ROX RESOURCES LIMITED — Regulatory Filings 2021

Nov 17, 2021

RRL1793D

ASX ANNOUNCEMENT

18 November 2021

ROX RESOURCES LIMITED

ASX: RXL

Rox Resources Limited (ASX: RXL) is an Australian listed company with advanced gold projects in Western Australia: the Youanmi Gold Project and the Mt Fisher Gold project.

Parallel lode at Youanmi Gold Project continues to emerge with strong drill results returned

Highlights:

• New high-grade parallel lode, continues to return exciting high-grade results as follow-up drilling confirms lode continuity

• High-grade intersections include:

RXDD046: 3.87m @ 9.9g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m

RXDD045: 3.62m @ 6.49g/t Au from 315.42m, including 0.86m @ 21.03g/t Au from 315.42m

• These results come from drilling which was following up the initial intersection of:

DIRECTORS

Mr Stephen Dennis Chairman

Mr Alex Passmore Managing Director

Dr John Mair Non-Executive Director

RXDD022: 4m @ 45.5g/t Au from 341m, including 1.33m @ 129.3g/t Au from 341.75m (ASX: RXL 06/09/2021)

• The parallel lode remains open in all directions. Follow up drilling is planned to incorporate the new high-grade lode into the next project resource update

• Drilling on track to deliver further increases to the 1.7 Moz Au Youanmi gold resource (ASX: RXL 23 June 2021 )

___________

Shares on Issue 157.6m Share Price $0.38 Market Cap. $59.9m Cash $10.7m

(end Sept 2021 quarter)

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au www.roxresources.com.au

Follow Rox:

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West Australian focused gold exploration and development company, Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX: VMC), is pleased to provide an update on drill results from the Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%).

The highlights of this round of results include 3.87m @ 9.9g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m intersected in RXDD046 and 3.62m @ 6.49g/t Au from 315.42m, including 0.86m @ 21.03g/t Au from 315.42m intersected in RXDD046. The results confirm the discovery of a new high-grade lode in the historically untested hanging wall area 300m south of the Youanmi Mine (Table 1, Figure 1).

Managing Director Alex Passmore commented: “The hanging wall lode is emerging as a potential new ore body and is an exciting zone of mineralisation within a previously untested area. These results confirm the continuity of this zone which we now look forward to expanding with further step out drilling”.

New High-Grade Hanging Wall Shoot Confirmed

Drilling results reported in September 2021 defined high-grade mineralisation in a newly delineated position in the hanging wall to the Youanmi Mine Lode. This zone of mineralisation is situated 300m south of the Youanmi underground mine between the Bunker Pit and the Youanmi Main Pit (Figure 1 and 2).

Two additional diamond holes were completed to follow up on the previously reported intersection in hole RXDD022 (4m @ 45.5g/t Au from 341m, including 1.33m @ 129.3g/t Au from 341.75m) (ASX RXL 06/09/2021).

Follow up drilling was completed 40m up dip (RXDD045) and 40m up plunge (RXDD046) of RXDD022. Both holes intersected similar style high-grade mineralisation.

High-grade intersections include:

RXDD046: 3.87m @ 9.9g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m

RXDD045: 3.62m @ 6.49g/t Au from 315.42m, including 0.86m @ 21.03g/t Au from 315.42m

The results define a WNW striking, SW dipping shear zone. Structural measurements within the mineralised zones (shear fabric and stretching mineral lineation) indicate the lode is dipping moderately towards the southwest and shows a high-grade component plunging at 10-20 degrees to the WNW. The orientation of the new lode is different to previously identified lodes at Youanmi, which characteristically strike at N and NNW orientations (Figure 1).

Gold mineralisation is shear hosted within highly altered tholeiitic and komatiitic basaltic rocks. The alteration assemblages consist of sericite, quartz, carbonate and biotite. Gold occurs in association with pyrite and lesser arsenopyrite. The new hanging lode is open at depth and along strike and demonstrates the likelihood for economic mineralisation to be developed in this area. Follow up drilling is planned.

Resource Drilling Ongoing

Drilling remains on track to deliver further increases in the recently reported resource inventory at Youanmi of 1.7Moz at 2.85g/t Au (ASX: RXL 23 June 2021) through resource extension and indicated resource conversion drilling in the Link, Junction and remanent pillar mine areas.

Results are pending for 25 RC and 15 diamond holes in addition to 22,000m of aircore drilling undertaken on regional prospects.

