DEVELOP GLOBAL LIMITED — Capital/Financing Update 2016

Oct 9, 2016

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ASX Announcement
ASX Code: VXR
Released: 10 October 2016
For further details
John Nitschke
Managing Director
T: +61 8 6389 7400
admin@venturexresources.com
Board
Tony Kiernan
Chairman
John Nitschke
Managing Director
Anthony Reilly
Non-Executive Director
Darren Stralow
Non-Executive Director
Trevor Hart
Company Secretary
Contact Details
Registered Office
Level 2
91 Havelock Street
West Perth WA 6005
T: +61 8 6389 7400
F: +61 8 9463 7836
admin@venturexresources.com
www.venturexresources.com
ABN: 28 122 180 205
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Venturex Completes Successful First Round of Drilling at Whim Creek ZincCopper Project, WA

Highlights

• Initial results confirm Induced Polarization (IP) geophysical survey is effective in identifying zones of potential mineralisation.

• Intensely altered conglomerate host for Mons Cupri mineralisation, including trace chalcopyrite, intersected 500m west of the historical Mons Cupri open pit.

• Strong alteration intersected 500m west of Mons Cupri North West open pit.

• High grade zinc-lead-silver lodes at Salt Creek deposit potentially extended near surface.

• Potential for depth extensions of high grade zinc-lead-silver lodes at Salt Creek identified from processing of misplaced historical down-hole geophysical datasets.

• Down-hole magneto-metric resistivity (DHMMR) geophysical surveys and structural modelling planned for October 2016 to generate further drill targets.

• Drilling expected to recommence in November 2016.

Venturex Resources Limited (ASX: VXR "Venturex" and the "Company") is pleased to advise that it has completed the initial phase of diamond drilling at its 100%-owned Whim Creek Zinc-Copper Project , located 115km south-west of Port Hedland in Western Australia. The Whim Creek Project includes the Whim Creek, Mons Cupri, Salt Creek and Evelyn deposits plus 18,500 hectares of tenements covering the highly prospective Whim Creek basin.

Mons Cupri

The Company completed four diamond drill holes to test high priority IP chargeability anomalies identified in the recent high powered IP survey undertaken in the immediate vicinity of the Mons Cupri deposit (see ASX release 4 July 2016).

These IP chargeability anomalies are believed to be related to stock-work zones of pyrite and chalcopyrite mineralisation in the Cistern Formation conglomerate, which is the host for the economic mineralisation at the Mons Cupri deposit.

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These stock-work zones represent potential feeder zones for the high grade massive sulphide zinclead-silver mineralisation and the underlying high grade stringer sulphide copper-gold mineralisation found in the Mons Cupri deposit.

The Company’s exploration strategy has been to first identify zones of IP chargeability and then drill them to confirm the presence of sulphide mineralisation and alteration. Where sulphides and alteration have been intersected, the holes will be used as a platform for DHMMR which will provide a potential vector towards any high grade massive sulphide zinc-lead-silver mineralisation.

Previous petro-physical test work on high grade massive sulphide core from the Mons Cupri deposit has indicated that DHMMR is more effective for low conductivity/poorly conductive massive zinc sulphide-rich mineralisation than the traditional transient electromagnetic (TEM) methods.

Diamond drill-hole 16VMCD001 was designed to test an IP chargeability anomaly extending downdip of the Mons Cupri NW open pit which may represent an extension of the mineralisation in the pit. This hole deviated away from the IP anomaly and was terminated early. However, the hole did intersect 2.1 metres of strong sericite, carbonate, silica, pyrite altered Cistern Formation conglomerate at the expected target depth, just below the contact with the overlying Rushall Formation shale.

Diamond drill-hole 16VMCD002 was designed to test an IP chargeability anomaly that extends downdip of the main Mons Cupri open pit which may represent an extension of the mineralisation in the pit. The hole intersected three zones of alteration. The upper zone of sericite pyrite alteration is in the mudstones siltstones and sandstones of the Rushall Formation just above the contact with the underlying Cistern Formation conglomerate.

