gold mineralization at Currans Find, often of very high grade, is hosted in multiple ENE‐ trending quartz veins within mafic, ultramafic and intermediate rocks. These rock types are also host to the Penny West and Columbia–Magenta deposits south of Currans Find.

Stage 4 RC drilling is planned to test the down-plunge extension of the stacked high-grade gold lodes at the Currans North Prospect, and explore down-plunge and along-strike at the Red White and Blue Workings. Stage 4 RC drilling will also test other new targets based on historical drill data within the mining lease, as well as any potential targets generated by the IP geophysical survey.

Other Prospects

Four reconnaissance RC holes at the Golden Victoria Prospect and one RC hole that targeted the HEM 11 conductor were drilled during the Stage 2 campaign (Figure 3). The assays (≥0.25 g/t Au) for one-meter samples are presented in Table 4.

Results of up to 5.2 g/t Au in one meter from 47m depth confirm the presence of significant gold mineralization in the regolith at the Golden Victoria Prospect and further RC drilling is planned to explore the bedrock potential for high-grade gold mineralization.

For further information please contact:

Venus Metals Corporation Limited Rox Resources Limited Matthew Hogan Alex Passmore Managing Director Managing Director Ph +61 8 9321 7541 Ph +61 8 9226 0044

Table 1. Details of Stage3 RC drill holes at Currans Find North

		Drill	Easting	Northing	Elevation	Depth	Azimuth	Dip
ProspectHole ID		type	(GDA94 Z50)	(GDA94 Z50)	(m)	(m)	(collar)	(collar)
	CFRC025	RC	674867.8	6812438.4	477.04	140-180	320	-60
	CFRC046	RC	674845.0	6812431.0	477.32	180	320	-60
Currans Find	CFRC047	RC	674837.9	6812440.1	477.44	160	320	-60
North	CFRC048	RC	674825.0	6812455.0	477.64	112	320	-60
	CFRC032	RC	674863.3	6812489.1	476.93	110	320	-60

Table 2. Assays (≥0.25 g/t Au) of Stage3 RC drill holes at Currans Find North

	Currans Find North Prospect
Hole ID	From (m)	To (m)	Interval(m)	Au(g/t)
CFRC032	94	95	1	39.61
CFRC032	95	96	1	0.44
CFRC046	105	106	1	0.34
CFRC046	110	111	1	13.32
CFRC046	128	129	1	3.95
CFRC046	129	130	1	3.73
CFRC047	84	85	1	0.63
CFRC047	85	86	1	1.32
CFRC047	90	91	1	3.22
CFRC047	92	93	1	15.3
CFRC047	93	94	1	2.56
CFRC047	95	96	1	0.37
CFRC047	111	112	1	3.1
CFRC047	112	113	1	7.01
CFRC047	113	114	1	0.59
CFRC048	72	76	4	0.49

Figure 3. Locations of RC drill holes at the Golden Victoria Prospect and the HEM11 Target shown on regional aeromagnetic image

		Drill	Easting	Northing	Elevation	Depth	Azimuth	Dip
Prospect	Hole ID	type	(GDA94 Z50)	(GDA94 Z50)	(m)	(m)	(collar)	(collar)
	GVRC01	RC	674255	6820093	480	150	240	-60
	GVRC02	RC	674181	6820044	480	90	240	-60
Golden Victoria	GVRC03	RC	674072	6820177	480	80	270	-60
	GVRC04	RC	674052	6820177	480	60	270	-60
HEM 11 Target	YSRC001	RC	677545	6818470	480	120	270	-60

Table 4. Assays (≥0.25 g/t Au) of RC drill holes at the Golden Victoria Prospect

Currans Find North Prospect	Golden Victoria Prospect
IntervalAu(m)(g/t)	Hole ID	From (m)	To (m)	Interval(m)	Au (g/t)
39.611	GVRC001	91	92	1	1.65
0.44	GVRC002	32	33	1	1.25
0.34	GVRC002	33	34	1	0.67
13.32	GVRC002	38	39	1	1.07
3.95	GVRC002	39	40	1	1.41
3.73	GVRC002	48	49	1	1.1
0.63	GVRC002	52	53	1	1
1.32	GVRC004	40	41	1	0.37
3.22	GVRC004	42	43	1	0.36
	GVRC004	43	44	1	0.55
2.56	GVRC004	44	45	1	4.08
0.37	GVRC004	45	46	1	0.48
	GVRC004	46	47	1	0.25
7.01	GVRC004	47	48	1	5.21

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.

