DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2014

Apr 29, 2014

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ASX Announcement
ASX Code: VXR
Released: 30 April 2014
For further details
Michael Mulroney
Managing Director
T: +61 8 6389 7400
michael.mulroney@venturexresources.com
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
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QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 31 March 2014

Highlights

• Drilling completed at Midway Prospect

• Project Approval received for Sulphur Springs site

• Further gold anomalies located at Castelo de Sonhos in Brazil

• Access and Processing Agreement signed for Whim Creek site

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EXPLORATION

PILBARA

During the quarter, the Company continued to progress exploration in the Sulphur Springs and Whim Creek Project areas.

The diamond drilling program at the Midway prospect in the Sulphur Springs area was completed.

The regional geophysical and geochemical programs continued in selected areas at Salt Creek within the Whim Creek project area although progress was hampered by the passage of Cyclone Christine.

Sulphur Springs Exploration

Midway Prospect

The Midway exploration target is located between the Sulphur Springs and Kangaroo Caves copper-zinc deposits and was defined from

analysis of a historical CSIRO generated HyMapper multispectral survey combined with existing surface exploration data (Figure 2).

The Midway target has co-incident geochemical and alteration pattern anomalism around a possible growth fault structure offering a high priority conceptual target (Figure 2).

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Figure 1 – Midway Prospect Location

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SULPHUR
SPRINGS
KANGAROO MIDWAY
CAVES
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Figure 2 – Interpreted airborne HyMapper multispectral plan highlighting potential discharge zones in red (Adapted from CSIRO 2002)

The diamond drilling program, commenced in December 2013 at the Midway prospect, was completed during the quarter despite slow progress due to several significant rain events which restricted site access.

A total of 4 drill holes were completed in the program for a total of 1,421.8 metres drilled including the successful completion of a trial hole using very shallow angle drilling (-30[o] ) from surface.

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The drilling program achieved mixed results with the first two drill holes (VS005, VS006) failing to intersect the geological target due to faulting and the presence of non-outcropping intrusive dykes which have displaced the prospective sequence.

A third hole (VS007), from the same site, was drilled at a much shallower angle (-30[o] ) to test the zone between the mapped surface outcrop and hole VS005 to gain structural information. VS007 intersected the target horizon at a shallower depth than anticipated from surface mapping (approximately 228 metres down hole) and contained a narrow zone of weakly disseminated sphalerite-pyrite-barite mineralisation. The hole then passed into highly altered footwall felsic volcanics, similar in appearance to the footwall rocks below the Sulphur Springs deposit.

The final hole (VSD008) was drilled approximately 400 metres south along strike from the first three drill holes. The drill hole intersected the targeted horizon at the expected depth of 211m with no visible base metal mineralisation and moderate levels of alteration observed in the underlying footwall felsic volcanics.

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Figure 3 – Midway Prospect – Drill hole location plan with surface geology

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Figure 4 – Midway Prospect interpretative cross section VSD005-007

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Figure 5 – Midway Prospect interpretative cross section VSD008

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Cutting and sampling of the holes at Midway has been completed and final assays for the program have just been received.

While no significant base metal intersections were recorded, several zones of anomalous trace element geochemistry were identified which will assist with interpretation and targeting of future drilling in the Midway area.

The assay results received included:

	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS	MIDWAY DRILLING RESULTS
Hole ID	From	To	Width (m)	True Width (m)	Cu %	Zn %	Pb %	Ag g/t	Au g/t	Intersection
VSD005	211.5	212.0	0.5	0.5	0.23	0.01	0.00	1.0	0.00	Faulted dyke contact
And	220.8	221.2	0.4	0.4	0.03	0.47	0.36	6.3	0.01	Silicified zone in diorite
And	380.4	380.8	0.4	0.4	0.01	0.67	0.01	0.6	0.00	Pyritic footwall stringer
VSD006	No significant assay results
VSD007	224.7	225.2	0.5	0.5	0.00	0.31	0.00	0.4	0.00	Pyritic footwall stringer
And	228.0	228.4	0.4	0.4	0.00	0.31	0.00	0.1	0.00	Pyritic footwall stringer
VSD008	No significant assay results

Table 1- Midway Prospect Assay Results

The Midway drill core is currently being geochemically and geophysically analysed with the data being forwarded to the Company’s consultants for further processing and interpretation. On completion, the drill core will be released to the Department of Mines and Energy under the co-funding arrangements.

