DEVELOP GLOBAL LIMITED — Regulatory Filings 2015

Dec 10, 2015

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EXPLORATION REVIEW HIGHLIGHTS POTENTIAL TO GROW SIZE OF SULPHUR SPRINGS VMS COPPER-ZINC DEPOSIT

Exploration potential upgraded significantly as key geological breakthrough identifies new targets both at depth and along strike

Highlights

• The back-to-basics approach to exploration has enhanced the prospectivity of the Sulphur Springs VMS deposit

• Venturex’s geophysical consultant, Southern Geoscience, has identified EM plates by reprocessing historical DHTEM data. One of these DHTEM plates represents a priority drilling target.

• Potential to discover additional mineralisation by re-surveying existing drill holes using modern geophysical technology

Venturex Resources (ASX: VXR) is pleased to advise that a “back to basics” review of the Sulphur Springs VMS deposit has identified strong potential to extend the known mineralisation both at depth and along strike.

The Sulphur Springs mine is part of the Company’s 100%-owned Panorama Copper-Zinc Project in WA’s Pilbara region. The mine was the subject of a recently-completed Optimisation Study which found its economics would be enhanced significantly by open pit mining of the upper parts of the deposit with a decline developed from the pit to extract the deeper ore by underground mining ( see ASX release dated 4 November 2015 ).

The study demonstrated that the mine is a compelling development proposition based on current consensus commodity prices and exchange rates.

The discovery of additional mineralisation would further enhance the economics of the Sulphur Springs Project.

A recent geological review has highlighted that down-hole EM (DHTEM) surveys were carried out on only a small number of the holes drilled into the deposit by previous owners because the low-powered systems available at the time were not considered effective.

The limited historical DHTEM data that is available has been re-processed by the Company’s geophysical consultant, Southern Geoscience Consultants (SGC), using the latest EM modelling and visualisation techniques.

This re-processing identified that only seven of the 220 holes drilled into the deposit had effectively tested the mineralised zone with EM and that there is one previously unidentified DHTEM plate located within the host horizon east of hole SSD 044A. This plate is recommended as a follow up drill target. The attached long section ( figure 1 ) shows the location of the drill holes surveyed and this conductor plate.

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ASX Announcement
ASX Code: VXR
Released: 11 December 2015
For further details
John Nitschke
Managing Director
T: +61 8 6389 7400
admin@venturexresources.com
Board
Tony Kiernan
Chairman
John Nitschke
Managing Director
Anthony Reilly
Non-Executive Director
Darren Stralow
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 conductor plate shown identified off SSD 041 and also shown in Figure 1 is actually located within the currently interpreted position of economic mineralisation. This demonstrates that mineralisation can be identified with DHTEM and modern processing.

Most of the DHTEM conductors identified by the historical interpretation of DHTEM data were assumed to be related to un-mineralised shale horizons within the host sequence that had been mapped as being graphite-bearing. As a consequence they were dismissed.

A visual inspection of the core from selected drill holes carried out as part of the geological review has confirmed that there is in fact no graphite in these shale horizons. This has been confirmed by recent petro-physical test work indicating that the shales together with other un-mineralised and mineralised core samples have low EM conductivity. The test work also identified that there is a reasonable resistivity contrast associated with the massive sulphide mineralisation that will aid in the identification of anomalies associated with this style of mineralisation.

As a consequence DHTEM anomalies that have previously been dismissed as graphitic shales require further assessment as there is a possibility that these may in fact be a vector to mineralisation not previously recognised.

The Sulphur Springs orebody is a typical Volcanogenic Massive Sulphide (VMS) deposit. These deposits typically occur in clusters and at multiple levels within the rock sequence of the basin in which they form. The Company’s focus for future exploration will be to apply modern geophysical techniques combined with the developing geological model for the Sulphur Springs deposit to discover additional mineralisation adjacent to the deposit.

Next Steps

Following the successful outcomes of the geological review at Sulphur Springs, the Company plans to undertake the following:

• Field inspection of the drill collars of selected holes to determine whether they can be re-entered for DHTEM surveying;

• Carry out DHTEM Surveys where practicable;

• Review of DHTEM conductors that are identified, including re-logging and re-assaying of selected drill core if required; and

• Follow up drill testing subject to funding being available.

Management Comment

Venturex Managing Director John Nitschke said the Company was pleased with the outcomes of the review and the significant progress achieved by its geological team over the past few months.

“While it is well known that Sulphur Springs is a VMS deposit, minimal work has been done on the broader geological potential of this area because of the historical focus on the known mineralisation,” he said.

“The review has indicated that the advances in geophysics over the past 20 years, coupled with a greater understanding of the architecture of VMS deposits, provide powerful tools that can lead to the discovery of additional mineralisation. We believe that the application of these tools at Sulphur Springs will lead to the discovery of additional mineralisation by providing a much clearer direction to target new discoveries in future exploration.

