1 December 2021 RXL: Mt Fisher-Mt Eureka Gold Project Exploration Update

ASX ANNOUNCEMENT

RRL1797D

01 December 2021

ROX RESOURCES LIMITED ASX: RXL

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

DIRECTORS

Mr Stephen Dennis

Chairman

Mr Alex Passmore

Managing Director

Dr John Mair

Non-Executive Director

Shares on Issue	157.6m
Share Price	$0.38
Market Cap.	$60.0m
Cash	$10.7m
(as at 30 Sept 21)

Level 2, 87 Colin Street,

West Perth WA 6005

[phone]

[e-mail]

www.roxresources.com.au

Mt Fisher - Mt Eureka Gold Project

Exploration Update

Highlights:

• Diamond drilling commencing shortly to target strong electromagnetic (EM) conductor related to pyrrhotite associated gold mineralisation down plunge of high-grade historical intersection PMF056: 9m @ 34.34g/t Au from 67m at the Mt Fisher Gold Mine
• Multiple EM conductors (identified previously by Rox) over 3km of strike to be tested by drilling. The conductors are situated down plunge of mineralisation at the Mt Fisher Mine
• Elsewhere, at the Taipan Prospect RC drilling commencing shortly to test a substantial 90m thick gold bearing shear zone in favourable structural setting along strike of historical drill intersections 20m @ 2.28g/t Au from 100m, including 2m @ 9.85g/t Au from 102m (MERC022) and 1m @ 17.4g/t Au (MEAC03)
• 160 hole, 7,300 metre aircore drilling program has been completed at the Mt Fisher Gold Project (Rox 100%) with assays awaited

____________________________________________________________

West Australian focused gold exploration and development company, Rox Resources Limited ("Rox" or "the Company") (ASX: RXL) is pleased to provide an update on activities at the Mt Fisher-Mt Eureka Gold Project.

The Mt Fisher-Mt Eureka Gold Project is located in the Northern Goldfields, about 500km northeast of Kalgoorlie (about 120km east of Wiluna) within the Mt Eureka greenstone belt. This belt is located 40km east of the prolific Yandal greenstone belt, host of significant gold deposits including Jundee, Bronzewing and Mt McClure.

Rox holds 850km² of the Mt Eureka greenstone belt and surrounding prospective zones (Rox 100% 500km²) and via the Cullen Resources JV, 350km² (Rox currently earning up to 75%, Cullen Resources Limited 25%).

A 4,000m RC and diamond drill program is currently being conducted on high priority drill ready gold targets generated from a recently completed project review.

Target areas were identified from existing historic geochemical and geophysical datasets. The highly prospective Mt Eureka greenstone terrane hosts extensive orogenic gold mineralisation. Numerous high-grade gold occurrences warrant immediate follow up drilling including: The Mt Fisher

Mine, Dam/Damsel Gold Trend, Wagtail, Taipan, Southern-Galway and Eureka North-West (Figure 1).

Outlook and planned work programs

Rox believes that the Mt Fisher - Mt Eureka Gold Project has the potential to host significant sized gold deposits and economic VMS mineralisation.

Immediate work streams include:

• Internal project scale review and target generation (COMPLETED);
• Reconnaissance aircore drilling over the Mt Fisher Fault (COMPLETED);
• 4,000m RC program to test priority drill ready gold targets (IN PROGRESS); and
• Project wide high resolution (50m spaced) aeromagnetic surveying (IN PROGRESS).

Reconnaissance drilling of 160 aircore holes for 7,300 metres was completed to test the intersection of the regional scale NE trending Mt Fisher Fault with favourable NNW trending stratigraphy. The Mt Fisher Fault is believed to be a regionally important, perennially reactivated basement structure. The fault is likely a feeder conduit, syngenetic with Au and VMS style mineralisation at the Mt Fisher Mine and Dam/Damsel/Dirks gold trend. Assays remain pending for all holes.

Regional Geological Setting

The project area is located within the Eastern Goldfields Superterrane of the prolific Yilgarn Craton. Most of the Archean gold deposits in the Yilgarn Craton belong to a group structurally controlled orogenic gold deposits. At the regional scale, most of the Yilgarn's orogenic gold deposits are spatially associated with crustal scale faults in settings where there has been favourable mineralising fluid migration and a gold deposition mechanism. Within greenstone belts of the Eastern Goldfields Superterrane, significant gold deposits are typically distributed along specific regional structures formed under compressional regimes. Due to their association with regional structures, such gold prospects are typically located at the boundaries of contrasting lithologies or age domains within the greenstone belts.

Within greenstone belts, the gold deposits commonly cluster along structures where they are localised at bends/kinks or at the intersection of two or more faults.

