DEVELOP GLOBAL LIMITED — Regulatory Filings 2013

May 16, 2013

HIGH GRADE DRILLING RESULTS FROM KANGAROO CAVES

• RC drilling program at Kangaroo Caves intersects significant Zinc-Copper mineralisation

• Results from first 8 holes include:

• KRC005 15m @ 0.30% Cu, 6.99% Zn, 0.21% Pb, 31.5g/t Ag, 0.12g/t Au

• KRC007 6m @ 0.62% Cu, 9.30% Zn, 0.19% Pb, 7.3g/t Ag, 0.06g/t Au and 4m @ 2.61% Cu, 0.79% Zn, 0.19% Pb, 2.8g/t Ag, 0.02g/t Au

• KRC008 6m @ 0.09% Cu, 4.89% Zn, 0.09% Pb, 5.1g/t Ag, 0.02g/t Au and 5m @ 3.97% Cu, 0.15% Zn, 0.01% Pb, 3.3g/t Ag, 0.01g/t Au

Venturex Resources Limited (Venturex) (ASX: VXR) is pleased to provide an update from the Company’s RC drilling program at the Kangaroo Caves zinc-copper prospect in the Pilbara region of Western Australia. The Kangaroo Caves prospect is located approximately 7 kilometres southeast of the Sulphur Springs copper-zinc deposit.

The expansion of the Company’s exploration focus to increase the existing Salt Creek, Evelyn and Kangaroo Caves resources, reflects the recently announced Board decision (see ASX announcement dated 27 March 2013) to proceed with an enhancement program to optimise the scale and life of the proposed Pilbara Cu-Zn Project to deliver enhanced Shareholder returns.

SULPHUR SPRINGS EXPLORATION

Kangaroo Caves

The Company’s 2013 exploration program is underway with the first phase of exploration drilling at the Kangaroo Caves prospect completed.

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Figure 1 – Sulphur Springs-Kangaroo Caves location Figure 2 - Sulphur Springs-Kangaroo Caves geology

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ASX Announcement
ASX Code: VXR
Released: 17 May 2013
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
Jim Mellon
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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The Reverse Circulation (RC) drilling program targeted the zone from 50 to 300 metres vertical depth, testing for potential shallow extensions to the Kangaroo Caves mineralisation.

A total of 19 Reverse Circulation (RC) drill holes (4,593 metres) were completed during the program with a number of drill holes successfully intersecting significant zones of disseminated and semi-massive zinc-copper-lead mineralisation.

Assay results have been received for the first eight RC holes (KRC001-KRC008) drilled in the program. Significant assay results from these drill holes are summarised below:

				True Width (m)
			Width (m)		Cu %	Zn %	Pb %	Ag g/t	Au g/t
Hole ID	From	To								Intersection
KCR001	146	147	1.0	0.9	0.77	2.20	0.16	14.2	0.05	Main Zone
and	223	227	4.0	3.7	0.03	2.16	0.11	2.3	0.01
Incl.	224	225	1.0	0.9	0.07	5.46	0.26	6.3	0.01	Faulted Main Zone
KCR002	No significant assay results
KCR003	No significant assay results
KCR004	53	58	5.0	3.7	0.32	0.23	0.01	1.0	0.01	Footwall stringer zone
KCR005	137	152	15.0	10.0	0.30	6.99	0.21	31.5	0.12	Main Zone
Incl.	137	146	9.0	6.0	0.39	8.98	0.31	49.5	0.19
and	152	160	8.0	5.3	0.46	0.11	0.00	0.8	0.01	Footwall stringer zone
and	179	181	2.0	1.3	0.69	0.36	0.00	0.7	0.00	Footwall stringer zone
KCR006	No significant assay results
KCR007	154	159	5.0	3.8	0.62	9.30	0.19	7.3	0.06	Main Zone
and	165	169	4.0	3.0	2.61	0.79	0.19	2.8	0.02	Main Zone
KCR 008	136	142	6.0	6.0	0.09	4.89	0.09	5.1	0.02	Main Zone
and	143	148	5.0	5.0	3.97	0.15	0.01	3.0	0.01	Main Zone

Table 1 – Significant drill hole intersections (based on 0.25% Cu and/or 2% Zn cut-off)

The high grade intersections in drill holes KCR005, 007 and 008 have confirmed the complex geometry of the massive sulphide body and significantly extended the area of high grade copper mineralisation within the central part of the deposit (Figures 3,4, & 5).

