DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2015

Jan 29, 2015

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ASX Announcement
ASX Code: VXR
Released: 30 January 2015
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
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QUARTERLY ACTIVITIES REPORT PERIOD ENDED 31 DECEMBER 2014

Highlights

• New drilling target identified at Salt Creek

• West Balla emerges as priority exploration target

• Brazilian exploration activities closed

EXPLORATION

WHIM CREEK

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 prospects in soil covered areas.

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Figure 1: Whim Creek Project - Prospect Locations

During the quarter, as part of the ongoing validation of the geological targeting model for the central six kilometre area of the Salt Creek region, alteration mapping coverage at Salt Creek and West Balla was extended with the completion of additional SWIR spectral surveying of existing drill hole samples.

The new results have defined new, strong alteration anomalies at Salt Creek and West Balla with features indicating proximity to possible mineralisation.

Salt Creek Deposit

At the Salt Creek deposit, an additional six deep diamond drill were surveyed to verify a single point anomaly. The new spectral data outlined the presence of a new broad alteration halo (Figure 2) that is associated with increasing copper grades at depth.

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Figure 2 – Salt Creek deposit looking north west, Zinc (purple) and Copper (yellow) resource wireframes with ASD spectral data– red colour is proximal response.

This newly recognised proximal alteration halo has not been tested by the current drilling and is completely open at depth in all directions. The data provides a clear future drilling target at the Salt Creek deposit below the limit of the existing drilling.

West Balla Prospect

Modelling of the new spectral information collected from existing drill holes at the West Balla prospect has indicated the presence of a previously unrecognised, strong footwall alteration halo associated with the existing shallow drill intersections. The newly identified alteration halo increases in intensity and extent westwards beyond the limits of the existing shallow RC and diamond drilling in the area.

Recent compilation of historical exploration data in the West Balla area has also revealed the presence of several untested airborne VTEM and ground EM targets (Figure 3) that have not been tested by previous drilling.

The presence of strong “proximal style” alteration and untested geophysical anomalies has elevated the West Balla area as an immediate priority drilling target for high grade “Salt Creek” style mineralisation in the area between the existing mineralisation identified at the Salt Creek and Balla Balla prospects.

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Figure 3 - West Balla prospect drilling looking north with modelled untested EM targets.

Plans for an initial RC drilling program at the West Balla have been submitted with the relevant statutory authorities and heritage groups for approval during the quarter. Approval of the program is pending.

Balla Balla

Previous RC and diamond drilling at the Balla Balla prospect has intersected significant zones of Zn-Pb-Cu mineralisation (Figure 4) over a strike length of 400 metres that remain open in several directions.

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Figure 4: Balla Balla Prospect - Long section with outline of existing mineralisation with potential extensions.

Plans for a 2,200 metre RC drilling program to test for extensions to the known mineralisation at Balla Balla were lodged with the relevant statutory authorities and heritage groups for approval during the quarter.

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Commencement of the drilling program at Balla Balla and West Balla is anticipated for late in the March quarter but is subject to resolving the delays in obtaining the required heritage clearances in a timely manner.

SULPHUR SPRINGS

Kangaroo Caves

During the quarter, selected drill holes at the Kangaroo Caves deposit, located 7 kilometres south of the Sulphur Springs deposit, were spectrally logged and analysed to assist in geological modelling of the deposit.

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Figure 5: Sulphur Springs Prospect Locations

This information combined with the results from the drilling completed in mid-2013 at Kangaroo Caves (see ASX announcement dated 11 June 2013) which located high-grade zinc and copper intersections over varied widths, has defined clear potential to expand the resource below 200m depth with open, high-grade intersections and geophysical support. Further opportunities exist to expand the drill pattern laterally seeking blind parallel positions to the north and south. An initial program of 8-10 diamond drill holes is currently being planned.

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Figure 6 - Kangaroo Caves Prospect – Plan Projection of existing drilling and 2007 Resource Outline.

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 deterioration in 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

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 minor electrical equipment issues during late December. Venturex holds 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 30,000,000 unlisted options with various expiry dates.

Financial Information

The Company’s net cash and receivables position as at 31 December 2014 was $1.5 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

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 Michael Mulroney who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mulroney is full time employee of 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 Mulroney 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%
Mt Satirist	E47/2674	0%		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
	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
	ELA 850353/2011	100%CMGM
	EL 850173/2010	0%CMGM		100%
	ELA 851046/2014	100%CMGM
	ELA 850413/2012 to ELA 850428/2012	100%CMGM
	ELA850466/2014 to ELA850471/2014	100%CMGM
	ELA850473/2014 to ELA850474/2014	100%CMGM
	ELA850477/2014	100%CMGM
	ELA850489/2014 to ELA850512/2014	100%CMGM
	ELA850516	100%CMGM
Grande Canaã	EL 850076/2011 to EL 850079/2011	0%CMGM		100%
	ELA 851270/2011	100%CMGM
	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

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