The second alteration zone is 8.5m thick and occurs in the conglomerate immediately below the contact. This is variable weak to intense sericite-chlorite-pyrite alteration with visual mineralisation of pyrite and chalcopyrite present in a narrow zone at the Cistern Formation contact.

A third, deeper 5.6 m thick alteration zone was identified from 164m hosted in shale and sandstone approximately 50m below Cistern Formation contact. This strong alteration occurs at a similar stratigraphic position to the high grade massive sulphide zinc-lead-silver zones in the Mons Cupri deposit.

The location of the drill-holes is shown in Figure 1 and details of the holes are shown in Table 1.

This drilling has demonstrated that the right conditions are present for the development of mineralisation. The next step is to carry out DHMMR surveys on these holes.

Salt Creek

Diamond Drilling

Venturex has completed six diamond drill holes at the Salt Creek deposit. The pierce points of these holes are shown in Figure 2 and details provided in Table 2 .

The objective of these holes was to target near-surface extensions of the high grade zinc-lead-silver lodes at Salt Creek that may be amenable to open cut mining. Visual results of the high grade mineralisation intersected in holes 16VSCD001 and 16VSD003 have already been released (see ASX release 19 September 2016).

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Holes 16VSCD004-006 were drilled at the margins of the Salt Creek Resource. Two of these holes intersected moderate to strong sericite alteration as well as visible pyrite, sphalerite and galena mineralisation consistent with being at the margin of a high grade massive sulphide lode.

These holes have been cased for follow-up by DHMMR surveys to identify the potential for additional high grade mineralisation nearby.

Processing of Down-hole Geophysical Data from Salt Creek

The Company recently identified an historical suite of geophysical data consisting of eight TEM and 25 DHMMR surveys completed in 2008 from drill holes in the Salt Creek deposit. This data had not previously been processed/interpreted.

The Company’s Consultant Geophysicist, Russell Mortimer, of Southern Geoscience Consultants Pty Ltd, has processed/interpreted these datasets. The results have confirmed the effectiveness of the DHMMR technique for the definition of low conductivity targets associated with massive zinc and lead sulphide mineralisation and the traditional TEM technique to detect more conductive chalcopyrite sulphide mineralisation at Salt Creek.

The results of the surveys are shown in long section Figure 2 .

A number of well resolved DHMMR plate conductors (dark green) have been modelled within and adjacent to the existing Resource outline that could indicate potential extensions of the high grade massive zinc-lead-silver lodes that warrant further drilling.

Less well resolved down hole DHTEM and DHMMR targets that represent potential down-plunge extensions to the known high grade zinc and copper mineralisation have also been identified.

Current Work Program

Samples from the drilling program have been progressively processed and submitted to the laboratory. First results are expected in the next few weeks.

A geophysical survey crew is being mobilised to carry out additional DHMMR surveys on a selection of the drill holes recently completed at Mons Cupri and Salt Creek.

A specialist Structural Geologist has been engaged to log relevant drill holes at Salt Creek to develop a structural model of the controls for the mineralisation within the deposit. This will be combined with the latest geological model and the geophysical targets to provide a framework for planning the next drill program to test for extensions to the Salt Creek Resource.

This survey and modelling work will be completed by the end of October 2016 with the expectation that further targets at both Mons Cupri and Salt Creek will be developed for drilling to recommence in November 2016 subject to drill rig availability.

Management Comment

Venturex’s Managing Director, Mr John Nitschke, said the initial phase of drilling at Whim Creek had confirmed the validity of the Company’s exploration approach and provided a clear forward direction for the next phase of exploration which would commence during October.

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“The first phase of the program included some aggressive step-outs from the known Resources at both the Mons Cupri and Salt Creek deposits,” he said.

“While we have yet to receive assay results, geological logging of the core indicates that we intersected alteration some 500m to the west of the Mons Cupri resource, confirming the presence of mineralising events in the main geological host horizon in a location well beyond the known Resource.

“This is a highly encouraging development, which clearly highlights how fertile this VMS field is for the potential discovery of repeats of the known orebodies. Considering that Mons Cupri was a very significant VMS deposit with a pre-mining Resource of 10 million tonnes, this is an exciting and significant development.