Appendix-1

JORC Code, 2012 Edition – Table 1

Youanmi Gold Project- Currans Find North and Golden Victoria Prospects

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (eg cutchannels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting the broadmeaning of sampling.Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used.Aspects of the determination ofmineralisation that are Material to thePublic Report.In cases where 'industry standard' workhas been done this would be relativelysimple (eg 'reverse circulation drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other casesmore explanation may be required, suchas where there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarine nodules) may warrantdisclosure of detailed information.	Venus Metals Corporation (VMC) drilled 4RC holes and deepened a previous RChole (CFRC025) for a total of 602m at itsCurrans Find North prospect (RC drillingStage 3).At the Golden Victoria Prospect and theHEM11 Target, VMC drilled 5 holes for atotal of 500m as part of the RC drillingStage 2.Composite samples were collected for 4-meter intervals by combining sub-samples(300-400g) taken from a representativesplit (c. 3kg) that was taken for every meterdrilled using a cone splitter. The individualone-meter samples were bagged andtemporarily stored on site
Drillingtechniques	Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg corediameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or othertype, whether core is oriented and if so,by what method, etc).	RC holes were first drilled down to 6mdepth with a 5.5-inch hammer to fit a PVCcollar, and the remainder was drilled with a5-inch hammer.Holes were drilled at an angle of -60° tobetween west and north-northwest, andset up using a Suunto compass.Downhole surveys were done for all holesusing a Gyro instrument, usually at 25-30mintervals.
Drill samplerecovery	Method of recording and assessing coreand chip sample recoveries and resultsassessed.Measures taken to maximise samplerecovery and ensure representativenature of the samples.Whether a relationship exists betweensample recovery and grade and whether	No recovery issues were reported in theVMC drilling reports.The recovery was good and samples weregenerally dry due to minimal groundwater.

Criteria	JORC Code explanation	Commentary
	sample bias may have occurred due topreferential loss/gain of fine/coarsematerial.
Logging	Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resource estimation,mining studies and metallurgical studies.Whether logging is qualitative orquantitative in nature. Core (or costean,channel, etc) photography.The total length and percentage of therelevant intersections logged.	A qualified VMC geologist logged all holesin full and supervised the sampling.Small sub-samples were washed andstored in chip trays for reference.Photographs were taken of all chip trays.
Sub-samplingtechniquesand samplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wetor dry.For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.Quality control procedures adopted for allsub-sampling stages to maximiserepresentivity of samples.Measures taken to ensure that thesampling is representative of the in situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.Whether sample sizes are appropriate tothe grain size of the material beingsampled.	Samplingwas by ReverseCirculationdrilling, collected every meter through acyclone and cone splitter.All RC samples were analysed for gold atMinAnalytical Laboratory Services Pty Ltdusing their Photon Gold assay method ona c. 500g sub-sample (PAAU2).Samples were dried, crushed to nominalminus 3mm, and c. 500g linear split intophoton assay jars for analysis.DrillholeYSRC001(HEM11target)composite samples were analysed usingan AquaRegia digest and ICPMS finish.
Quality ofassay dataandlaboratorytestsVerification ofsampling and	The nature, quality and appropriatenessof the assaying and laboratory proceduresused and whether the technique isconsidered partial or total.For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratory checks)and whether acceptable levels ofaccuracy (ie lack of bias) and precisionhave been established.The verification of significantintersections by either independent or	MinAnalyticalisNATAISO17025accredited for sample preparation andphoton analysis.The Photon Gold assay method is a fullyautomatedtechnique designed for theanalysis of ores. It uses high energy x-raysto excite the atoms and is non-destructive.The c. 500g single-use jars allow for bulkanalysiswithnochanceofcrosscontamination between samples.Quality control procedures include certifiedreferencematerialsand/orin-housecontrols, blanks, splits and replicates.All QC results are satisfactory.No independent verification of samplingand assaying has been carried out.
assaying	alternative company personnel.The use of twinned holes.Documentation of primary data, dataentry procedures, data verification, datastorage (physical and electronic)protocols.Discuss any adjustment to assay data.