Whim Creek Exploration

Whim Creek Regional

A systematic review of the regional exploration targets in the broader Whim Creek area continued during the quarter. Surface exploration was restricted following the passage of Cyclone Christine through the area in January 2014.

Pilbara Cu-Zn Project Development

General

The Company successfully completed the key permitting program and continued the optimisation studies for the Project during the quarter. The Project is now “development ready” and can be advanced to a development decision rapidly on finalisation of funding discussions.

Permitting

The Company achieved a significant mile stone during the quarter with approval of the Mining Proposal for the development of the Pilbara Copper-Zinc Project at the Sulphur Springs site by the WA Department of Mines and Petroleum.

The granting of the Mining Proposal represents the final core government approval for the Project, which together with the Clearing Permit approval, the approval granted under the Federal Government’s Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) and the existing Mining Agreement with the traditional owners, are the key major approvals required for the ongoing development and implementation plan for the Project.

The successful securing of these key approvals for the Sulphur Springs site is a credit to the work of the Company’s Project group and the relevant Government authorities that ensured the permitting process has occurred in a timely fashion.

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Our focus is now on advancing the Project’s development options as part of the Company’s drive to commercialise the Pilbara Copper – Zinc Project during 2014.

Optimisation Studies

The optimisation process is being advanced as the medium term outlook for growth in both copper and zinc consumption continues to strengthen.

Updating of the Mineral Resource models for Sulphur Springs and Kangaroo Caves deposits has commenced and it is anticipated that this work will be completed in the current quarter.

The Company’s independent consultants have completed a review of key aspects of the Project’s scope. Scenario modelling of a range mining and metallurgical parameters is in progress together with evaluation of range of capital expenditure reduction opportunities.

Discussions also advancing on the possible production of additional concentrate streams from the processing of the Project’s ore reserves. Subject to the outcome of discussions with potential customers on appropriate product specifications and revenue assumptions, work on engineering design considerations will be commenced during the next quarter.

BRAZIL

Gold Exploration

Venturex is exploring for large gold deposits in Brazil through its wholly owned subsidiary, CMG Mineração Ltda (CMGM). Field activities during the quarter were minimal due to seasonal rains, which are expected to subside by the end of April.

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Figure 6 - CMG Mineração Ltda gold projects in Mato Grosso and Pará, Brazil

Castelo De Sonhos

Assay results for the surface geochemical and rock chip sampling program was completed at the Chico Garimpo area within the Castelo de Sonhos project in November 2013 were received during the quarter.

A total of 277 soil samples and 19 rock chip samples were collected from a 4 square kilometre area on 200m x 200m grid spacing with samples submitted to ACME Brazil for ICPS multielement analysis.

Field mapping in conjunction with the sampling program located sparse outcrops of altered intrusive granitic lithologies containing relict iron oxide box works (after primary disseminated sulphide) indicating proximity to potentially larger mineralised system.

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Soil sample assay results did not indicate a consistent gold-in-soil anomaly around the Chico garimpo workings but rock chip sampling of the exposed workings and spoil dumps returned highly anomalous gold grades ranging from 0.4g/t to 27.0 g/t Au (Figure 7). The soil sampling did highlight several low level anomalous (+40ppb Au) gold and multi-element pathfinder element zones at the extremities of the gridded area.