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Figure 1. Plan view of Youanmi Mine Area with resource block model and Rox drill intercepts

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Figure 2. View through the Youanmi lode system looking north-west including drill intercepts shown on Figure 1, pits and underground development and June 2021 resource model

Authorised for release to the ASX by the Board of Rox Resources Limited.

* ENDS ***

For more information:

Alex Passmore Managing Director Rox Resources Limited Tel: +61 8 9226 0044 E: admin@roxresources.com.au

Matt Hogan Managing Director Venus Metals Corporation Limited Tel: +61 8 9321 7541

Table 1 – Significant Intersections

Hole ID	Prospect	Drill **type **	From	to	Interval	Au g/t	Au g.m
RXDD045	Junction HW	DD	315.42	319.04	3.62	6.49	23.5
Including		DD	315.42	316.28	0.86	21.03	18.1
RXDD046	Junction HW	DD	328.33	332.2	3.87	9.90	38.3
Including		DD	328.8	331.25	2.45	15.02	36.8

Table 2 - Collar Locations and Drilling Details

Hole ID	Prospect	Drill **Type **	East	North	RL	Depth	Dip	Azi	Comments
RXRC405	Junction	RC	679784	6833549	456	294	-62	63	Assays pending
RXRC406	Link	RC	679261	6834475	467	264	-60	65	Assays pending
RXRC407	Link	RC	679257	6834513	467	254	-60	65	Assays pending
RXRC411	Link	RC	679268	6834587	468	240	-62	66	Assays pending
RXRC413	Link	RC	679299	6834576	467	200	-59	65	Assays pending
RXRC414	Link	RC	679230	6834547	467	270	-59	65	Assays pending
RXRC415	YM Mine Lode	RC	679556	6834138	482	294	-57	54	Assays pending
RXRC416	YM Mine Lode	RC	679596	6834125	479	280	-58	60	Assays pending
RXRC417	YM Mine Lode	RC	679596	6834125	479	240	-52	60	Assays pending
RXRC418	YM Mine Lode	RC	679483	6834179	482	312	-60	63	Assays pending
RXRC419	YM Mine Lode	RC	679518	6834219	480	252	-60	58	Assays pending
RXRC420	YM Mine Lode	RC	679672	6834139	474	222	-73	65	Assays pending
RXRC421	YM Mine Lode	RC	679695	6834098	470	200	-63	61	Assays pending
RXRC422	YM Mine Lode	RC	679701	6834084	468	200	-54	61	Assays pending
RXRC423	YM Mine Lode	RC	679623	6833960	473	240	-50	58	Assays pending
RXRC424	YM Mine Lode	RC	679609	6833999	472	270	-52	60	Assays pending
RXRC425	Link	RC	679176	6834607	467.7	306	-60	65	Assays pending
RXRC426	Link	RC	679142	6834576	467.4	294	-59	64	Assays pending
RXRC427	Link	RC	679200	6834573	467	290	-69	73	Assays pending
RXRC428	Link	RC	679179	6834463	465	306	-60	65	Assays pending
RXRC429	Link	RC	679225	6834544	467	290	-68	70	Assays pending
RXRC430	Link	RC	679317	6834528	466	250	-65	60	Assays pending
RXRC431	Link	RC	679315	6834382	466.5	246	-60	60	Assays pending
RXRC432	Link	RC	679350	6834436	466.5	222	-62	65	Assays pending
RXRC433	Link	RC	679377	6834557	466	200	-60	65	Assays pending
RXDD013	Junction	DD	679572	6833456	460	630.4	-63	61	Assays pending
RXDD028	Link	DD	679157	6834527	467	351.8	-65	65	Assays pending
RXDD029	Link	DD	679105	6834603	467	315.9	-65	65	Assays pending
RXDD030	Link	DD	679144	6834450	465	340	-63	62	Assays pending

	RXDD031	YM Mine Lode	DD	679515	6834109	482	324.7	-60	57	Assays pending
	RXDD032	YM Mine Lode	DD	679561	6833996	477	286.9	-58	57	Assays pending
	RXDD033	YM Mine Lode	DD	679532	6834042	481	330.6	-62	56	Assays pending
	RXDD034	YM Mine Lode	DD	679598	6833908	475	320.09	-62	57	Assays pending
	RXDD035	YM Mine Lode	DD	679593	6833928	476	126	-66	56	Abandoned
	RXDD036	YM Mine Lode	DD	679559	6834004	477	342.2	-65	57	Assays pending
	RXDD037	YM Mine Lode	DD	679595	6833884	477	311.57	-55	57	Assays pending
	RXDD038	YM Mine Lode	DD	679605	6833853	478	323.1	-60	54	Assays pending
	RXDD039	Link	DD	679067	6834465	467	408	-69	59	Assays pending
	RXDD040	YM Mine Lode	DD	679536	6833977	480	354.85	-61	70	Assays pending
	RXDD041	YM Mine Lode	DD	679593	6833928	476	204	-74	55	Abandoned
	RXDD043	Link	DD	679126	6834409	465	394.5	-61	65	Assays pending
	RXDD044	Link	DD	679099	6834381	465	408.2	-64	68	Assays pending
	RXDD045	Junction HW	DD	6795289	6833315	457	351.8	-63	56
	RXDD046	Junction HW	DD	679552	6833305	457	372.8	-60	60