“Having identified the alteration zone in the host rocks we are now looking for any high grade massive zinc sulphides that may be offset from the drill intersections using state-of-the-art highpowered down hole MMR equipment. This method is far superior to any geophysical method that has been used at Mons Cupri historically.

“We are also fortunate to have found the misplaced historic datasets from Salt Creek. This has yielded several exciting new targets, and gives us the opportunity to identify plenty of walk-up drill targets with the potential to extend the Resource.

“The next key phase of down hole MMR geophysics will be underway this week and we expect to be back drilling again in November,” Mr Nitschke said.

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Figure 1: Mons Cupri IP targets and drill hole collar locations

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Hole ID*	Drill Type	MGA^ North	MGA^ East	RL^	Incl^	Azi^	TD (m)	Comment
16VMCR001*	RC	7690010	584450	58	-70	180	250	129m of weak to moderate sericite alteration and trace pyrite mineralisation intersected in the Cistern Formation Conglomerate from 121 m
16VMCR002*	RC	7691345	583215	59	-60	225	172	No visual mineralisation intersected
16VMCD001	DDH	7691075	583025	55	-70	060	180.8	148.85-150.63 Strongly sericite chlorite and pervasive silica altered Cistern Conglomerate with patchy clumps ofpyrite
16VMCD002	DDH	7690560	583450	60	-90	180	201.9	110.0-110.1 Intensely altered sericite silica altered Cistern Formation with visual chalcopyrite and pyrite mineralisation 110.1-116.1 intense to strongly sericite and silica altered Cistern conglomerate no sulphides 116.1-118.5 Weakly altered Cistern conglomerate 169.3-174.9 Strongly silica sericite altered shale/sandstone unit with strong quartz veining, trace pyrite within Cistern Formation

Table 1: Mons Cupri drill hole summary

( * ASX release 19/09/2016. ^ hole coordinates & RL subject to final collar survey. #Visual estimate by Competent Person)

Hole ID	MGA* North	MGA* East	RL*	Inc.*	Azi*	TD (m)	#Comment
16VSCD001^	7707462	573755	10	-60	330	162	1.5m from 150.5m of massive sulphide, sphalerite andgalena mineralisation.
16VSCD002^	7707472	573835	10	-60	330	190	No visual mineralisation.
16VSCD003^	7704767	573723	10	-60	330	130	14.2m intersection from 13.8m of inter- bedded massive gossan and shale. 1.8m from 78.5m of massive sulphide, sphalerite andgalena mineralisation.
16VSCD004	7704569	573404	10	-60	330	159	5m from 131.5m of strong sericite pyrite alteration with trace sphalerite andgalena.
16VSCD005	7704776	573776	10	-60	330	147.6	0.5m of sericitepyrite alteration.
16VSCD006	7704591	573393	10	-60	330	129.1	No visible mineralisation

Table 2: Salt Creek diamond drill-hole summary

( ^ASX release 19/09/2016. *Hole coordinates & RL subject to final collar survey. # Visual estimate by Competent Person)

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Figure 2: Salt Creek Long Section

JOHN NITSCHKE Managing Director

For further information, please contact:

Investors

John Nitschke / Trevor Hart Media: Venturex Resources Limited Nicholas Read – Read Corporate Ph: +61 (08) 6389 7400 Ph: (08) 9388 1474 Email: admin@venturexresources.com Email: info@readcorporate.com.au

About Venturex Resources Limited

Venturex Resources (ASX: VXR) is a rapidly growing Australian zinc company which is focused on the exploration and development of its two advanced zinccopper projects located near Port Hedland in the premier Pilbara mining province of Western Australia. After recently completing a $5 million capital raising, Venturex has embarked on a major new drilling program aimed at further expanding its resource inventory, which comprises more than 900,000t of contained zinc and 320,000t of contained copper.

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Its initial exploration focus is on extending the existing high-grade zinc, copper and lead resources at the Whim Creek Project, where it has identified a range of targets adjacent to the Salt Creek and Mons Cupri deposits. Drilling commenced in late August and will continue through until the end of the year, generating strong ongoing news-flow. The successful extension of the known Resources at Whim Creek will result in a project that is compelling at spot prices. The existing infrastructure at Whim Creek means that any such project could be producing zinc, copper and lead concentrates during the first half of calendar 2018.