	CASTELO DE SONHOS ROCK CHIP SAMPLE RESULTS
Sample ID	Sample Type	Depth	North (m)	East (m)	RL (m)	Au **ppm **	Cu **ppm **	Pb **ppm **	Ag **ppm **	Mo **ppm **	Bi **ppm **	Te **ppm **
339263	Rock chip	Surface	9122520	698203	262	23.5	497	517	11.1	13	1	1.2
339264	Rock chip	Surface	9122520	698203	262	27.0	781	335	23.6	15	2	0.8
339265	Rock chip	Surface	9123331	698873	279	0.02	44	5	0.1	<1	<1	0.1
339266	Rock chip	Surface	9123331	698873	279	0.01	45	5	0.1	<1	<1	<0.1
339267	Rock chip	Surface	9123331	698873	279	<0.005	2	23	<0.1	1	<1	<0.1
339268	Rock chip	Surface	9121781	6991178	260	0.007	26	12	<0.1	<1	<1	<0.1
339269	Rock chip	Surface	9121132	698848	271	0.056	8	61	<0.1	1	<1	0.1
339270	Rock chip	Surface	9121107	6998746	283	0.009	1	22	0.1	<1	<1	<0.1
339271	Rock chip	Surface	9121110	6998750	283	0.011	2	29	0.2	<1	2	<0.1
339272	Rock chip	Surface	9121762	700137	281	0.007	15	13	<0.1	<1	2	<0.1
339273	Rock chip	Surface	9121463	698951	262	0.008	3	4	0.2	<1	1	<0.1
339274	Rock chip	Surface	9121904	699645	282	<0.005	2	7	<0.1	<1	<1	<0.1
339275	Rock chip	Surface	9121139	698848	254	<0.005	3	16	<0.1	2	<1	<0.1
339276	Rock chip	Surface	9121492	699996	270	0.005	50	7	<0.1	<1	<1	<0.1
339277	Rock chip	Surface	9122479	700217	316	<0.005	1	11	<0.1	1	<1	<0.1
339278	Rock chip	Surface	9122862	698033	263	0.155	8	86	0.1	1	<1	0.8
339279	Rock chip	Surface	9123773	698635	262	<0.005	20	24	<0.1	5	<1	<0.1
339280	Rock chip	Surface	9121358	698243	256	0.115	4	13	<0.1	<1	<1	<0.1
339281	Rock chip	Surface	9121278	699184	268	0.009	3	72	<0.1	1	<1	<0.1

Table 2 – Castelo de Sonhos rock chip sample assay results

Interpretation of the results in relation to known mineralised veins suggests the presence of a deeper transported cover profile reducing the effectiveness of the soil sampling. Future activities will need to include auger sampling to effectively test residual material. Soil samples have returned low order anomalous results in some pathfinder minerals (Figure 7and 8) and sporadic low level gold anomalies

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Figure 7 - Castelo de Sonhos soil and rock chip sample) results.

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Figure 8 - Castelo de Sonhos trace element soil results for Molybenum – Mo, Bismuth –Bi, Telurium – Te, and Tin – Sn.

Future activities will include the extension of the gridded area and the use of auger sampling to effectively reach and test the weathered residual basement geology. The next phase of work is planned to be undertaken at the end of the current “Wet” season.

CORPORATE

Finance

The Company entered into a binding sale agreement for the sale of the Whim Creek Hotel and adjacent Accommodation Village complex in December 2013.

The Whim Creek Hotel, the accommodation village, associated plant and equipment and underlying land title (Lot 58) has been sold to a private investment company, representing a consortium of local investors based in the Karratha region, for a total of $1.7 million cash. Finalisation of the remaining conditions precedent is being progressed and it is anticipated the transaction will be settled in the 2[nd] quarter of the year.

Whim Creek Access and Processing Agreement

Venturex has entered into an agreement with a private company Blackrock Metals Pty Ltd (“Blackrock”) for the reprocessing of the existing Whim Creek oxide copper heap leach pads previously constructed by Straits Resources Limited at the Whim Creek site.

Under the agreement, Venturex has granted Blackrock access rights to the existing Whim Creek oxide copper processing site for the purpose of reprocessing the existing heap leach pads to recover copper metal through a refurbished five tonne per day SX-EW treatment facility.

Venturex will hold a 15% Net Profit Interest in the reprocessing operation which will contribute to the ongoing environmental and administration costs of the overall Whim Creek mine site.

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Blackrock will be responsible for the ongoing operation and management of the site during the term of the agreement.

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Figure 9 – Copper cathode at Whim Creek site

At the end of the quarter, Blackrock has advised that the treatment facility has been successfully recommissioned with copper cathode production commenced and first sales of cathodes expected imminently.