Competent Person Statements

Exploration Results

The information in this report that relates to Data and Exploration Results is based on information compiled and reviewed by Mr Gregor Bennett a Competent Person who is a Member of the Australian Institute Geoscientists (AIG) and Exploration Manager at Rox Resources. Mr Bennett has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bennett consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Where reference is made to previous releases of exploration results in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results included in those announcements continue to apply and have not materially changed.

The information in this report that relates to previous Exploration Results, was either prepared and first disclosed under the JORC Code 2004 or under the JORC Code 2012 and has been properly and extensively cross-referenced in the text to the date of the original announcement to the ASX. In the case of the 2004 JORC Code Exploration Results and Mineral Resources, they have not been updated to comply with the JORC Code 2012.

Resource Statements

The information in this report that relates to gold Mineral Resources for the Youanmi Project was reported to the ASX on 23 June 2021 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 23 June 2021, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 23 June 2021 continue to apply and have not materially changed.

The information in this report that relates to gold Mineral Resources for the Mt Fisher project was reported to the ASX on 11 July 2018 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 11 July 2018, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 11 July 2018 continue to apply and have not materially changed.

Forward ‐ Looking Statements

‐ ‐ This document may include forward looking statements. Forward looking statements include, but are not limited to, statements concerning Rox Resources Limited planned exploration program(s) 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.

About Rox Resources

Rox Resources (ASX:RXL) is a West Australian focused gold exploration and development company. It is 70 per cent owner and operator of the historic Youanmi Gold Project near Mt Magnet, approximately 480 kilometres northeast of Perth, and wholly-owns the Mt Fisher Gold project approximately 140 kilometres southeast of Wiluna. Youanmi has a Total Mineral Resource of 1,656 koz of contained gold, with potential for further expansion with the integration of existing prospects into the Resource and further drilling. Youanmi was a high-grade gold mine and produced 667,000 oz of gold (at 5.47 g/t Au) before it closed in 1997. Youanmi is classified as a disturbed site and is on existing mining leases which has significant existing infrastructure to support a return to mining operations.

JORC Table 1 - Section 1 Data and Sampling Techniques

Criteria	JORC Code explanation Commentary
Sampling techniques	Nature and quality of sampling (e.g. 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. RC hole diameter was 5.5" (140 mm) reverse circulation percussion (RC). Sampling of RC holes was undertaken by collecting 1m cone split samples at intervals. Diamond drill hole core size is NQ2 size diameter through the mineralisation. Sampling of diamond holes was by cut half core as described further below. Drill holes were generally angled at -600towards grid northeast (but see Table for individual hole dips and azimuths) to intersect geology as close to perpendicular as possible.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used Drillhole locations were picked up by differential GPS. Logging of drill samples included lithology, weathering, texture, moisture and contamination (as applicable). Sampling protocols and QAQC are as per industry best practice procedures.
	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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information RC drillholes were sampled on 1m intervals using a cone splitter. Diamond core is dominantly NQ2 size, sampled on geological intervals, with a minimum of 0.2 m up to a maximum of 1.2 m. HQ and NQ2 holes were cut in half, with one half sent to the lab and one half retained. Samples were sent to Intertek Genalysis in Perth, crushed to 10mm, dried and pulverised (total prep) in LM5 units (Some samples > 3kg were split) to produce a sub-sample. RC and diamond pulps were analysed by 50g Fire Assay with ICP-OES (Intertek code FA50/OE).
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. 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). Drilling technique was Reverse Circulation (RC) and diamond core (DD). The RC hole diameter was 140mm face sampling hammer. Hole depths reported range from 200m to 300m for RC and 350m to 700m for diamond.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed RC drill recoveries were high (>90%).
	Measures taken to maximise sample recovery and ensure representative nature of the samples Samples were visually checked for recovery, moisture and contamination and notes made in the logs.
	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. There is no observable relationship between recovery and grade, and therefore no sample bias.