The Mt Fisher-Mt Eureka Gold Project area straddles the Kurnalpi - Burtville Terrane boundary, with the boundary transecting the greenstone belt. This major NNW trending structure (Hootanui Shear) is potentially a deep-seated gold plumbing conduit. Such features are linked to the occurrence of nickel-sulphide and gold deposits. Geological setting of the Mt Fisher-Mt Eureka Gold Project has the potential to host major gold deposits.

ROX RESOURCES LIMITED	2	ASX CODE: RXL
Level 2, 87 Colin Street,		E: [e-mail]
West Perth WA 6005
[phone]		www.roxresources.com.au

Figure 1 Mt Fisher - Eureka Gold Project over interpreted bedrock geology and downhole Au grades

ROX RESOURCES LIMITED	3	ASX CODE: RXL
Level 2, 87 Colin Street,		E: [e-mail]
West Perth WA 6005
[phone]		www.roxresources.com.au

Key Target Areas

Mt Fisher Mine

Gold mineralisation at the Mt Fisher Mine is strata bound, being contained within the sulphide facies chert horizon. Historical in-pit and diamond core observations show gold occurs in association with massive and disseminated sulphides, mainly pyrrhotite, with lesser pyrite. The Mount Fisher deposit is considered to be originally of syngenetic exhalative origin. A well-defined, NE trending fault cross cuts the project area which may represent a major crustal structure that facilitated the placement of mineralised fluids during the region's major gold event.

Mineralisation plunges moderately southwards beneath the southern end of the existing open pit mine and is open at depth. A ground electromagnetic (EM) survey by Rox in 2012 defined several conductive anomalies that are likely related to pyrrhotite associated gold mineralisation. The conductive anomaly is defined over 3km of strike length and appears to represent the down plunge extension of mineralisation at the Mt Fisher Mine. The conductors remain untested at depth (Figure 2.)

Planned RC drilling will test the down plunge extension of mineralisation. Additionally, one diamond drillhole will be completed to test the centre of the conductive anomaly directly down plunge of the mine. Downhole electromagnetic (DHEM) surveys will be completed on drillholes to vector towards zones of high-grade mineralisation.

Total production from the Mt Fisher open pit was reportedly 218,000 tonnes at 4.3 g/t Au for 30koz. The current gold resource at the Mt Fisher mine is 230kt @ 3.6g/t Au for 26,000oz (RXL ASX Release 11 July 2018).

The following Figures 2 to 9 include images related to exploration modelling of the Mt Fisher gold prospects. Indicative grade shell models (>1g/t Au, >2g/t Au, >5g/t Au and >10g/t Au) have been generated in Micromine software and are provided for reference only. The images of grade shell models are not an Exploration Target and do not contain nor indicate any estimate of potential size and grade ranges.

ROX RESOURCES LIMITED	4	ASX CODE: RXL
Level 2, 87 Colin Street,		E: [e-mail]
West Perth WA 6005
[phone]		www.roxresources.com.au

Figure 2. Long-section of the Mt Fisher Mine displaying downhole gold grades and modelled EM conductor

plates.

Best historical results from the Mt Fisher Gold mine are summarised below:

• PMF056: 9m @ 34.34g/t Au from 67m including 4m @ 74.25g/t Au from 70m;
• PMF362: 8m @ 14.72g/t Au from 13m including 4m @ 27.4g/t Au from 16m; and
• PMF061: 13m @ 4.41g/t Au from 80m including 3m @ 11.13g/t Au from 83m (RXL ASX Release 26 October 2021)

Dam/Damsel Trend

The Dam/Damsel Gold Trend is located approximately 7km SW of the Mt Fisher Mine on the western limb of the Wonganoo Anticline. The Dam/Damsel corridor is defined by a >10km stratabound zone of multi-element anomalism (Au, Cu, As, and Zn). The NE trending Mt Fisher Fault crosscuts the NW trending stratigraphy is believed to be the likely source of gold mineralisation in the area.

Historical drilling is mostly limited to shallow RAB with minimal bedrock testing carried out along the Dam- Damsel-Dirk corridor.

There is current gold resource at Damsel of 770kt @ 2.2g/t Au for 55,400oz. Primary gold mineralisation strikes north-northwest, dips west and plunges moderately north. The northern plunge was not previously recognised with historical drilling intersecting above the plunging shoot. Planned RC drilling will test the down plunge extension and infill wider spacing drill sections with the aim of adding to the resource at Damsel (Figure 3).

ROX RESOURCES LIMITED	5	ASX CODE: RXL
Level 2, 87 Colin Street,		E: [e-mail]
West Perth WA 6005
[phone]		www.roxresources.com.au