Securities Information

The issued capital of the Company is 1,547,869,181 ordinary fully paid shares and 48,500,000 unlisted options with various expiry dates.

Financial Information

The Company’s net cash position and receivables as at 31 March 2014 is ~$3.9 million and it has no debt.

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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

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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.

Summary of Assessment and Reporting Criteria

As per the new 2012 JORC guidelines, the following summary of information used in these exploration results is provided below (JORC Compliance Table: Sections 1 and 2 are included in the Appendix).

The Midway Prospect in the Sulphur Springs area is contained within the Kangaroo Caves Formation, a volcano-sedimentary sequence within the north – north-easterly trending tectonostratigraphic domain known as the Lalla Rookh – Western Shaw Corridor (LWSC) in the central east of the Archaean Pilbara Craton.

The Midway Prospect is located wholly within M45/1001 and Venturex Resources Limited has a 100% interest in the tenement. The tenement is within the Njamal Native Title Claim (WC99/8).

The current drilling at Midway was completed using diamond drilling with mostly NQ size using a track mounted diamond drill rig. Drill spacing is variable due to access restrictions imposed by rugged terrain. Diamond core recoveries are in excess of 95%. All drill holes collars were surveyed using differential GPS (DGPS) and all angle holed were surveyed at 30 metre intervals down hole using Eastman camera.

Diamond core was orientated, aligned and cut on geologically determined intervals (0.25 to1.2 metres). Samples were weighed, dried, crushed and pulverised (total prep) to produce a pulp sub-sample for analysis by four acid digest with an ICP/OES, ICP/MS or FA/AAS (Au) finish. Field quality control procedures involved the use of assay standards along with blanks and duplicate samples to monitor laboratory performance. In total, approximately 4% of total samples were inserted as QAQC samples.

Multi-element assaying is conducted routinely for a suite of potentially deleterious elements including (but not limited to) Arsenic, Antimony, Bismuth, Cadmium, Mercury and Sulphur.

All reported assays have been length weighted. No top cuts have been applied. A nominal 0.2% copper and 0.2% zinc lower cut-off has been applied. High grade massive sulphide intervals internal to broader zones of sulphide mineralisation are reported as included intervals.

The prospect dips to the northeast at approximately 45-55 degrees with drill holes drilled to the southwest with drill holes inclined between -30 and -85 degrees. The intersection angles are variable and the estimated true width of each intersection is reported separately.

Midway Prospect will continue to be drilled on a variable spacing to scope out the limits of the potential target area to allow the development of a robust geological model.

The Castelo De Sonhos Project located in the Tapajos region of Para, near to the town of Novo Progresso.

The Castelo De Sonhos Project is located wholly within 866719/2008 and Venturex subsidiary, CMG Mineração Ltda (CMGM), has a 100% interest in the tenement.

The geochemical and rock chip sampling at Nova Canaã was completed on a nominal 200 metre by 200 metre grid spacing subject to landowner access restrictions. All soil and rock chip sample locations were surveyed using GPS. Field quality control procedures involved the use of assay standards along with blanks and duplicate samples to monitor laboratory performance. In total, approximately 4% of total samples were inserted as QAQC samples.

Soil and rock samples were oven dried, crushed and the entire sample pulverised to 85% passing 75 microns. A pulp sub-sample was collected for analysis by four acid digest with an ICP/MS, ICP/AES finish and 30g Fire Assay for gold with AAS finish.

Multi-element assaying is conducted routinely for a suite of potentially deleterious elements including (but not limited to) Arsenic, Antimony, Bismuth, Cadmium, Mercury and Sulphur.

All reported assays have been length weighted. No top cuts have been applied. A nominal 10ppb gold lower cut-off has been applied.

The Nova Canaã geochemical anomalies will be further evaluated with a shallow trenching program prior to further drilling.

