Well Defined IP Drill Targets at Mons Cupri Potential extensions to mineralisation at Mons Cupri and Mons Cupri North West pits and potential new zone of mineralisation identified by IP survey and detailed mapping Highlights Three high priority drill targets identified following detailed analysis of data from recent successful IP survey Targets include potential direct extensions of the known high grade VMS mineralisation at Mons Cupri and a potential repeat of Mons Cupri to the south of the historical Mons Cupri open pits Drilling of these outstanding new targets planned for the current quarter Additional targets identified to the east and north of the Mons Cupri open pits Venturex Resources (ASX: VXR "Venturex" and the "Company") is pleased to advise that it has generated three well defined drill targets with potential to extend known VMS mineralisation at the at the Mons Cupri deposit, part of its 100% owned Whim Creek Copper Zinc Project, located 115km to the southwest of Port Hedland in Western Australia. The high quality targets were generated by the compilation of a new geological model, re evaluation of historical drilling results, detailed geological mapping of the Mons Cupri open pits and surrounding area that identified the main structural and stratigraphic controls of the mineralisation (see ASX Release 17 May 2016) and analysis of the IP survey results which represent potential extensions to or repetitions of the Mons Cupri mineralised system. The identification of these targets, which stems from the back to basics reevaluation of the exploration potential of Whim Creek, is the latest step in the Company's efforts to identify near term production opportunities at Whim Creek that are viable at spot metal prices. A new geological model of the Mons Cupri mineralisation based on a reinterpretation of the metal zonation in the deposit has been developed by Venturex s geological team. The high grade massive zinc mineralisation sitting above a zone of high grade stringer copper gold sulphide mineralisation observed in drilling completed by the Company during 2010 2012 is typical of volcanogenic massive sulphide (VMS) style deposits (see Figure 1 and ASX Announcement 30 June 2010). ASX Announcement ASX Code: VXR Released: 4 July 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
Some of the more significant historical intersections include: MCR001 40 to 45 m 5m at 4.7% Zn and 1.1% Cu 45 to 65 m 20m at 0.3% Zn and 2.95% Cu MCR005 48 to 53 m 5m at 10.8% Zn, 2.7% Cu and 1.2 g/t Au 53 to 63 m 10m at 0.9% Zn, 4.1% Cu and 1 g/t Au MCD001 33 to 43 m 10m at 4.1% Zn, 4.6% Cu and 3.6 g/t Au 43 to 58 m 15m at 0.3% Zn, 4.0% Cu and 2.1 g/t Au MCR010 33 to 40 m 7m at 7.3% Zn, 1.0% Cu and 0.4 g/t Au 40 to 48 m 8m at 0.4% Zn, 3.6% Cu and 0.3 g/t Au Venturex is targeting extensions of this high grade mineralisation. Recent petrophysical testing conducted by Venturex indicates that the copper stringer zone (see Figure 1) would have a strong geophysical response and would act as a vector toward the high grade massive zinc and high grade stringer copper gold mineralisation sitting above it. The chargeability achieved in the IP survey appears to confirm this. A plan view showing the simplified Mons Cupri geology and the multiple targets that have been generated is shown in Figure 2 and an isometric view of the IP stacked sections demonstrating the continuity of the chargeability anomalies is shown in Figure 3. The Company believes that these anomalies are related to copper stringer style mineralisation. Ranking of the targets has identified three priority drill targets of primary interest: Possible extensions along the inferred strike of the structures controlling high grade massive zinc and associated high grade stringer copper gold sulphide mineralisation in the existing Resources to the west and down plunge of both the Mons Cupri and Mons Cupri North West open pits ( Drill Targets 1 and 2 in Figure 2, IP Profile in Figure 4); and A possible new VMS system 1 km south of the Mons Cupri open pits. This target has a chargeability anomaly over two lines close to the top of the Cistern Formation, where the high grade sulphide mineralisation is observed in drilling around the Mons Cupri open pits (Drill Target 3 in Figure 3, IP Profile in Figure 5). Other targets of interest include a continuous chargeability anomaly stretching east of the Mons Cupri deposit, which is likely to represent an extension of the controlling structure to the Mons Cupri mineralisation and would be prospective for high grade stringer copper mineralisation deep in the feeder structure (IP Profile in Figure 5). This work has continued to reinforce the significant untapped exploration potential for the broader Whim Creek Project, which includes the Mons Cupri, Whim Creek, Evelyn and Salt Creek copper zinclead and precious metal Resources, together with 18,500 hectares of tenements covering the Whim Creek, Salt Creek and Liberty VMS basins. Venturex's Managing Director John Nitschke said: Not only has the systematic exploration work carried out over the past six months identified standout drill targets that have the potential to both extend the high grade massive zinc and associated high grade stringer copper gold sulphides already contained in the Mons Cupri Resource and delineate new areas of mineralisation, we now also have a greatly enhanced understanding of the underlying geological architecture of the broader mineralisation events at Mons Cupri. All of the 70,000 tonnes of copper mined at Whim Creek over the past 100 years has come from copper oxide ores that outcropped on the surface. We now have a clear roadmap that we can use to unlock the sulphide resource potential of this highly prospective area," he added. The gold assays observed in the high grade stringer copper mineralisation in what is the core of the VMS system are of particular interest, Mr Nitschke added. 2
