DEVELOP GLOBAL LIMITED — Regulatory Filings 2017

Oct 31, 2017

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ASX Announcement
ASX Code: VXR
Released: 1 [st] November 2017
For further details
Anthony Reilly
Executive Director
T: +61 8 6389 7400
admin@venturexresources.com
Board
Tony Kiernan
Chairman
Anthony Reilly
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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More thick high-grade copper intercepts confirm continuity of mineralisation at Sulphur Springs

Grades of up to 4.87% Cu and 4.5% Cu encountered in 3[rd] and 4[th] holes with thick zones of massive sulphides in next three holes

Highlights

• Further excellent results received from ongoing drilling at Sulphur Springs Copper-Zinc Project, with assays for next two diamond holes, (SSD091 and SSD092) reported as:

  • SSD091: 20.5m @ 3.06% Cu from 102.2m down-hole, including: 6.7m @ 4.87% Cu from 109.1m

  • SSD092: 18m @ 2.59% Cu from 97m down-hole, including: 7m @ 4.5% Cu from 97m and a second zone of 14.7m @ 1.84% Cu from 128m down-hole

• (Note: intervals are reported as down-hole intersection widths)

• Latest results build on previously reported intercepts from the first two holes of the programme, SSD089 and SSD090 ( see ASX release dated 9[th] October and 23[rd] October 2017, see figure 1 ). All four holes now reported serve to demonstrate continuity of mineralisation between holes and along strike:

  • SSD089 reporting 38.2m @ 3.49% Cu from 97.8m down-hole, including: 8.6m @ 1.9g/t Au and 186g/t Ag from 69m downhole

  • SSD090 reporting 40.3m @ 3.35% Cu from 93.7m down-hole, including: 2.4m @ 5.22% Cu and 2.95% Zn from 113.7m

• (Note: intervals are reported as down-hole intersection widths)

• Three further holes (SSD093, SSD094 and SSD095) have been completed, each intersecting significant widths of semi-massive to massive sulphides

• Seventh diamond hole, SSD096, currently in progress

Venturex Resources (ASX: VXR) is pleased to advise that it has received further high-grade assay results for the third and fourth diamond holes completed as part of the ongoing infill programme at its 100%-owned Sulphur Springs Copper-Zinc Project , south-east of Port Hedland in WA.

The results released today (for holes SSD091 and SSD092), complement the exceptional results reported for the first two holes (SSD089 and SSD090), demonstrating continuity of high-grade copper mineralisation between drill holes and also along strike.

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The current drilling program is targeting shallow mineralisation sitting directly above the main VMS lenses at Sulphur Springs which may be amenable to extract via open pit as part of the Company’s revised development plan for the project.

In addition, the visual results observed in recently completed drill hole SSD095, the sixth hole in the program, are of interest as the sulphide intersection is wider than the current interpretation for that part of the orebody. This may indicate that the mineralised system continues further to the west than currently interpreted.

Six holes have been completed to date with a seventh hole now in progress.

Drill-hole details

Drill hole SSD091: was drilled towards the south at -78˚on section 728820mE, 20m to the west (see Figure 2) of the previous two drill holes (SSD089 and SSD090 see Figure 2). A 101m RC pre-collar was drilled through the siliceous hanging wall sequence; diamond coring to 141.5m returned:

 20.5m @ 3.06% Cu from 102.2m down-hole including a high grade interval of: o 6.7m @ 4.87% Cu from 109.1m

(Note: intervals are reported as down-hole intersection widths)

The drill hole terminated in strongly silica-chlorite altered felsic volcanic rocks at 141.5m. Anomalous gold was intersected in the composite samples from the RC pre-collar; the relevant one metre samples from these anomalous four-metre composites will be sent to the laboratories for assay.

Figure 1: Cross-Section on 728840mE, showing location of SSD089 and SSD090

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Figure 2: Cross-Section on 728820mE showing location of SSD091 and SSD092

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Drill hole SSD092: (728820mE/7659666mN, Azimuth 180°/dip -85°) was drilled with RC through the hanging wall units of chert, siltstone and intercalated volcanic rocks with gossan textures to 96.8m. A PQ3 diamond tail completed the drill hole to 159.6m and intersected 46.4m of semi-massive and massive sulphide from 95m to 141.4m (Figure 2). This sulphide intersection returned two copper zones separated by 13m of pyrite:

• 18m @ 2.59% Cu from 97m down-hole including a high grade interval of o 7m @ 4.5% Cu from 97m

 14.7m @ 1.84% Cu from 128m down-hole including a sphalerite interval of o 2.2m @ 2.5% Zn% and 1.8% Cu from 140.5m

(Note: intervals are reported as down-hole intersection widths)

The drill hole terminated at 159.6m in a silica-sericite altered, sulphidic footwall dacite with slightly elevated copper values averaging 0.3% Cu.

Drill hole SSD093: (728800mE/7659670mN, vertical) was drilled on a section 20m west of SSD091 and SSD092 with a percussion RC pre-collar through the hanging wall units consisting of chert, siltstone and intercalated volcanic rocks to 96.7m. Gossan textures were observed throughout the pre-collar. A PQ3 diamond tail completed the drill hole to 133.3m and intersected 29m of semimassive and massive sulphide from 91m to 120m. The drill hole terminated at 133.3m in a silicasericite-chlorite altered dacite with stringer pyrite.