“The work undertaken by Venturex in collaboration with our key consultants in recent months has added considerable value to Sulphur Springs and provided a much clearer road-map for our exploration activities.”

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Figure 1– Sulphur Springs Long Section Showing EM Plates

JOHN NITSCHKE Managing Director

For further information, please contact:

Investors:

John Nitschke / Trevor Hart – Venturex Resources Limited on +61 8 6389 7400 or email: admin@venturexresources.com

Media:

Nicholas Read – Read Corporate on (08) 9388 1474 or email: info@readcorporate.com.au

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 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.

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an exploration and development company with a significant portfolio of base metal 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.

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NOTES RELATING TO THE EXPLORATION UPDATE

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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.	Downhole electromagnetic surveying (DHTEM) was completed on the holes listed below by outer Rim Exploration Services Pty Ltd between the period 1994-1996. The holes surveyed were SSD001A, SSD008,SSD028,SSD032, SSD033A,SSD039,SSD040,SSD041,SSD043,SSD044A,SSD045,SSD046,SSD 049,SSD050,SSD051 Specification of the survey were Receiver /Transmitter : Crone PEM Acquired Components: A,U,V Component Direction: A parallel to hole Axis, Positive up, U-Perpendicular to hole axis :toward 12 O’clock when looking down, V- Perpendicular to hole axis toward 9 O’clock when looking down . Raw data was obtained from Outer Rim’s digital archive files
	 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.). _	 No Drilling results announced
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 topreferential loss/gain of fine/coarse material.	 Not applicable
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 andpercentage of the relevant intersections logged.	 Selective intervals of previously logged drill core were reviewed. No additional assaying was completed.
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 thegrain size of the material being sampled.	 Not applicable.

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Criteria	JORC Code Explanation	Commentary
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.	 Not applicable
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.	 Not applicable
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.	 Drill hole collars were surveyed by DGPS,  Holes were down hole surveyed by Eastman camera  Detailed surface control has been established by photogrammetery
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.	 DHTEM data for only 15 holes drilled into the deposit is available. This represents approximately 6% of the total number of holes drilled into the deposit.
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 down hole readings were recorded over various intervals by the original operators. The sample spacing over prospective contacts in some holes was up to 10 m which may be too coarse to identify off hole conductors associated with narrow zones of sulphide mineralisation.  Due to rugged topography, hole orientations and surface loop layouts could not always be perpendicular to stratigraphy which could affect electrical couplingandprovidepoor signals.
Sample security	 The measures taken to ensure sample security.	 Raw data files were accessed from supplier’s archives. SGC have appropriate systems inplace to ensure integrityof the data
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 No reviews have been undertaken

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Section 2 Reporting of Exploration Results

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(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.	 Sulphur Springs Deposit is located wholly within Mining Lease 45/494.  The Sulphur Springs Deposit lie within lands belonging to the Njamal traditional owners.  Venturex Resources Limited has agreements in place with the traditional owners to allow for mining.  Sulphur Springs Deposit is situated on vacant crown land.  The tenements are all on granted Mining Lease, which are in good standing and no known impediments exist.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 At the Sulphur Springs Deposit, previous exploration has been conducted by Sipa Resources Limited in conjunction with Outokumpu Zinc Australia Limited and CBH Resources Limited since 1985 under various joint ventures.
Geology	 Deposit type, geological setting and style of mineralisation.	 All the deposit are located within the Archaean aged Pilbara Craton.  The Sulphur Springs and Kangaroo Caves Deposits are located within the Sulphur Springs Group, a sequence of acid to intermediate volcanics, polymitric breccia’s and cherts. All the deposits are examples of Archaean volcanogenic massive sulphide (VMS) style mineralisation 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.	 Not applicable
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 usedfor any reporting of metal equivalent values should be clearly stated.	 Not applicable

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Criteria	JORC Code explanation	Commentary
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’).	 Not applicable
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.	 See diagrams in body of 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 misleading reporting of Exploration Results.	 The holes surveyed by DHTEM represent only a small percentage of the total number of holes drilled in the deposit
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.	 Outer-Rim Exploration Services Pty. Ltd. completed down-hole electromagnetics (DHTEM) during several field seasons in the period 1994-1996 - Sulphur Springs Project.  Holes Surveyed: 15 historic drill holes logged with DHTEM  Loop Sizes: 400m x 300m upto 800x800m, single turn (6 loops total)  Station Spacing: 4-10m stations  Transmitter: Crone PEM (~10-18A amps)  Receiver: Crone PEM  Sensor/Probe: Crone PEM dB/dt Coil Probe  Base frequency/Time Base: 5 - 7.5Hz (33.3-50 msec)There are no exploration results beingreported with the optimisation studyresults
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 andfuture drilling areas, provided this information is not commercially sensitive	The company intends to attempt to reenter a number of existing drillholes in order to complete DHTEM surveys.

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