Venturex is continuing to progress permitting and pre-development activities for its Sulphur Springs Project, one of the most significant undeveloped zinc deposits in Australia. On-going value engineering of the 2013 Feasibility Study has resulted in a potential low-risk copper-zinc project with attractive economics and a proposed low-CAPEX Stage 1 development based on a near-surface high grade supergene copper zone.

Venturex also receives an ongoing income stream from a profit share in an SX/EW heap leach operation recovering copper from the heap leach dumps at Whim Creek. Venturex received $780,000 in FY2016 from 990,000t of copper metal production. This cash flow covers the bulk of the Company’s overheads and is expected to continue for the next 2-3 years.

About Zinc

Zinc is a blue-grey metal which readily forms alloys with metals including copper, aluminium and magnesium. Zinc is primarily used for its corrosion resistance in galvanising which accounts for approximately half of global zinc consumption. Galvanised materials (commonly iron and steel) are used extensively in transport, construction and appliance manufacturing purposes. Metallic zinc is also used in dry cell batteries, die-casting, roof cladding and in the production of zinc oxide.

Zinc demand is dominated by China at 6.9Mt or 49%. Global consumption is forecast to grow at a CAGR of 2% over 2016-2020, with the strongest demand growth coming from China at 2% and also the US and India. Following recent mine closures and this increasing demand growth, the current zinc market is tight with declining global inventories and a supply deficit forecast in coming years. Zinc prices have responded accordingly rallying above the top of the global mine cost curve. The concentrate market also reflects this supply tightness, with smelters materially discounting treatment charges.

Competency Statements

The information in this announcement that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled or reviewed by Mr James Guy who is a Member of the Australasian Institute of Mining and Metallurgy. The information contained in this announcement was previously released in announcements “Company Resource and Reserve Statement – Revised” released 8 October 2013.

The Company confirms that:

• a. The form and context of the material in this presentation has not been materially modified from the above previous announcements;

• b. It is not aware of any new information or data that materially affects the information included in the 8 October 2013 announcement and that all material assumptions and technical parameters underpinning the estimate in the 8 October 2013 announcement’s continue to apply and have not materially changed; and

• c. It is uncertain that following further exploration and evaluation that the historical estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC 2012 Code.

The information in this announcement that relates to Geophysical Exploration Results is based on information compiled by Mr Russell Mortimer, who is employed as a Consultant to the Company through geophysical consultancy Southern Geoscience Consultants Pty Ltd. Mr Mortimer is a member of the Australian Institute of Geoscientists and a member of the Australian Society of Exploration Geophysicists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, 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. Mr Mortimer consents to the inclusion in the report of matters based on information in the form and context in which it appears.

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Notes relating to the Salt Creek and Mons Cupri Drilling Section 1: Sampling Techniques and Data

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

Criteria JORC Code Explanation

Commentary

• Sampling  Nature and quality of sampling (e.g. cut channels, random chips, or specific techniques 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.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• 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.

 DHTEM Specifications

 DHTEM Specific	ations
Surveyed By	Outer Rim Exploration Services Pty. Ltd. 2005/2006 and Vortex Geophysics 2007
Survey Dates	18-20th November 2005, 3rd June 2006 and 15-17th October 2007 (3 survey campaigns)
Survey Type	Downhole Time Domain Electromagnetics (DHTEM)
Transmitter	Crone PEM (2005/2006), Zonge GGT-30 (2007)
Base Frequency	4.16 - 12.5Hz (20 - 60msec time base), 50% duty cycle
Loops and Sizes	400x400m (SC1 - 2005), 500x1000m (SC2 - 2006), 500x400m (SC3 - 2007) - all single turn
Current	~19-26 Amps (single turn loops)
Receiver	Crone PEM (2005/2006), SMARTem V (2007)
Sensor/Probe	Crone PEM dB/dt Coil Probe - Z and XY (2005/2006), Atlantis B-field Probe - ZXY (2007)
Readings/Stacks	Multiple Readings @ ~128-1024 Stacks
Probe Noise Levels	Moderate average <0.25nT/s Z and <0.5nT/s XY (2005/2006), ~1pT/A+ spikes (2007)
Areas Surveyed	Salt Creek prospect area