The intersections recorded in KCR001at the southern end of the prospect, while modest, have opened the potential to extend the Main Zone mineralisation to the south where the sequence appears to have been faulted down dip beyond KRC002 and the limits of the current mineralisation model. KCR003 extended the target horizon further to the north, intersecting minor disseminated sulphide mineralisation with anomalous copper and zinc values.

Assays for the remaining holes in the program (KRC 009-019) are expected to be available over the next 2-3 weeks. Work has commenced on revising the interpretation of the Kangaroo Caves resource model in preparation for the next drilling program.

Venturex Managing Director Michael Mulroney said: “ These high grade intersections have enhanced our understanding of the complex deposit geometry and significantly extended the zone of higher copper grades in the Kangaroo Caves area. We are working on revising our geological model ahead of planning a further drilling program to test the deeper levels of the mineralised system prior to incorporating Kangaroo Caves into the planning for the Sulphur Springs development. ”

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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 1: Sections 1 and 2 are included in the Appendix).

Kangaroo Caves is situated in 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 deposit is an example of a volcanogenic massive sulphide (VMS) style deposit in a low grade metamorphic terrain.

The Kangaroo Caves prospect is located wholly within M45/587 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 Kangaroo Caves was completed using conventional reverse circulation drilling. Drill spacing is variable due to access restrictions imposed by rugged terrain. RC sample recoveries are in excess of [95%]. All drill holes collars were surveyed using differential GPS (DGPS) and all angle holed were surveyed at 10 metre intervals down hole using a gyroscopic survey tool.

One metre RC sample splits were routinely collected and dispatched for analysis. 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.

Reverse circulation 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 0.25% copper and 2.0% 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 25-30 degrees with drill holes drilled to the southwest with drill holes inclined between -55 and -90 degrees. The intersection angles are variable and the estimated true width of each intersection is reported separately.

Kangaroo Caves will continue to be drilled on nominal 40m x 40m spacing to scope out the limits of the mineralisation and allow the development of a robust geological model prior to a re-estimation of the Mineral Resource.

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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 Michael Mulroney BAppSc(Geol), MBA, and 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.

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Drill hole Location

Hole ID	Easting	Northing	RL	Depth (m)	Dip	Azimuth
KCR001	732650	7653292	202	304	-61o	2250
KCR002	732713	7653337	200	304	-70o	2250
KCR003	732320	7653627	227	154	-55o	3250
KCR004	732415	7653515	202	110	-65o	0450
KCR005	732546	7653418	203	226	-64o	0450
KCR006	732763	7653410	199	256	-65o	2450
KCR007	732650	7653471	210	226	-55o	3150
KCR008	732605	7653688	200	184	-70o	2300
KCR009	732645	7653830	208	238	-65o	2200
KCR010	732548	7653798	216	173	-55o	0810
KCR011	732644	7653858	211	263	-85o	2250
KCR012	732544	7653808	212	190	-55o	2610
KCR013	732686	7653783	213	287	-82o	0450
KCR014	732560	7654003	210	292	-86o	2250
KCR015	732677	7653661	200	334	-67o	0450
KCR016	732560	7654003	210	292	-66o	2250
KCR017	732764	7653689	200	224	-64o	2250
KCR018	732884	7653647	201	286	-70o	2250
KCR019	732801	7653621	198	250	-59o	2250

Table 2 - Kangaroo Caves completed drill hole locations (MGA Zone 50 (GDA94 Datum)

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Figure 3 – Kangaroo Caves drill hole location and existing Mineral Resource outline

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Figure 4 – Section A looking north west

