Venus Metals Corporation Limited: High-grade Results from Resource Drilling at Youanmi

Perth, Australia - West Australian gold exploration and development company Rox Resources Ltd. (ASX:RXL), in conjunction with its joint venture partner Venus Metals Corporation (ASX:VMC), is pleased to report initial assay results from the ongoing resource development program at the 3.2Moz Youanmi Gold Project (OYG JV), located near Mt Magnet in WA.

The assays are from an ongoing 23,000m resource development and near mine exploration drilling program. The resource development drilling, which is focused on the high-priority Link and Kathleen areas of the project, is designed to convert Inferred Resources to the higher confidence Indicated classification for inclusion in a Pre-Feasibility Study.

At Link, assays identified numerous gold intercepts greater than the average Youanmi underground grade of 6.89g/t (ASX announcement 20 April 2022) and confirmed a zone of high-grade mineralisation with extensive down-plunge continuity - about 200m from historical underground and open pit workings (Figure 3*).

The mineralisation at Link remains open down-plunge to the northwest and up-plunge to the south-east - confirming the presence of extremely robust mineralised lodes that include zones of thicker mineralisation along with zones of higher gold grades.

Rox Resources Managing Director, Mr Robert Ryan, said:

"Our confidence that Youanmi is a large-scale, high-grade gold system with enormous upside continues to grow with each drill result that we receive.

"The first results from Link show a higher-grade tenor of gold mineralisation than our geological models indicated, suggesting that this sector of the deposit will contribute positively to the planned Mineral Resource review and update later this year to be included in the Feasibility Study.

"The numerous, wide intercepts of high-grade mineralisation at Link have exceeded our expectations and, together with the exciting recent results from exploration drilling at Midway and Youanmi South, highlight Youanmi's potential to deliver quality ounces and extensive resource growth."

Link Drilling Results

The Rox exploration team commenced drilling at the Youanmi Project on the 12th of January. The drilling program comprises both resource development drilling and drill testing of exploration targets.

Approximately 12,000m of Reverse Circulation (RC) drilling and 7,000m of diamond drilling is planned for the resource development component of the drilling program, which is focused on converting Inferred Resources to Indicated classification at the high-priority areas, Link and Kathleen (Figure 2*. In addition to the resource development drilling there is approximately 4,000m of near mine exploration drilling.

The resource drilling is designed to delineate adequate reserves to accommodate the first years of the production target as part of upcoming feasibility studies, as well as to confirm the continuity of gold grades proximal to the current Indicated Resources. This is expected to be achieved by upgrading part of the existing Inferred Resource in the Youanmi Gold Project Scoping Study (ASX announcement 19 October 2022).

To date, assay results have been received for seven RC-only holes, 13 RC pre-collars and 10 diamond tails, with about half of the resource definition drilling program now complete.

The full list of significant results is shown in Table 2*, with highlight drill intercepts including:

o RXDD049: 4m @ 7.60 g/t Au from 311m; includes
- 1m @ 23.70g/t Au from 311m

o RXDD050: 1.53m @ 22.01 g/t Au from 300m;

o RXDD051: 2m @ 7.49 g/t Au from 77m

o RXDD052: 1.73m @ 36.91 g/t Au from 334.2m; and
4m @ 14.85 g/t Au from 298m; includes
- 0.54m @ 60.9 g/t Au from 299.06m

o RXDD054: 2.1m @ 5.50 g/t Au from 311.9m

o RXDD058: 6.53m @ 10.31 g/t Au from 339.47m; and
7.61m @ 8.20 g/t Au from 356.39m; includes
- 0.52m @ 55.49 g/t Au from 356.39m

o RXDD059: 8.25m @ 8.54 g/t Au from 265m; includes
- 2.33m @ 26.24 g/t Au from 270.52m

o RXRC457: 1m @ 25.00 g/t Au from 257m

Next Steps

- Follow-up drilling at Youanmi South has commenced with results expected in the coming weeks;

- Resource definition drilling continuing at Link;

- Midway extensional drilling to commence after Youanmi South; and

- Regional Exploration Program under review

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/418N1Q8M

About Venus Metals Corporation Limited:

Venus Metals Corporation Ltd. (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. 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%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.

Source:
Venus Metals Corporation Ltd.

Contact:

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