 DHMMR Specifications

 DHMMR Specifica	tions
Surveyed By	Vortex Geophysics 2006/2007
Survey Dates	9-15th June 2006, 21st/22nd October, 30th August - 19th November 2007 (4 surveys)
Survey Type	Downhole Magneto Metric Resistivity (DHMMR)
Transmitter	Zonge GGT-3/GGT-30 (2007)
Base Frequency	0.5 - 1Hz (250 - 500msec time base), 100% duty cycle (SMARTIP mode)
Dipoles and Sizes	~900x1800m (SC_MMR1), ~500x1200m (ACL_MMR1), 900-1400m electrode separation
Current	~9.5-20 Amps (single dipole wires)
Receiver	SMARTem V
Sensor/Probe/Stacks	Atlantis B-field Probe - ZXY, 32-128stks multiple readings
Areas Surveyed	Salt Creek and ACL prospect areas

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Criteria

JORC Code Explanation

Commentary

Criteria JORC Code Explanation Commentary	Criteria JORC Code Explanation Commentary	Criteria JORC Code Explanation Commentary	Criteria JORC Code Explanation Commentary	Criteria JORC Code Explanation Commentary
		 Surface FLTEM Specifications
		Surveyed By	Outer Rim Exploration Services Pty. Ltd.
		Survey Dates	2-4th June 2006
		Survey Type	Fixed Loop Time Domain Electromagnetics (FLTEM)
		Transmitter	Crone PEM
		Base Frequency	12.5Hz (20msec time base), 50% duty cycle
		Loops and Sizes	500x1000m (SC2 - 2006) - single turn
		Current	~19 Amps (single turn loop)
		Receiver	Crone PEM
		Sensor/Probe	Crone PEM dB/dt Coil Probe - Z component only
		Readings/Stacks	Single Reading @ 1024 Stacks
		Probe Noise Levels	Low average <0.2nT/s Z, conductive environment
		Areas Surveyed	Salt Creek prospect area
		 Surface MMR Specifications
		Surveyed By		Vortex Geophysics 2006/2007
		Survey Dates		11-15thJune 2006
		Survey Type		Magneto Metric Resistivity (MMR)
		Transmitter		Zonge GGT-30
		Base Frequency		0.5Hz (500msec time base), 100% duty cycle (SMARTIP mode)
		Dipoles and Sizes		~900x1800m (SC_MMR1), 1400m electrode separation
		Current		~20 Amps (single dipole wire)
		Receiver		SMARTem V
		Sensor/Probe/Stacks		Fluxgate B-field Probe - ZXY, 48-64stks multiple readings
		Areas Surveyed		Salt Creek prospect area
	 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.).	 Reverse Circulation drilling using a standard 5.5 inch face sampling hammer.  Diamond drilling using standard tube, HQ and NQ core sizes. At Salt Creek diamond drilling was from surface. At Mons Cupri reverse circulation pre collars were drilled with diamond tails. All NQ core was orientated.
Drill sample	 Method of recording and assessing core and chip sample recoveries and results	 RC drill samples were collected through a cyclone and rotarysplitter. The splitterand cyclone were

		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.).
Drill sample		Method of recording and assessing core and chip sample recoveries and results