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Figure 5 – Section B looking northwest

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Figure 6 – Section C looking northwest

JORC COMPLIANCE TABLE

Section 1 Sampling Techniques and Data

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. _	 A total of 19 Reverse Circulation drill holes were completed on a variable spacing across the deposit to a maximum depth of 350 metres. The drill holes were sampled via a standard adjustable cyclone and riffle splitter from the recovered sample.
	 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	 Whole metre samples were split at the rig using a cone splitter
	 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.	 Reverse circulation drilling was used to produce samples of approximately 3kgs. 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.). _	 Reverse circulation drilling used 5.5 inch face sampling hammer.
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.	 RC sample recoveries remained consistent throughout the program. Any low recovery intervals were logged and entered into the database.  The cyclone and splitter were routinely inspected and cleaned during the drilling ensuring no excessive material build-up. Care was taken to ensure the split samples were of a consistent volume.
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.	 RC drill holes were logged geologically including but not limited to details of weathering, regolith, lithology, structure, texture, alteration and mineralisation.  Logging was at an appropriate quantitative standard to support future geological and resource estimation studies.  All holes were logged in full.
Sub-sampling techniques and	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split,	 1 metre RC samples were collected and split off the drill rig using a cone splitter. Approximately 80% of the samples were dry in nature.  The samplepreparation of the RC sample follows industrybestpractice
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Criteria	JORC Code explanation	Commentary
sample preparation	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.	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 its own QAQC procedures involving the use of certified standards, blanks and duplicates. The QAQC has been independently audited with no apparent issues.  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) andprecision have been established.	 The analytical technique uses 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. Total sulphur is assayed by combustion furnace.  No geophysical tools were used to determine any element concentrations reported.  Duplicates are taken every 25m and every metre is checked by two 30sec measurements using a Niton handheld XRF
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.	 Significant intersections are 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.  Primary data was collected using 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.  No adjustments were made to any assay data used in this report.
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.	 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 reflex gyro readings at 10 metre down hole intervals.  The grid system used for the location of all drill holes as shown on all figures is MGA_GDA94, Zone 50.
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 generally 40m x 40m where the rugged terrain permits access.  The current spacing is adequate to assume geological and grade continuity of the mineralised domain.  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 drilling is orientated mainly to the south west, near perpendicular to the mineralised trend. Limitations imposed by the rugged terrain dictates that some drilling is conducted vertically or to the north east at a low angle to the dip of the mineralised system.  Given the stratigraphic nature of the mineralising system, no orientation based sampling bias has been identified in the data at this point.
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.	 No review has been carried out to date. The protocols adopted are identical to those used and audited for the Sulphur Springs Feasibility Study in December 2012.

Section 2 Reporting of Exploration Results

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.	 Kangaroo Caves is located wholly within Mining Lease M45/587 and 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 two third party royalties.  The tenement is a granted Mining Lease, is in good standing and no known impediments exist.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Previous exploration has been conducted at Kangaroo Caves by Sipa Resources Limited in conjunction with Outokumpu and CBH Resources Limited since 1985 under various joint ventures.  A Mineral Resource estimate was released to the ASX by JV partners CBH Resources/Sipa Resources in September 2007.
Geology	 Deposit type, geological setting and style of mineralisation.	 The Kangaroo Caves zinc-copper deposit is 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 deposit is a 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:	 See Table 2 in the Appendix
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Criteria	JORC Code explanation	Commentary
	 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.
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 clearlystated.	 All reported assays have been length weighted.  No top cuts have been applied.  A nominal 0.25% copper and 2.0% 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 Table 2 in the Appendix
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 3-6 in the body of the report.
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 misleadingreportingof 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.	 The outline of the previously reported Mineral Resource estimate is identified on plan section (Figure 3)  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.
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 commerciallysensitive.	 Kangaroo Caves will continue to be drilled on nominal 40m x 40m spacing to scope out the limits of the mineralisation and allow the development of a robust geological model prior to a re-estimation of the Mineral Resource.  Refer Figure 3

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