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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%
	GLA47/1233	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% (applicationpending)
	P45/2911	100% (applicationpending)
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
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	100%
	PLG 850174/2010 to PLG 850180/2010	100%CMGM		100%
	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 851269/2011	100%CMGM		100%
	ELA 851270/2011	100%CMGM
	ELA 851271/2011	100%CMGM		100%
	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
	ELA 851276/2011	100%CMGM		100%
Hollywood	EL 850083/2011	100%CMGM

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APPENDIX

Midway Prospect - Drill Hole Locations

Hole ID	Easting	Northing	RL	Depth	Dip	Azimuth
VSD005	731300.0	7656661	282	426.5	-55°	240°
VSD006	731300.5	7656661	282	409.1	-85o	240°
VSD007	731298.0	7656660	282	360.9	-30o	240°
VSD008	731345.0	7656319	287	255.3	-60o	240°

Table 3 – Midway drill hole locations (MGA Zone 50 GDA94 Datum)

JORC COMPLIANCE TABLE – MIDWAY PROSPECT

Section 1- Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code Explanation

Commentary

Criteria	JORC Code Explanation	Commentary
Sampling techniques	 Nature and quality of sampling (e.g. cut channels, random chips, or specific 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.	 The drilling comprised a total of 4 diamond (DD) drill holes completed on a variable spacing across the prospect to a maximum vertical depth of depth of 400 metres. Diamond drill core was sampled using standard cut half core.  Diamond drilling completed to industry standard using predominantly NQ size core. Diamond core was orientated, aligned and cut on geologically determined intervals (0.25 to1.2 metres).  Samples were weighed, dried, crushed and pulverised (total prep) to produce a pulp sub-sample for analysis by four acid digest with an ICP/OES, ICP/MS or FA/AAS (Au) finish.
Drilling techniques	 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.). _	 Drilling technique is diamond drilling using mostly NQ size with some HQ size using a track mounted diamond drill rig. Surface drill core was generally orientated.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative	 Diamond drill core recovery is recorded as a percentage of measured recovered core versus drilled distance. Recoveries were generally high except for cavityzones in the oxide zone.

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	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.	 Any low recovery intervals were logged and entered into the database.
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.	 Diamond drill core is all qualitatively logged and the drill holes have been photographed.  Logging was at an appropriate detailed quantitative standard to support future geological, resource, reserve estimations and subsequent feasibility studies.  All holes were logged in full.
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.	 Diamond core was sawn with a diamond saw and half core samples taken for assay and petrographic analysis.  The sample preparation of the samples follows industry best practice in sample preparation involving weighing, oven drying, pulverisation of the entire sample (total prep) to a grind size of 85% passing 75 micron.  Venturex has QAQC procedures involving the use of certified standards, blanks and duplicates.  No field duplicates have been taken.  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 percent assay value ranges involved.
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.	 Analytical techniques involving a four acid digest multi-element suite with ICP/MS finish (30g FA/AAS for precious metals). The acids used are hydrofluoric, nitric, perchloric and hydrochloric acids, suitable for the dissolution of most silica based samples. The method approaches total dissolution of most minerals. Combustion furnace or Eltra “Leco” analyser assayed total sulphur.  No geophysical tools were used to determine any element concentrations reported.  External laboratory checks performed on returned pulps for every 25th sample.
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.	 Any, significant intersections were checked by the Exploration Manager and Managing Director. Significant intersections are also verified/ by portable XRF data collected in the field and cross-checked against the final assays when received.  A range of primary data collection methods are employed, data recording used a set of standard Excel templates on a data logger and uploaded to note book computer. The data is sent to Perth office for verification and compilation into an SQL database by the in-house database administrator. Full copies are stored offsite.  All data is loaded, validated and stored in DataShed data base.
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 thegrid system used.	 All hole collar coordinates have been picked up by Venturex employees using a DGPS with all co-ordinates and RL data considered reliable.  Downhole surveys were performed on all holes by either single shot Eastman camera or reflexgyro readings at 10-50 metre down hole