Criteria	JORC Code explanation	Commentary
Location ofdata points	Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.	RC drill hole locations (collar) were locatedusing a handheld GPS in averaging modewith an accuracy of +/-2m. Grid systemsused were geodetic datum: GDA 94,Projection: MGA, Zone 50.
	Specification of the grid system used.Quality and adequacy of topographiccontrol.	All holes at Currans Find have beensurveyed using a DGPS.
Data spacinganddistribution	Data spacing for reporting of ExplorationResults.Whether the data spacing and distributionis sufficient to establish the degree ofgeological and grade continuityappropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.Whether sample compositing has beenapplied.	RC drilling at Currans Find North was onlines approximately 25m apart, with holesapproximately 10 to 20m spaced alonglines.
		The RC drilling at the Currans FindProspect was designed to test downplunge extensions of the high-grade goldmineralization.Thedrillingwasnotdesigned for mineral resource calculationat this stage.
		Drilling at the Golden Victoria Prospect andthe HEM11 target was of a reconnaissancenature.
		The RC drilling was designed to verifyhistoricaldrillresultsfromRABandpercussiondrilling(GoldenVictoriaProspect) and the plate of an HEManomaly (YSRC001). The drilling was notdesigned for mineral resource calculationat this stage.
		All RC samples were composited to 2 to4m intervals, depending on the intervallength.
Orientation ofdata in	Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.	RC drilling was inclined at -600; for azimuthand collar details see Tables 1 and 3.
relation togeologicalstructure		ThedrillingatCurransFindwasapproximately perpendicular to the strikeof the targeted reefs and mineralizedzones but due to variable dips and strikes,reported intervals arenotnecessarilyrepresentative of true widths.
Samplesecurity	The measures taken to ensure samplesecurity.	All drill samples were transported directlyto the Perth laboratory by VMC staff orcontractors.
Audits orreviews	The results of any audits or reviews ofsampling techniques and data.	No audits or reviews have been carried outto date.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overriding	ML57/641isheldbyMurchisonEarthmoving & Rehabilitation Pty Ltd (MER),a wholly-owned company of Mr Doug Taylor.VMChasacquiredjointlywithRox

Criteria	JORC Code explanation	Commentary
	royalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.The security of the tenure held at thetime of reporting along with any knownimpediments to obtaining a licence tooperate in the area.	Resources Limited a combined 90% interestin ML 57/641 "Currans Find" of 300ha and acombined 90% interest in ML 57/642 of 59ha"Pinchers". The 90% interest is sharedequally between Venus and Rox, with theremaining 10% held by Mr Taylor.To the best of Venus' knowledge, there arenoknownimpedimentstooperateonM57/641 as Manager of the JV.E57/1019 and E57/1023 are held by VenusMetals Ltd and is part of the Venus JointVenture (VMC 50% and RXL earning 50%(gold rights only).To the best of Venus' knowledge, there arenoknownimpedimentstooperateonE57/1019 and E57/1023 as Manager of theJV.
Exploration	Acknowledgment and appraisal of	Currans Find Prospect
done by otherparties	exploration by other parties.	Historical exploration in the Currans Findarea was extensive and dates back to theearly 1970s. In the early 1980s, severalcompaniesincludingIncaGoldwhichconducted extensive underground mappingand sampling, Gold Mines of Australia andBlackHillMineralsNL,conductedpercussion drilling and soil sampling. Later,CRA,Eastmet(laterGoldMinesofAustralia)andGoldcrestexploredtheCurrans Find area. Several stages of soilgeochemistry, RAB drilling and one programof RC drilling were completed; relevantWAMEX reports are listed in theVMCrelease dated 23 April 2019.Golden Victoria Prospect
		Historical work in the general area was byWMC in the 1970s followed by ConsolidatedGoldfieldsandCarpentariaExploration,Newmont Pty Ltd, Dampier Mining CompanyLimited (later BHP) with ICI as manager.CRA carried out further work. Eastmet (laterGoldMinesofAustralia)continuedexplorationinthe1990s,followedbyGoldcrest(formerlyGoldcrestMinesLimited).Most of the drilling and soilgeochemistry in theimmediate GoldenVictoria Prospect area was by Goldcrest.
Geology	Deposit type, geological setting andstyle of mineralisation.	Currans Find ProspectArchean lode gold associated with quartzreefs in brittle ductile shearzones. Thedominant rocks are mafic and ultramafic incomposition,comprisingmeta-gabbro,meta- quartz gabbro, diorite, pyroxenite andtalc-tremolite schists. Minor felsic porphyryintrusions and dykes occur within and aboutthe main workings. The distribution of goldappears to be irregular. The association ofhigh-gradegoldmineralizationwithintermediate and mafic-ultramafic rocks, and

