DEVELOP GLOBAL LIMITED — Regulatory Filings 2016

Jan 19, 2016

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ASX Announcement
ASX Code: VXR
Released: 20 January 2016
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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HISTORICAL DATA HIGHLIGHTS POTENTIAL FOR ADDITIONAL COPPER AND ZINC DISCOVERIES AT WHIM CREEK

“Back-to-basics” review of historical data expected to generate multiple new exploration targets

Highlights

• Open file data, historical drilling and geophysical data compiled into a single data base.

• Confirms highly endowed nature of Whim Creek, Salt Creek and Liberty VMS basins, which contain copper, zinc and lead sulphide deposits developed across multiple horizons.

• Most historical exploration has been focused on meeting existing or near-term production profiles, while most historical geophysics utilised out-dated or low-powered technologies.

• No effective drilling has been completed in this region outside of mine areas.

• Less than 1% of holes have been surveyed using modern down-hole geophysics.

• Information generated is currently being assessed with a view to generating new exploration targets at Whim Creek.

Venturex Resources Limited (ASX: VXR) is pleased to advise that it has completed an extensive review and compilation of the historical exploration and geophysical data sets for its 100%-owned Whim Creek Copper-Zinc Project in WA.

A “back to basics” review of this data set along similar lines to that undertaken prior to Christmas at the Sulphur Springs VMS deposit ( see ASX Announcement – 11 December 2015 ), is expected to generate a significant pipeline of fresh exploration targets and opportunities for the Company.

The recently completed work has highlighted the significant untapped exploration potential at the Whim Creek Project, which includes the Mons Cupri, Whim Creek, Evelyn and Salt Creek copper-zinc-lead and precious metal Resources together with 18,500 hectares of tenements covering the Whim Creek, Salt Creek and Liberty Volcanogenic Massive Sulphide (VMS) basins.

Venturex completed a Scoping Study on the Whim Creek Project in November 2010 which highlighted its potential to produce 13,000 tonnesa-year of copper equivalent metal in copper, zinc and lead concentrates for nine years ( see ASX Announcement - 26 November 2010 ).

The Company now believes that this Project has the potential to become its second copper-zinc production hub in the Pilbara region.

The recently compiled data set has highlighted the following:

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• The Whim Creek and smaller Salt Creek and Liberty basins are extensive VMS districts with copper, zinc and lead sulphide mineralisation developed at multiple horizons within the stratigraphy;

• The basins have a significant metal endowment with a total of 57,000 tonnes of copper metal having been produced to date from oxide sources and current resources totalling 7.24Mt at 1.2% Cu and 1.8% Zn for 86,800 tonne of contained copper and 130,300 tonnes of contained zinc within the Whim Creek, Mons Cupri, Evelyn and Salt Creek Deposits (see ASX Announcement – 8 October 2013);

• Past exploration has been focused on (and driven by) the need to meet existing or near-term production profiles;

• The majority of the surface geophysical surveys undertaken over the project were completed during the 1970s-1980’s using geophysical tools that were low-powered and not suited to the known sulphide mineralisation; and

• There is no effective drilling outside of the current mine areas and less than 1% of holes with any modern down-hole geophysical surveying.

The data compilation exercise included a detailed review of over 200 open file exploration reports and validation of the drilling data base to incorporate missing drill-hole collars, assay and geology data, together with collation of a range of previously unidentified high quality data sets including:

• high quality geological mapping and sampling undertaken during the period 1970 – 1980;

• grade control assays from the historical Straits mining operation;

• historical EM surveys; and

• detailed assessments of the geological setting surrounding each of the known deposits carried out by early exploration teams.

While the current Whim Creek Copper Zinc Project has had a history of mining and exploration going back over 130 years, the ownership of the project has been disjointed with the main deposits only being consolidated under the one owner over the past 10 years. There have been four main phases of ownership and exploration on the Project, as outlined below:

• 1967-1986 : Australian arms of international oil and mining companies including Esso, Utah, Texasgulf, Elf Aquitaine carried out exploration focussed on base metals, titanium and iron ore;

• 1986 -1997 : mid-tier Australian exploration and mining companies including Whim Creek Consolidated/Dominion, Pilbara Mines, Aberfoyle and private syndicates explored for gold and base metals;

• 1997-2009 : Straits Resources consolidated the tenements including the acquisition of the Salt Creek Project in 2005. Straits was primarily focused on the mining and acid dump leaching of the oxide caps over the Whim Creek and Mons Cupri Deposits; and

• 2009-present : Venturex Resources acquired the Project from Straits in 2009 and in 2010 completed a positive Scoping Study on the potential development of the sulphide deposits within the project area. In 2011 Venturex acquired the Sulphur Springs Projects from CBH/Toho and its focus shifted away from the Whim Creek Project.

This is the first time that a fully integrated and validated data set has been compiled for the Project. The information assembled is currently being assessed and will form the basis of an exploration program to assess the potential to identify additional copper and zinc Resources in the Whim Creek area.

Venturex’s Managing Director, Mr John Nitschke, said that preliminary review of the data set had generated a number of fresh perspectives and opportunities for exploring the Whim Creek area for new copper and zinc deposits.

“Our geological team has applied the same ‘back-to-basics’ approach which we brought to bear at Sulphur Springs, and the results have been both surprising and very pleasing,” he said.

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“What stands out beyond anything is that this region, which consists of three highly endowed VMS basins containing multiple sulphide deposits across multiple horizons is very underexplored.

“There has been virtually no effective modern exploration, drilling or geophysics outside of the known orebodies in the past 30 years and we now believe that this opens up a significant opportunity for Venturex moving forward.

“We are already well down the path towards generating a series of exciting new exploration targets, and we will be announcing these, and our exploration plan for this project, in the coming weeks – providing a strong platform for the Company to build exploration momentum through 2016.”

JOHN NITSCHKE Managing Director

For further information, please contact:

Investors:

John Nitschke / Trevor Hart – Venturex Resources Limited on (08) 6389 7400 or email: admin@venturexresources.com

Media:

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

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an exploration and development company with two advanced Copper Zinc Projects near Port Hedland in the Pilbara region of Western Australia. The two projects are the Panorama Project which includes the Sulphur Springs and Kangaroos Caves Resources plus 27km of prospective tenements on the Panorama trend and the Whim Creek Project which includes the Resources at the Whim Creek, Mons Cupri and Salt Creek mines together with the Evelyn project and 18,100 ha of prospective tenements over the Whim Creek basin. Our strategy is to restore the Sulphur Springs Project to shovel ready status, expand the Resources at Whim Creek and Mons Cupri and work with our partners Blackrock Metals to extend and expand the existing 5 tonne per day oxide copper heap leach and SXEW operation at Whim Creek.

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.

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Figure 1 – Project Location

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