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	 Quality and adequacy of topographic control.	intervals.  The grid system used for the location of all drill holes is MGA_GDA94, Zone 50.  Topographic control is provided by combination of external survey control, photogrammetry analysis and DGPS reading.
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.	 The nominal drill spacing is variable.  The current spacing is adequate to assume geological continuity.  No compositing has been applied to the exploration results.
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 Midway drilling is orientated to the south west (240 degrees MGA), near perpendicular to the anticipated geological trend.  Given the stratigraphic nature of the mineralising system, no orientation based sampling bias has been identified in the data.
Sample security	 The measures taken to ensure sample security.	 The chain of custody is managed by Venturex. The samples are transported by Venturex personnel to Whim Creek, stored in a secure facility and collected from site by Toll IPEC and delivered to the assay laboratory in Perth.  Online tracking is utilised to track the progress of batches of samples.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 Independent audits of the sampling techniques and data were completed as part of previous and current feasibility studies in 2002 (McDonald Spiejers Pty Ltd), 2006 (Golders and Associates), 2008 (Zilloc Pty Ltd) and 2011 (Snowden). The studies were comprehensive and cover all industry standard issues. The Midway drilling specifically has not been independently audited. There does not appear to be any significant risk in accepting the data as valid.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code Explanation	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 Midway Prospect is located wholly within Mining Lease M45/1001and Venturex Resources Limited has a 100% interest in the tenement.  The tenement is within the Njamal Native Title Claim (WC99/8).  The tenement is subject to a third party royalty.  The tenement is a granted Mining Lease, is in good standing and no known impediments exist.
Exploration done by other	 Acknowledgment and appraisal of exploration by other parties.	 Previous exploration has been conducted at Sulphur Springs by Sipa Resources Limited in conjunction with Ashling Resources, Homestake Limited and Outokumpu since 1985 under variousjoint ventures and CBH Resources Limited

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parties		from 2005.
Geology	 Deposit type, geological setting and style of mineralisation.	 The adjacent Sulphur Springs and Kangaroo Caves zinc-copper deposits are hosted by the Kangaroo Caves Formation, a volcano-sedimentary sequence within the north – north-easterly trending tectonostratigraphic domain known as the Lalla Rookh – Western Shaw Corridor (LWSC) in the central east of the Archaean Pilbara Craton. The deposits are well preserved example of an Archaean volcanogenic massive sulphide (VMS) style deposit in a low grade metamorphic terrain.
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.	 See Table 3.
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.	 All reported assays have been length weighted.  No top cut has been applied.  For reporting exploration results, a nominal 0.2% copper and 0.2% zinc lower cut-off has been applied.  High-grade massive sulphide intervals internal to broader zones of sulphide mineralisation are reported as included intervals.
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’).	 Refer to Table 1
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.	 Refer to Figures 3, 4 and 5.
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.	 All significant results are reported using a nominal 0.2% copper and 0.2% zinc lower cut-off. All holes with no significant results have been listed.
Other substantive	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey	 NA.

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exploration data	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.
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.	 NA – the drill hole core is being further analysed for its geophysical properties with information being processed prior to committing to further drilling in the prospect area.

JORC COMPLIANCE TABLE – CASTELO DE SONHOS

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation	Commentary
Sampling techniques	 Nature and quality of sampling (e.g. cut channels, random chips, or specific 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.	 Surface rock chip samples are collected from in-situ material only. Samples collected are ~3 kg in weight.  Surface grab samples are collected from sub-crop material or shaft spoil from a nearby excavation, description relates to the actual material sampled. Samples collected are ~3 kg in weight.  Samples are weighed, dried, crushed and pulverised (total prep) to produce a pulp sub-sample for analysis by fire assay (30 gm charge) with AAS finish.
Drilling techniques	 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.). _	 NA.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results 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.	 NA
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.	 Surface sample logging includes rock type, weathering, veining, mineralization and structural data.  Loggingwas at an appropriate detailedquantitative standard to support future