Drill hole SSD094: (728800mE/7659670mN, Azimuth 000°/dip -78°) was drilled with percussion RC through the hanging wall sequence to 89.9m. An HQ3 diamond tail completed the drill hole to 174.4m and intersected 53m of massive and semi-massive sulphide with visible chalcopyrite and sphalerite from 88m to 141m. The drill hole terminated at 174.4m in a silica-sericite-chlorite altered dacite with stringer pyrite from 141m to the end of hole.

RC and core samples SSD093 and SSD094 have been cut and sent for assay.

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Drill-hole SSD095: (728780mE/7659660mN, Azimuth 000°/dip -78°) was drilled with percussion RC through the hanging wall sequence to 89.9m and PQ3 core drilled to 96.5m. An HQ3 diamond tail completed the drill hole to 138.6m. Massive and semi-massive pyrite was intersected from 89m to 118.4m with visible copper and zinc sulphides and totalled 29.4m. From 118.4m to the end of the hole, disseminated to stockwork sulphide mineralisation with traces of chalcopyrite and sphalerite was intersected hosted in chlorite-altered dacite. Drill hole SSD095 is of particular interest as the visually observed sulphide intersection is wider than the existing interpretation in this part of the Resource – this may indicate potential for mineralisation to continue further to the west than initially envisaged.

RC and core samples from SSD095 are being processed prior to dispatch to the laboratories.

Management Comment

Venturex’s Executive Director, Anthony Reilly said: “The latest assays further strengthen our growing understanding of the shallow mineralisation at Sulphur Springs, demonstrating continuity laterally between drill holes and along strike. Significantly, the most recently drilled hole, SSD095, encountered a wider zone of sulphides than we expected in this part of the Resource, highlighting the potential for the mineralisation to continue further to the west.

“We are very pleased with the way the program is shaping up and we are looking forward to a continued strong flow of results from the drilling over the rest of this year and into next.”

Table 1: Tabulation of Drill results

Hole	Easting	Northing	RL	Az˚	Dip˚	EOH	Interval	Cu %	Zn %	Au g/t	Ag g/t	Comment
SSD089	728840	7659663	344	Vertical	-90	153.7m	38.2m	3.49	-	-	-	-
SSD089							8.6m	-	-	1.9	186	-
SSD090	728840	7659663	344	180	-81	135.7m	40.3	3.35	-	-	-	-
SSD090							2.4m	5.22	2.95	-	-	-
SSD091	728820	7659663	344	180	-78	141.5m	20.5m	3.06	-	-	-	-
SSD091							6.7m	4.87	-	-	-	-
SSD092	728820	7659666	344	000	-85	159.6m	18m	2.59	-	-	-	-
SSD092							7m	4.5	-	-	-	-
SSD092							14.7m	1.84	-	-	-	-
SSD092							2.2m	1.8	2.56	-	-	-
SSD093	728800	7659670	344	Vertical	-90	133.3m	TBA	-	-	-	-	At labs
SSD094	728800	7659670	344	000	-78	174.4m	TBA	-	-	-	-	At labs
SSD095	728780	7659660	342	000	-78	138.6m	TBA	-	-	-	-	In transit
SSD096	728780	7659660	342	000	-70	TBA	TBA	-	-	-	-	Inprogress

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Anthony Reilly Executive Director

For further information, please contact:

Investors

Anthony Reilly / Trevor Hart Media: Venturex Resources Limited Nicholas Read – Read Corporate Ph: +61 (08) 6389 7400 Ph: (08) 9388 1474 Email: admin@venturexresources.com Email: info@readcorporate.com.au

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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 Sulphur Springs Project which includes the Sulphur Springs Project, Kangaroos Caves Resource 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 work with our partners Blackrock Metals to expand and extend the existing 4 tonne per day oxide copper heap leach and SXEW operation at Whim Creek, identify other near term production options at Whim Creek, Mons Cupri and Sulphur Springs and fully optimise the Sulphur Springs Project have it shovel ready to take advantage of forecast improvements in base metal prices.

Competency Statements

The information in this announcement that relates to Exploration Results is based on information compiled or reviewed by Mr Stefan Gawlinski who is employed as a Consultant to the Company. Mr Gawlinski is a member of the Australian Institute of Geoscientists. Mr Gawlinski has sufficient experience with the style of mineralisation and the type of deposit under consideration. Mr Gawlinski consents to the inclusion in the report of the results reported here and the form and context in which it appears.

