DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2014

Oct 23, 2014

==> picture [256 x 86] intentionally omitted <==

==> picture [150 x 742] intentionally omitted <==

----- Start of picture text -----

ASX Announcement
ASX Code: VXR
Released: 24 October 2014
For further details
Michael Mulroney
Managing Director
T: +61 8 6389 7400
Board
Tony Kiernan
Chairman
Michael Mulroney
Managing Director
Ray Parry
Non-Executive Director
John Nitschke
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
----- End of picture text -----

QUARTERLY ACTIVITIES REPORT PERIOD ENDED 30 SEPTEMBER 2014

Highlights

• Regional exploration advances at Whim Creek and Salt Creek

• Discussions continue to advance the Project’s development

• Company cash and receivables on hand of $2.6 million

==> picture [368 x 124] intentionally omitted <==

EXPLORATION

WHIM CREEK EXPLORATION

Salt Creek Region

The Salt Creek region consists of an underexplored 12 kilometre belt covering two known areas of mineralisation (Salt Creek, Balla Balla) and a significant number of alteration anomalies in soil covered areas.

==> picture [282 x 189] intentionally omitted <==

Figure 1: Salt Creek - Prospect Locations

A revised geological and targeting model for the central six kilometre area of the Salt Creek region was completed during the quarter using all current exploration data including the recently acquired spectral data.

The revision has recognised the presence of several distinct geological sub-domains within the Salt Creek belt leading to a re-appraisal of the existing mineralisation at Salt Creek and Balla Balla for potential new zones of mineralisation.

Validation of the new targets has commenced with the relogging and selective resampling of all existing drill holes for the Balla Balla and West Balla prospects. Previous drilling at Balla Balla has intersected widespread zones of zinc-lead-copper mineralisation (Figure x) that remain open in several directions.

==> picture [381 x 278] intentionally omitted <==

Figure 2: Balla Balla Prospect - Long section with outline of existing mineralisation with potential extensions.

The resampling program has identified several areas of previously unrecognised anomalous base metal and pathfinder element mineralisation in the Balla Balla sequence aiding in geological and alteration halo interpretation.

Planning for a future drilling program(s) in the Balla Balla and Balla Balla to East Balla corridor is advancing with applications for statutory approvals being lodged with the relevant stake holder groups.

Whim Creek Belt

A review of all exploration completed over the Whim Creek-Mons Cupri region has revealed an extensive volume of historical information over the area. Digitising of historical plans, fact maps, drill logs and assays is underway with several existing and new targets being identified for review.

In addition, data from a large number of geophysical programs undertaken by previous explorers has been recovered. The data is currently being reviewed by the Company’s geophysical consultants to assess the data quality prior to reprocessing and integrating into the current geophysical models.

2

SULPHUR SPRINGS

Initial field reconnaissance of the regional exploration targets at Man O’War, Breakers and Anomaly 45 prospects was undertaken to examine the geology and footwall alteration patterns of each prospect for comparison with the existing deposits at Sulphur Springs and Kangaroo Caves.

==> picture [445 x 234] intentionally omitted <==

Figure 3: Sulphur Springs Prospect Locations

Final analysis of the drill core generated from the previous program at the Midway prospect was completed and the core was forwarded to the Department of Mines and Petroleum. Relogging and sampling of diamond drill hole VSD002, drilled in 2011 some 600 metres north of the Midway prospect, revealed the presence of minor zinc-rich mineralisation on the target chert contact.

The assay results also indicated high values for several pathfinder elements associated with the chert contact zone. This multi-element geochemistry will be combined with the other Midway results to aid with the modelling of the alteration system.

LIBERTY-INDEE JOINT VENTURE (70%)

No fieldwork carried out.

BRAZIL

Gold Exploration

Venturex is exploring for large gold deposits in Brazil through its wholly owned subsidiary, CMG Mineração Ltda (CMGM).

The Company is continuing to seek joint venture opportunities to advance the exploration of the Brazilian tenements.

Nova Canaã

Exploration activities for the quarter focussed on the completion of a trenching program to test selected gold soil anomalies defined along strike from the Dona Maria prospect at Novo Canaã.

3

==> picture [453 x 312] intentionally omitted <==

Figure 4: Nova Canaa Project – Trench locations

A total of 11 trenches were constructed with the trench placement limited by the presence of transported regolith cover containing with significant channels of alluvial gravel forming blankets of quartz-rich cover over the in-situ bedrock.

Geological mapping of the trenches revealed predominantly sheared granite host rock containing narrow quartz-veined structures associated with intermediate/mafic dykes with the intensity of quartz veined structures increasing near the historic workings.

A total of 175 rock chip samples were collected from the trenching program and have been submitted for analysis at ACME Laboratories in Cuiaba. Assays were still pending at the end of the quarter.

Pilbara Cu-Zn-Ag Project

General

Activity for the quarter focussed on continuing ongoing discussions with interested groups on opportunities to advance the Project’s development.

The Feasibility Study was completed in December 2012. An optimisation study is continuing to review enhancement options (including new process technology) for the development of the Project with the target of reducing capital development costs by 25-30%.