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	 Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.  The total length andpercentage of the relevant intersections logged.	geological, resource, reserve estimations and subsequent feasibility studies.
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.	 The sample preparation of sieved soil samples includes drying, dis-aggregation, screening to 180microns to obtain a 100g sample and pulverizing to 85% passing 75 microns.  Field duplicate were taken for soil samples at a frequency of 1 in 60 samples.  Sample sizes are appropriate to minimize the inherent nugget effect.
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.	 Industry standard analytical techniques involving a total acid digest with 30g or 50g FA/AAS used routinely for gold analysis and Aqua Regia partial digest with 30g ICP-MS ultratrace analysis for 53 element suite.  No geophysical tools were used to determine any element concentrations reported.  The laboratory used is ACME Laboratories in Brazil. Sample preparation is undertaken in Brazil with analysis undertaken in Santiago or Vancouver.  Laboratory quality control for every 35 client samples, 1 pulp duplicate, 1 (-10 mesh) reject duplicate (drill core only, to monitor the sub sampling fraction), 2 blanks to test the reagent background, 1 quartz wash blank sample for preparation monitoring, 2 certified reference material samples.  CMGM uses Geostats Pty Ltd reference standards for QA/QC testing of laboratories. Standard QA/QC control samples including reference standards and locally sourced blank quartz samples were inserted at a rate of 1 in 50 duringsoil sampling.
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.	 NA  Primary data is collected in paper hardcopy format using a set of standard Excel templates, then entered into a digital geological log spread sheet and sent to the Perth office. The digital logging data is then validated by an in- house database consultant and merged into the companies SQL database, any validation issues at this stage are communicated and rectified by the supervising geologist. Full copies are stored offsite.
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.	 All trenches, sample sites, mine workings and other topographic features are located by handheld GPS. New locations measured are confirmed by plotting and viewing in reference to other known locations.  The Grid system used for all data is WGS 84, UTM ZONE 21S.  Quality and adequacy of topographic control is suitable and adequately accurate for the exploration activities undertaken.
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 estimationprocedure(s) and classifications applied.	 The data spacing and distribution is suitable for exploration purposes. It is not sufficient to establish a Mineral Resource or Ore Reserve estimation.  Sample compositing is not undertaken.

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	 Whether sample compositing has been applied.
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.	 Sample lines were oriented near perpendicular to the regional trend.  Future interpretation of drill holes may vary the orientation of mineralization. The extent of orientation based sampling bias in the data is unknown.
Sample security	 The measures taken to ensure sample security.	 The chain of custody is managed by CMGM.  All samples are taken directly from the field under supervision to a secured facility accessed only by senior staff. Samples are transported to Cuiabá for confirmation prior to shipping via ACME Laboratories.  Drill core is cut and sampled at the laboratory by CMGM staff with samples prepared in ACME Laboratories in Cuiabá prior to shipping to their assay laboratory.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 The data is subject to standard internal reviews and data validation by the supervising geologist and data base manager.  No independent audits of the sampling techniques and data have been completed.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code Explanation	Commentary
General 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.	 Surface samples were collected within tenement 850172/2010, 100% owned by CMG Mineração Ltda., a subsidiary of Venturex Resources Limited.  The environmental licence is awaited to undertake ground disturbing activities with this tenement.  No encumbrances are known.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 No exploration is known to have been undertaken within the Project area by other parties.
Geology	 Deposit type, geological setting and style of mineralisation.	 Gold deposits in the region are hosted within orogenic belts by a variety of metamorphic and magmatic rocks including orthogneisses, orogenic granitoids, and post orogenic granitoids. Younger mafic intrusives and felsic volcanics are less well known as host rocks.  Magmatic arc gold deposit styles, carbonatities, low sulphidation epithermal veins, and greisen deposits are likely within the geological setting.  The deposits styles expected in the Tapajos region of Brazil range from high grade (+10 g/t Au), structurally controlled, vein systems to low grade (1-2 g/t Au) stock work and sheeted vein systems.  Combinations of both mineralisation styles may exist within the same ore body.
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:	 NA

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	o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o 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.
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.	 All reported assays have been length weighted.  No top cut has been applied.  For reporting exploration results, a nominal 5ppb gold lower cut-off has been applied.  High-grade intervals internal to broader zones of mineralisation are reported as included intervals.
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’).	 Trench sample lengths of mineralization are reported, the true width is estimated from field mapping. Refer Table 2.
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.	 Refer Figure 6
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.	 All results are reported.
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.	 Not applicable
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.	 Geochemical anomalies defined at Castelo de Sonhos are open along strike, further testing of anomalous results with auger sampling and trenching along strike from the Chico prospect is planned later in 2014.

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