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Criteria	JORC Code Explanation	Commentary
recovery	assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  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.	regularly inspected and cleaned to ensure consistent good quality samples. The location of wet, damp or small sample intervals was recorded. All sampling information was entered into the Company database.  Diamond drill core is logged and recorded in the Company database. The measured core lengths are compared to the expected core lengths and core loss recorded as a percentage.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.  The total length and percentage of the relevant intersections logged.	 All the drill holes are logged for their entire length. RC and diamond core is logged for rock type, weathering, deformation, alteration, veining and mineralization. Diamond core is also logged for structural orientation. RQD measurements are recorded. Where mineralisation is logged the percentage of the sulphides (e.g. pyrite sphalerite, chalcopyrite, galena etc) is visually estimated.  All drill core is photographed wet and dry.  All core is retained and stored at the Company’s Whim Creek facilities.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 RC drilling:1 metre samples were collected and split off the drill rig using a cone splitter. The samples were generally dry and of a consistent size. Logged mineralized zones were sub split using a riffle splitter to give a 4m composite sample suitable for assaying. Venturex had on site, technically competent supervision and procedures in place to ensure sample preparation integrity and quality. The sample sizes are considered appropriate given the relatively fine grained nature of the sulphide mineralisation which is not nuggetty in nature, the sampling methodology and the range of the anticipated t assay value.  Diamond core was cut in half. All samples were from the same side of the core.  No field duplicates were collected  The sample size is considered appropriate for the base metal – volcanic massive sulphide mineralisation style.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	 Not applicable. No analytical results are reported in this release.

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Criteria	JORC Code Explanation	Commentary
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 Not applicable: No analytical results are reported in this release.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	 The collar positions of holes were surveyed by DGPS using MGA94 zone 50 coordinates. The down-hole surveys were completed with a single shot reflex tool every 30m down hole.  For ground geophysical surveys the loop positions and stations were located by hand held GPS
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 Drill hole spacing at Salt Creek is a nominal 20m x 20m.  The Mons Cupri drilling is targeting specific IP conductors therefore drill spacing is non applicable.  4m composite samples were collected through mineralized or altered zones in the RC and pre-collar holes.  Diamond core was sampled to geological contacts on nominal 1m intervals.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 The survey layouts were orientated perpendicular to the strike of the geology and mineralisation  All the drilling was orientated to intersect the target perpendicularly. At Salt Creek the diamond holes were orientated at -60 degrees toward 330 degrees.  The drilling at Mons Cupri was orientated to intersect the strongest part of the IP anomaly.
Sample security	 The measures taken to ensure sample security.	 Samples are stored on site and transported to the Perth laboratory by truck. Samples are then stored in the lock yard at the laboratory.  The digital data has been stored in the archives of the company’s consultant physicist Southern Geoscience Consultants
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 Sampling techniques and QAQC procedures are reviewed by the Company Geologists.

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Section 2: Reporting of Exploration Results

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

Criteria	JORC Code explanation		Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	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.  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 Salt Creek Deposit is within M47/ 233 and the Mons Cupri is within M47/238. The registered owner of the tenements is Venturex Pilbara Pty Ltd, a wholly owned subsidiary of Venturex Resources Ltd  The tenement is within land where native title has been determined. The traditional owners of the land are the Ngarluma People. The grant of the tenement pre-date native title, and are not subject to native title claim.  There are 2.5% NSR royalty payable to a third party on any production from M47/233 .  The tenements are granted Mining Lease in good standing and with no known impediments
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.		Previous exploration and mining has been undertaken by a number of parties going back over 100 years. Modern exploration has been undertaken by Texasgulf Australia Pty Ltd, Aberfoyle Limited, Elf Aquitaine Australia PtyLtd , and Straits Resources Ltd,
Geology	 Deposit type, geological setting and style of mineralisation.		The Mons Cupri and Salt Creek Deposits are located with the Archaean aged Whim Creek Basin, a sequence of intermediate to felsic volcanic, volcanoclastic and sediments. The deposits are classed as a volcanogenic massive sulphide (VMS). Massive sulphide and stringer sulphide mineralisation has been deposited at the top of the Cistern Formation which comprises a thick sequence of volcanogenic siltstone, sandstone & conglomerate with minor shale units. The Cistern Formation is overlain bythe Rushall Formation.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.		Drill Collars	DHTEM Surveyed
			Hole_ID	Hole_Typ ~~e~~	MGA_North	MGA_Ea ~~st~~	MGA_RL	Max_Depth	Collar_ ~~Dip~~	Collar_MGA_Az ~~z~~
			WSC064	RC	7704544.0 ~~1~~	573098.1 ~~6~~	10.459	112	-62	332
			WSC073	RC	7704626.5 ~~8~~	573645.0 ~~2~~	12.68	198	-65	330
			WSD029	DD	7704722.4 ~~4~~	573649.2 ~~3~~	10.343	104.915	-60	240
			WSD030	DD	7704491.8 ~~1~~	573655.1 ~~2~~	15.541	471.278	-70	330
			WSD116	DD	7704616.4 ~~5~~	573831.9 ~~4~~	13.637	462.778	-70	285
			WSD118	DD	7704659.5 ~~3~~	573820.0 ~~9~~	13.085	282.278	-65	325
			WSD130	RC_DT	7704622.0 ~~1~~	573959.2 ~~8~~	19	458.5	-66	335