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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.  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.		Current Drilling A combination of RC and Diamond drilling is being used to test the Sulphur Springs deposit. The company uses industry standard practices to measure and mark up the drill core. Quarter diamond core is to be submitted to the laboratory for analysis
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.).		Current Drilling RC pre-collars followed by a combination of PQ3 and HQ3 diamond tail. All diamond core is stored in industry standard core trays labelled with the drill hole ID and core interval.
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.		Current Drilling Diamond core recoveries are recorded as a percentage of the measured core vs the drilling interval. Core loss locations are recorded on core blocks by the drilling crew. Diamond core was reconstructed into continuous runs where possible and metres checked against the depth as recorded on core blocks by the drilling crew.
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.		Current Drilling RC and Diamond drill core is geologically logged for the total length of the hole using a graphic logging method. All core is photographed and images are stored in the company database. Logging routinely recorded weathering, lithology, mineralogy, mineralization, structure, alteration and veining. Logs are coded using the company geological coding legend and entered into the company database.
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.		Current Drilling Drill core is cut by an automatic Almomte™ core saw and a quarter is sent for assay. RC cuttings are split using a riffle splitter and the one metre samples from 10m interval above the mineralised zone are individually submitted for assay. Four-metre composite samples are taken using a PVC tube through the hangingwall sequence; the one metre composite samples returning anomalous values will be submitted to elucidate the mineralisation.

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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.		Current Drilling The bulk density of the quarter drill core used for assay was determined by Venturex personnel on- site using the wet and dry method. Samples from the current drilling programme were assayed by Australian Laboratory Services Pty. Ltd. Composite and one metre RC samples and quarter core samples were prepared and analysed by the following methods: Samples weighed, crushed and pulverised with the coarse residue retained in vacuum seal bags. Cu, Pb, Zn, S, Fe and Ag analysed by method ME-OG62 and Au by fire assay method Au-AA25. The company included certified reference material and blanks with the samples submitted.
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.		Current Drilling The significant intersections reported have been prepared by geologists with relevant VMS experience. No twinned holes have been drilled. The company uses standard templates created in Excel to collate sample intervals, drill collar, downhole survey information which are emailed to the company main office were the information is loaded into a database. Geological descriptions are recorded in long hand prior to being summarised for digital data capture.
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.		Current Drilling Drill hole collars were located using a DGPS operated by company personnel. Diamond drill holes are down-hole surveyed by a gyro every 30m.
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.		Current Drilling Drill holes are to be drilled on nominal 20m sections.
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.		Current Drilling Drill holes are designed to test the Sulphur Springs orebody which plunges at ~40-50 degrees to the north. SSD089 was drilled vertically, SSD090 was drilled close to SSD089 and angled at-81˚ to the south, SSD091 and SSD092 drilled 20m to the west with SSD091 angled at -81˚to the south and SSD092 angled at -85˚to the north. SSD093 and SSD094 are drilled on section 728,800mE, 20 m west of the section with SSD091 and 092. SSD095 and SSD096 are drilled on section 728,780. The drill holes have been designed to test near surface potential of sulphide mineralisation amenable to mining by open pit methods and are considered appropriate for the geometry of the deposit.

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Criteria	JORC Code explanation	Commentary
Sample security	 The measures taken to ensure sample security.	Drill core is stored on site at Sulphur Springs: at the end of the programme it will be relocated to the Company’s Whim Creek core-yard. The samples are dispatched from Port Hedland to the assay laboratoryin Perth. Online trackingis used to track theprogress of batches of samples.
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

(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.	The Sulphur Springs deposit is located within M49/ 494. The registered owner of the tenements are Venturex Sulphur Springs Pty Ltd, a wholly owned subsidiary of Venturex Resources Ltd The tenement is within Njamal Native Title Claim (WC99/8) where native title has been determined. The traditional owners of the land are the Njamal People. The grant of the tenement predates native title, and is not subject to native title claim. The tenement is subject to two third party royalties on any production from the tenement. The tenement is agranted MiningLease ingood standingand no known impediments exist.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	Previous exploration has been undertaken by a number of parties going back over 30 years. Modern exploration has been undertaken by Sipa Resources, CBH Resources, Homestake Mining, and Venturex Resources.
Geology	 Deposit type, geological setting and style of mineralisation.	The Sulphur Springs deposit is a Volcanogenic Massive Sulphide Deposit.
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.	Details of the drill holes are provided in Table 1 within the body of this report.
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 clearly stated.	Results reported in this release for SSD093 and SSD094 relate to visual observations of drill core, specifically the identification of common sulphide minerals. No estimate of grade or concentration of the minerals is provided. Results reported for SSD090, SSD091 and SSD092 were determined by ALS Laboratories using method ME-OG 62 and fire assay Au-AA25.
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’).	The Sulphur Springs deposit plunges 40-50 degrees to the north; the drill holes are designed to intersect the orebody at a nominal 60 degrees although the local access and topography require certain holes to be designed taking these limitations into consideration to intersect the mineralisation. Only down hole intersections are reported.
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	See cross-sections within this announcement

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Criteria	JORC Code explanation	Commentary
	view of drill hole collar locations and appropriate sectional views.
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.
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 Sulphur Springs deposit has had a significant body of work completed on it, including geophysical studies, metallurgical test work, geotechnical and ground water studies.
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 commercially sensitive	This announcement covers the first four drill holes in a Resource infill programme, designed to test the potential for near surface open-pittable material. Once the holes have been drilled, samples will be taken for follow up metallurgical test work.

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