Criteria	JORC Code explanation	Commentary
		structurally controlled emplacement appearsto be similar to the setting at the historicalPenny West Gold mine, c. 5kmsouthsoutheast of Currans.Golden Victoria ProspectHistorical work has encountered widespreadgold anomalism within the regolith; primarygoldmineralizationappearstobeassociateddominantlywithdeformedsulphidic chert and BIF horizons around thePincher Dome.
Drill holeInformation	A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Material drillholes:oeasting and northing of the drill holecollaroelevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.If the exclusion of this information isjustified on the basis that the informationis not Material and this exclusion doesnot detract from the understanding ofthe report, the Competent Personshould clearly explain why this is thecase.	Fordrill holecollar informationrefer toTables 1 and 3.All assay results for Auin one-metreintervals referred to in this announcementare listed in Tables 2 and 4.Drill hole locations are shown on Figures 1and 3.
Dataaggregationmethods	In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of high grades)and cut-off grades are usually Materialand should be stated.Where aggregate intercepts incorporateshort lengths of high grade results andlonger lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations shouldbe shown in detail.The assumptions used for any reportingof metal equivalent values should beclearly stated.	All Au results ( ≥0.25 g/t) Au) for one-metresamples are reported in Tables 2 and 4No upper cut-off has been applied.High grade intercepts are presented on thefront page of the release.
Relationshipbetweenmineralisationwidths andinterceptlengths	These relationships are particularlyimportant in the reporting of ExplorationResults.If the geometry of the mineralisation withrespect to the drill hole angle is known,its nature should be reported.If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (eg 'downhole length, true width not known').	Currans Find ProspectThe gold mineralization dips steeply to thesoutheast. Drilling was at an angle of -600tothe northwest, approximately perpendicularto the strike of the mineralization.Downhole lengths and intervals may notrepresent true widths due to variable strikedirection and dip of the mineralization.Based on the limited RC drilling to date, thegeometry,extentandtenorofthe

Criteria	JORC Code explanation	Commentary
		mineralization is not fully determined yet.Golden Victoria ProspectDownhole lengths and intervals may notrepresent true widths due to variable dip ofthe mineralization and uncertain geometrybased on the small number of holes.
Diagrams	Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a plan viewof drill hole collar locations andappropriate sectional views.	Plans are attached to the report (Figures 1and 3)
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reportingof Exploration Results.	All analyticalresults with Au greater than0.25g/t are presented in Tables 2 and 4.
Othersubstantiveexplorationdata	Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to): geologicalobservations; geophysical surveyresults; geochemical survey results; bulksamples – size and method oftreatment; metallurgical test results; bulkdensity, groundwater, geotechnical androck characteristics; potentialdeleterious or contaminatingsubstances.	Historical mining at the 'Currans North' and'Red White and Blue Workings': CancelledGML records show that 6,874 tons weretreated at the Red White and Blue battery onsite for a recovered average of 13 g/t gold.Recentexcavationofhigh-gradeAumineralization at Taylor's Reef (see ASXrelease from 23 April 2019) by the currentowner, Mr D Taylor.
Further work	The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).Diagrams clearly highlighting the areasof possible extensions, including themain geological interpretations andfuture drilling areas, provided thisinformation is not commerciallysensitive.	Currans Find ProspectFollowing evaluation of the exploration data,further RC drilling is plannedto continueevaluationofthehigh-gradegoldmineralization down plunge.An IP geophysical survey will be trialed acrossthe Currans Find North prospect beforebroader application across the ML.RC drilling is also planned to test other targetswithin the mining lease based on historicaldata.Golden Victoria ProspectFurther RC drilling is planned to explore thebedrockpotentialforhigh-gradegoldmineralization.