Samples were sent to Intertek Genalysis in Perth, crushed to 10mm, dried and pulverised (total prep) in LM5 units (Some samples > 3kg were split) to produce a sub-sample. RC and diamond pulps were analysed by 50g Fire Assay with ICP-OES (Intertek code FA50/OE).

	Criteria	JORC Code explanation Commentary
	Logging
	Sub-sampling techniques and sample preparation
	Quality of assay data and laboratory tests

	Criteria	JORC Code explanation Commentary
	Verification of sampling and assaying
	Location of data points
	Data spacing and distribution
	Orientation of data in relation to geological structure

Criteria	JORC Code explanation	Commentary
		Sample security is managed by the Company. After
		preparation in the field samples are packed into polyweave
		bags and despatched to the laboratory. For a large number
		of samples these bags were transported by the Company
Sample security	The measures taken to ensure sample security.	directly to the assay laboratory. In some cases the sample
		were delivered by a transport contractor the assay
		laboratory. The assay laboratory audits the samples on
		arrival and reports any discrepancies back to the Company.
		No such discrepancies occurred.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits have yet been completed.

JORC Table 1 - Section 2 Reporting of Exploration Results

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. Rox Resources Ltd is in a Joint Venture Agreement with Venus Metals Corporation Ltd under which it has a 70% interest in the Youanmi Gold Mine Joint Venture (OYG Joint Venture). Tenements in the JV consist of the following mining leases: M 57s /10, 51,76,97,109, 135, 160A, 164, 165, 166 and 167.
	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. The tenement is in good standing and no known impediments exist.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties. Significant previous exploration has been carried out throughout the project by various companies, including AC/RAB, RC drilling and diamond drilling 1971-1973 WMC: RAB, RC and surface diamond drilling 1976 Newmont: 10 surface diamond drillholes (predominantly targeting base metals). 1980-1986 BHP: RAB, RC and surface diamond drilling (predominantly targeting base metals). 1986-1993 Eastmet: RAB, RC and surface diamond drilling. 1993-1997 Goldmines of Australia: RAB, RC and surface diamond drilling. Underground mining and associated underground diamond drilling. 2000-2003 Aquila Resources Ltd: Shallow RAB and RC drilling 2004-2005 Goldcrest Resources Ltd: Shallow RAB and RC drilling; data validation. 2007- 2013 Apex Minerals NL: 9 diamond holes targeting extensions to the Youanmi deeps resource.

	Criteria	JORC Code explanation Commentary
	Geology
	Drill hole Information
	Data aggregation methods

	Criteria	JORC Code explanation	Commentary
		The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values have been used or reported.
	Relationship	These relationships are particularly important in the
	between	reporting of Exploration Results.	The mineralisation strikes generally NNW-SSE and dips to
	mineralisation		the west at approximately -60 degrees. Drill orientations are
	widths and	If the geometry of the mineralisation with respect to the	usually 060 degrees and -60 dip. Drilling is believed to be
	intercept lengths	drill hole angle is known, its nature should be reported.	generally perpendicular to strike. Given the angle of the drill
			holes and the interpreted dip of the host rocks and
		If it is not known and only the down hole lengths are	mineralisation (see Figures in the text), reported intercepts
		reported, there should be a clear statement to this effect	approximate true width.
		(e.g. ‘down hole length, true width not known’).
	Diagrams	Appropriate maps and sections (with scales) and
		tabulations of intercepts should be included for any
		significant discovery being reported These should	Refer to Figures and Table in the text.
		include, but not be limited to a plan view of drill hole
		collar locations and appropriate sectional views.
	Balanced	Where comprehensive reporting of all Exploration
	reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration	Representative reporting of both low and high grades and widths is practiced.
		Results.
	Other	Other exploration data, if meaningful and material,
	substantive	should be reported including (but not limited to):
	exploration data	geological observations; geophysical survey results;
		geochemical survey results; bulk samples – size and	All meaningful and material information has been included in
		method of treatment; metallurgical test results; bulk	the body of the announcement.
		density, groundwater, geotechnical and rock
		characteristics; potential deleterious or contaminating
		substances.
	Further work	The nature and scale of planned further work (e.g. tests
		for lateral extensions or depth extensions or large-scale
		step-out drilling).	Further work (RC and diamond drilling) is justified to locate
		Diagrams clearly highlighting the areas of possible	extensions to mineralisation both at depth and along strike.
		extensions, including the main geological interpretations
		and future drilling areas, provided this information is not
		commercially sensitive