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Criteria	JORC Code explanation		Commentary	Commentary
			Hole_ID	Hole_Ty	MGA_Nort	MGA_East	MGA_RL	Max_Depth	Collar_Dip	Collar_MGA_Az
			WSC073	RC	7704626.5 ~~8~~	573645.02	12.6	198	-65	330
			WSC076	RC	7704593.0 ~~2~~	573431.77	10.2	150	-65	320
			WSC083	RC	7704632.1 ~~4~~	573533.17	9.9	270	-80	335
			WSD087	RC_DT	7704676.5 ~~1~~	573849.08	13	409.1	-76	345
			WSD092	DD	7704681.6 ~~1~~	573873.93	13.5	516.4	-75	345
			WSD110	DD	7704755.4 ~~5~~	573846.93	11.8	264.7	-70	330
			WSD113	DD	7704614.0 ~~1~~	573826.28	11	441.7	-70	330
			WSD116	DD	7704616.4 ~~5~~	573831.94	13.6	462.78	-70	285
			WSD117	DD	7704602.7 ~~4~~	573812.62	13.7	323.3	-63	325
			WSD118	DD	7704659.5 ~~3~~	573820.09	13.03	282.2	-65	325
			WSD119	DD	7704546.2 ~~8~~	573843.5	15.3	427.1	-70	330
			WSD120	DD	7704502.1 ~~5~~	573813.81	15.0	496.1	-70	330
			WSD121	DD	7704448.8	573771.34	14.930999 ~~76~~	561.5	-65	325
			WSD122	DD	7704549.2 ~~5~~	573845.25	15.2	465.6	-63	325
			WSD123	DD	7704573.6 ~~7~~	573726.28	13.7	344.1	-60	325
			WSD124	DD	7704599.8	573812.73	13.7	357.1	-70	330
			WSD125	RC_DT	7704609.3 ~~9~~	573907.19	15.595999 ~~72~~	406.20001 ~~22~~	-70	330
			WSD127	RC_DT	7704608	573902.28	17	429.7	-75	330
			WSD128	DD	7704505.6 ~~6~~	573811.92	15.2	448.29998 ~~78~~	-65	333
			WSD129	DD	7704637.6 ~~5~~	574021.61	20.982000 ~~35~~	470.5	-75	330
			WSD130	RC_DT	7704622.0 ~~1~~	573959.28	19	458.5	-66	335
			WSD131	DD	7704572.0 ~~1~~	573728.28	15	430.8	-70	330
			WSD133	RC_DT	7704694	573665.28	12	192.8	-72	330
			WSD134	DD	7704689	573851.28	14	309.7	-65	315
			WSD135	DD	7704608	573900.28	17	384.6	-64	320
			WSD137	DD	7704861.0 ~~1~~	573513.28	10	564.7	-60	132
			WSD139	DD	7704602	573802.28	15	394	-72	306
			WSD140	DD	7704609	573899.28	16	402.6	-63	309

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Criteria	JORC Code explanation	Commentary
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 Not applicable
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true _width not known’). _	 Not applicable
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Historic Geophysical Surveying at the Salt Creek Prospect (2003 - 2008) over Helimagnetic Surveying RTP1VD Imagery (Full Coverage)
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 Not applicable

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Criteria	JORC Code explanation	Commentary
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The Salt Creek Deposit has had a significant body of work completed on it, including geophysical studies, metallurgical test work geotechnical and ground water studies.
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).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive	The geophysical review has generated a number of subsurface targets which will be reviewed

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