DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2015

Apr 29, 2015

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ASX Announcement
ASX Code: VXR
Released: 30 April 2015
For further details
John Nitschke
Non-Executive Director
T: +61 8 6389 7400
Board
Tony Kiernan
Chairman
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 PERIOD ENDED 31 MARCH 2015

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• Six new drilling targets identified along the Salt Creek –ACL trend

• R&D Tax Incentive refund of $542,472 received

• Brazilian exploration activities closed

EXPLORATION

WHIM CREEK PROJECT

The company holds tenure totalling 211 square kilometres covering two felsic volcanic greenstone belts in the Whim Creek area which are prospective for volcanogenic massive sulphide (VMS) mineralisation. Whim Creek Basin containing the Whim Creek and Mons Cupri Deposits, and the Salt Creek Trend which hosts the Salt Creek Deposit (figure 1) .

Salt Creek

The Salt Creek region consists of an underexplored 12 kilometre belt covering two known areas of mineralisation (Salt Creek, Balla Balla) and a number of prospects including ACL, West Balla Balla, and East Balla Balla.

During the quarter, geological logs from historical drilling were collated and a through geological review was completed, this has led to a revision of the internal stratigraphy of the area. Six new drill targets were identified based on stratigraphic position, bedrock geochemistry and VTEM geophysical surveys. A sixty hole, 2,500m air core drill program has been prepared and a POW submitted. The drilling has been designed to gain additional stratigraphic information and obtain a geochemical response from the weathered bedrock interface. Success in the drilling will lead to a deeper bedrock test.

Whim Creek

No field work was completed on the Whim Creek project during the quarter. The company has a number of advanced targets within the project area including down dip extensions of the existing Mons Cupri and Whim Creek Deposits as well as brown fields targets it is continuing to review to identify suitable targets for drilling.

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Figure 1: Whim Creek Project - Prospect Locations

SULPHUR SPRINGS EXPLORATION

Sulphur Springs

The Sulphur Springs Project has an area of 52 sq km, and covers approximately 27 strike kilometres of felsic volcanic stratigraphy prospective for VMS mineralisation. Copper– Zinc base metals deposits have been identified at Sulphur Springs and Kangaroo Caves, and advanced copper zinc base metal prospects identified at Breakers, Man o’ War, Anomaly 45 and Jameson’s (figure 2).

No field work was undertaken during the quarter. The company has prepared mineralisation reports to support converting a number of the prospecting licences covering the Breakers, Man O War, Anomaly 45 and Jameson (see figure 2), within the project to full mining licences. This will secure a number of the advanced targets within the project for exploration and potentially development in the future.

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Figure 2: Sulphur Springs Prospect Locations

Kangaroo Caves

The resource on the Kangaroo Caves Deposit was last updated in 2008. The drilling completed by the company in mid-2013 (see ASX announcement dated 11 June 2013) returned highgrade zinc and copper intersections over varied widths, and has defined clear potential to expand the current resource below 200m depth with open, high-grade intersections and downhole geophysical support.

Prior to commencing further drilling on the deposit, the company intends to update the resource model incorporating the recent drilling and revised geological interpretation to calculate a JORC 2012 compliant resource which can be incorporated into the mine plan of the Pilbara Project Feasibility Study.

Historical drill databases are currently being validated to ensure compliance with the JORC 2012 reporting requirements, and an independent consulting group will be engaged to complete the modelling and resource estimation.

LIBERTY-INDEE JOINT VENTURE (70%)

No fieldwork carried out.

BRAZIL

As previously announced (ASX announcement dated 3 November 2014), the Company has resolved to withdraw from all gold exploration activities in Brazil and has proceeded with the closure of wholly owned subsidiary CMG Mineração Ltda.

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PILBARA Cu-Zn-Ag Project

General

Notwithstanding the commodity markets and market conditions, discussions have continued with selected groups on a non-binding basis on opportunities to invest in or advance the Project’s development.

Options to enhance the Project by reducing capital development costs by a target of 25% have been identified and will be evaluated as funding is available.

CORPORATE

Finance

During the quarter the Company completed and lodged an R&D Tax Incentive Claim for the financial year ending 30 June 2014. The R&D Tax Incentive is an Australian Government program under which companies receive cash refunds for 45% of eligible expenditure on research and development.

The cash refund of $542,472 was received from the ATO at the end of the March 2015.

At the end of the quarter, private company Blackrock Metals Pty Ltd advised that their SX-EW treatment facility at Whim Creek continued normal operations for the majority of the quarter, prior to equipment issues during late February and early March. The treatment facility is operating at name plate capacity with the copper cathode production increasing towards the end of the Quarter. Venturex holds a 15% Net Profit Interest in the reprocessing operation once the initial capital has been repaid.

Securities Information

The issued capital of the Company is 1,547,869,181 ordinary fully paid shares and 30,000,000 unlisted options with various expiry dates.

Financial Information

The Company’s net cash and receivables position as at 31 March 2015 was $1.3 million and it has no debt.

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Director

For further information, please contact:

John Nitschke / Trevor Hart – Venturex Resources Limited on (08) 6389 7400

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 exploring for and developing VMS projects in the Western Pilbara through a proposed centralised processing hub at Sulphur Springs.

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 James Guy who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Guy y is a consulting geologist engaged by Venturex Resources Limited and has 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 Guy consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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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%
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	0%CMGM		100%
Rio Pombo	EL 866238/2008	0%CMGM		100%
	ELA 867034/2011	0%CMGM		100%
	ELA 867035/2011	0%CMGM		100%
	ELA 867138/2012	0%CMGM		100%
Nova Canaã(Colider)	EL 866718/2008	0%CMGM		100%
	EL 866719/2008	100%CMGM		100%
	EL 866820/2008	0%CMGM		100%
Tanque Fundo	EL 866239/2008	0%CMGM		100%
	EL 867376/2008	0%CMGM		100%
	EL 867377/2008	0%CMGM		100%
Serra Verde	EL 850564/2007	0%CMGM		100%
	EL 850359/2006	100%CMGM		100%
	ELA 850353/2011	100%CMGM		100%
	EL 850173/2010	0%CMGM		100%
	ELA 851046/2014	100%CMGM		100%
	ELA 850413/2012 to ELA 850428/2012	100%CMGM		100%
	ELA850466/2014 to ELA850471/2014	100%CMGM		100%
	ELA850473/2014 to ELA850474/2014	100%CMGM		100%
	ELA850477/2014	100%CMGM		100%
	ELA850489/2014 to ELA850512/2014	100%CMGM		100%
	ELA850516	100%CMGM		100%
Grande Canaã	EL 850076/2011 to EL 850079/2011	0%CMGM		100%
	ELA 851270/2011	100%CMGM		100%
	ELA 851272/2011	0%CMGM		100%
KL	EL 850080/2011 to EL 850082/2011	0%CMGM		100%
	ELA 851273/2011 to ELA 851275/2011	0%CMGM		100%
	ELA 851277/2011 to ELA 851278/2011	0%CMGM		100%
Hollywood	EL 850083/2011	100%CMGM		100%

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