Venus Metals Corporation Limited: High-Grade Results Ahead of Near Surface Resource Update

Perth, Australia - West Australian gold exploration and development company, Rox Resources Ltd. (ASX:RXL), in conjunction with its joint venture partner Venus Metals Corporation Ltd. (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%).

Highlights:

- Results improve confidence in mineralised zones in near mine areas

- Latest results from Link include:

- RXRC429: 4m @ 4.41g/t Au from 128m
- RXDD043: 4m @ 4.43g/t Au from 52m
- RXDD039: 1m @ 13.44g/t Au from 384m
- RXDD044: 2m @ 5.41g/t Au from 286m

- Drilling near historical underground workings intersects high gold grades:

- RXRC452: 5m @ 9.82g/t Au from 198m,
including 3m @ 15.86g/t Au from 198m
- RXRC447: 4m @ 6.26g/t Au from 84m,
and 6m @ 4.5g/t Au from 260m
- RXDD038: 2m @ 11.8g/t Au from 109m
- RXRC442: 4m @ 2.99g/t Au from 156m

- Near Surface Mineral Resource update targeted mid-April

The latest round of high-grade drilling results were received from shallower parts of the Link area, and near pre-1942 stopes of the historical mine.

Rox Managing Director Alex Passmore commented: "The further high-grade results from the Link area will likely contribute to the Youanmi Near Surface Resource. Results from near mine drilling further support the Company's belief in the potential for high-grade mineralisation near historic mine development.

We look forward to providing an update on the Near Surface Resource in mid-April which consolidates near-surface drilling results.

The Company continues simultaneously exploring and conducting mining studies as we progress the Youanmi Gold Project toward the potential restart of operations."

Resource Infill at Link Prospect

Drilling at Link focussed on resource conversion and extensional drilling to grow the recently reported resource inventory at Youanmi of 3Moz at 3.78g/t Au (ASX RXL 20 January 2022). At the 0.5g/t resource cut off, results from this zone are expected to add inventory to the indicated category of the Youanmi Near Surface Resource.

Drilling to date at Link has defined a zone of high-grade mineralisation more than 200m from historical underground and open pit workings with extensive down-plunge continuity of high-grade ore zones. Mineralisation at Link remains open down plunge to the northwest and up plunge to the southeast (Figure 1*).

Results were received from shallow infill RC drilling at Link aimed at achieving conversion of inferred to indicated resource in this area (Figure 1*).

Highlights include:

- RXDD043: 4m @ 4.43g/t Au from 52m
- RXRC429: 4m @ 4.41g/t Au from 128m
- RXRC435: 10m @ 1.39g/t Au from 76m,
including 2m @ 4.1g/t Au from 84m

As well as further de-risking the project, the results reconcile well with inferred resource block grades in this area and demonstrate ore continuity. The results from infill drilling continue to add confidence in the Near Surface Resource model.

Results were also received from extensional drilling down plunge for the historical Hill End underground mine.

Highlights include:

- RXDD039: 1m @ 13.44g/t Au from 384m and 0.89m @ 3.89g/t Au from 344m

- RXDD044: 2m @ 5.41g/t Au from 286m and 0.39m @ 3.44g/t Au from 334.72m

These encouraging results demonstrate continuity of the mineralised structure down plunge of the Hill End Mine.

Future drilling will test down dip and down plunge to target areas where thickening of mineralised zones is likely.

Additional high gold grades intersected near historical underground workings

Results from drilling that tested for extensions to the historically mined high-grade stopes - in conjunction with previously reported results (ASX RXL 22 February 2022) - continue to define an area of high-grade material within close proximity to existing underground development, and serve to convert the inferred resource to indicated status, which will likely contribute to early production plans.

Highlights from latest results include:

- RXRC452: 5m @ 9.82g/t Au from 198m,
including 3m @ 15.86g/t Au from 198m
- RXRC447: 4m @ 6.26g/t Au from 84m,
and 6m @ 4.5g/t Au from 260m
- RXDD038: 2m @ 11.8g/t Au from 109m
- RXRC442: 4m @ 2.99g/t Au from 156m

Forward Plan

An update to the Youanmi Near Surface Resource is expected to be announced mid-April 2022.

The Company continues its approach of simultaneously exploring and conducting mining studies. Ongoing and planned activities at Youanmi include:

- Inferred to indicated resource conversion and exploration drilling;

- Feasibility level underground and open pit metallurgical testwork;

- Scoping level study processing plant design and costing; and

- Mine design and environmental work.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/LF42GUJC

About Venus Metals Corporation Limited:

Venus Metals Corporation Ltd. (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. The Company aims to increase shareholder value through targeted exploration success on its projects.

The Company's major gold project is the Youanmi Gold Mine, located 500km north east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%) (OYG JV); Indicated and Inferred Resources of the mine is 1.7 million ounces of gold.

Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.

Source:
Venus Metals Corporation Ltd.

Contact:

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