The process is being advanced as the medium term outlook for copper is stabilising with a strengthening outlook for zinc driven by impending mine closures reducing supply.

4

CORPORATE

Finance

The Company completed the sale of the Whim Creek Hotel and adjacent Accommodation Village complex on 3 July 2014. The Whim Creek Hotel, the accommodation village, underlying land title (Lot 58) together with associated plant and equipment was sold to a private investment company, Whim Creek Operations Pty Ltd representing a consortium of the Ngarluma Aboriginal Corporation (NAC) and Ngarluma Yindjibarndi Foundation (NYF) based in the Karratha region, for a total of $1.7 million cash.

At the end of the quarter, private company Blackrock Metals Pty Ltd advised that their SX-EW treatment facility at Whim Creek has resolved operational issues and is steadily ramping up to normal operations. Venturex hold a 15% Net Profit Interest in the reprocessing operation.

Securities Information

The issued capital of the Company is 1,547,869,181 ordinary fully paid shares and 36,000,000 unlisted options with various expiry dates.

Financial Information

The Company’s net cash position and receivables as at 30 September 2014 was $2.6 million and it has no debt.

==> picture [129 x 59] intentionally omitted <==

MICHAEL MULRONEY Managing Director

For further information, please contact:

Michael Mulroney / Trevor Hart – Venturex Resources Limited on (08) 6389 7400 Tony Dawe – Professional Public Relations on 0405 989 743 / (08) 9388 0944

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an exploration and development company with a significant portfolio of VMS projects in the Western Pilbara. Venturex owns or controls significant resources of copper, zinc, lead, silver and gold at Sulphur Springs, Kangaroo Caves, Whim Creek, Mons Cupri, Salt Creek and Liberty‐Indee. The Company is committed to a strategy of consolidating VMS projects in the Western Pilbara and developing a centralised processing hub at Sulphur Springs. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary CMG Mineração Ltda.

Competency Statements

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled or reviewed by Mr Michael Mulroney and Mr Steven Wood who are Members of the Australasian Institute of Mining and Metallurgy. Mr Mulroney and Mr Wood are full time employees of Venturex Resources Limited and have sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Mulroney and Mr Wood consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to Brazil Exploration Results is based on information compiled by Mr Karl Weber who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Weber is a fulltime employee of Venturex Resources Limited, and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Weber consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

5

Tenements

INTERESTS IN MINING TENEMENTS

AREA OF INTEREST	TENEMENTS	GROUP ENTITY’S INTEREST	ACQUIRED DURING QUARTER	DISPOSED DURING QUARTER
WESTERN AUSTRALIA
Liberty-Indee Project	E47/1209	70% (90%on decision to mine)
	E47/1796	70% (90%on decision to mine)
	M47/1455	70% (90%on decision to mine)
Whim Creek Project	E47/976	100%
	M47/236	100%
	M47/237	100%
	M47/238	100%
	M47/443	100%
	L47/36	100%
Mt Satirist Project	E47/2674	100%
Salt Creek Project	E47/924	100%
	E47/1088	100%
	M47/323	100%
	M47/324	100%
Sulphur Springs Project	M45/494	100%
	M45/587	100%
	M45/653	100%
	M45/1001	100%
	L45/166	100%
	L45/170	100%
	L45/173	100%
	L45/179	100%
	L45/188	100%
	L45/189	100%
	L45/287	100%
Panorama Project	P45/2607	100%
	P45/2609	100%
	P45/2610	100%
	P45/2611	100%
	P45/2612	100%
	P45/2613	100%
	P45/2614	100%
	P45/2616	100%
	P45/2910	100%
	P45/2911	100%
BRAZIL
Jatobá	EL 866020/2007	100%CMGM
Rio Pombo	EL 866238/2008	100%CMGM
	ELA 867034/2011	100%CMGM
	ELA 867035/2011	100%CMGM
	ELA 867138/2012	100%CMGM
Nova Canaã(Colider)	EL 866718/2008	100%CMGM
	EL 866719/2008	100%CMGM
	EL 866820/2008	100%CMGM
Tanque Fundo	EL 866239/2008	100%CMGM
	EL 867376/2008	100%CMGM
	EL 867377/2008	100%CMGM
Castelo de Sonhos	EL 850172/2010	100%CMGM		100%
Serra Verde	EL 850564/2007	100%CMGM
	EL 850359/2006	100%CMGM
	ELA 850353/2011	100%CMGM
	EL 850173/2010	100%CMGM
	ELA 851046/2014	100%CMGM
	ELA 850413/2012 to ELA 850428/2012	100%CMGM
	ELA 850851/2011 to ELA 850884/2011	100%CMGM
Grande Canaã	EL 850076/2011 to EL 850079/2011	100%CMGM
	ELA 851270/2011	100%CMGM
	ELA 851272/2011	100%CMGM
KL	EL 850080/2011 to EL 850082/2011	100%CMGM
	ELA 851273/2011 to ELA 851275/2011	100%CMGM
	ELA 851277/2011 to ELA 851278/2011	100%CMGM
Hollywood	EL 850083/2011	100%CMGM

6