We plan to drill these targets during the current quarter with the clear objective of extending the existing Resource base with mineralisation that is economic at spot metal prices." JOHN NITSCHKE Managing Director For further information, please contact: Investors John Nitschke / 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 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, 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. The information contained in this announcement was previously released in announcements Company Resource and Reserve Statement Revised released 8 October 2013. The Company confirms that: a. The form and context of the material in this presentation has not been materially modified from the above previous announcements; b. It is not aware of any new information or data that materially affects the information included in the 8 October 2013 announcement and that all material assumptions and technical parameters underpinning the estimate in the 8 October 2013 announcement s continue to apply and have not materially changed; and c. It is uncertain that following further exploration and evaluation that the historical estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC 2012 Code. The information in this announcement that relates to Geophysical Exploration Results is based on information compiled by Mr Russell Mortimer, who is employed as a Consultant to the Company through geophysical consultancy Southern Geoscience Consultants Pty Ltd. Mr Mortimer is a member of the Australian Institute of Geoscientists and a member of the Australian Society of Exploration Geophysicists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mortimer consents to the inclusion in the report of matters based on information in the form and context in which it appears. 3
Figure 1 Cross Section through sulphide resource at Mons Cupri Deposit. (Line of section A A is shown on Figure2) Figure 2 Map showing Mons Cupri Open Pits and IP anomalies 4
Section B B Mons Cupri Mine Area Section C C Figure 3 Screen shot of 2D IP inversion stacked sections (looking to the west) Figure 4 Section B B IP Inversion Line 3 (looking East) Figure 5 Section C C IP Inversion Line 6 (looking West) 5
Notes relating to the Whim Creek IP Survey Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques Drilling techniques 1. 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. 2. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. 3. Aspects of the determination of mineralisation that are Material to the Public Report. 4. 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. 5. 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.). Ground IP Survey Zonge Research and Engineering Organisation Pty Ltd (Zonge) were contracted to conduct the ground IP survey. Equipment and sampling techniques employed by the survey are listed as follows: Equipment GDD Receiver (16 Channel) 2XGDD Txll slaved high voltage transmitters 10 kva Specifications 100m dipole spacing - receiver transmitter 200m line spacing 2D in-line/collinear configuration 0.125Hz Base frequency Average Current approx. 4-5 amps A number of generations of drilling have been undertaken on the Mons Cupri Deposit since the 1960s. The drilling results detailed in this report were based on drilling undertaken by Venturex Resources between 2010-2011 and reported under JORC 2004 reported standard to the Australian Stock Exchange during 2010-2011. MCR Series Drilling was undertaken using an industry standard 5.5 inch face sampling hammer MCD Series Drilling was undertaken using NQ2 sized core bit. 6
Drill sample recovery 6. Method of recording and assessing core and chip sample recoveries and results assessed. 7. Measures taken to maximise sample recovery and ensure representative nature of the samples. 8. 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. MCR Series Drilling: RC samples were collected to industry standards of the day. The locations of intervals of damp or wet samples or low recovery were recorded and entered into the database. The cyclone and splitter were routinely inspected and cleaned during the drilling ensuring no excessive material buildup. Care was taken to ensure the split samples were of a consistent volume. There is no detected or material bias or relationships of sample recovery and grade. MCD Series Drilling: All operators recorded diamond drill core recovery as a percentage of measured recovered cores versus drilled distance. Recoveries were generally high except for cavity zones in the oxide zone. Logging 9. 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. 10. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. 11. The total length and percentage of the relevant intersections logged. MCR Series: RC drill holes were geological logged using a Company standard logging legend. All holes were logged at one metre interval taking a sample from the bulk sample bag. One metre samples were stored in a chip tray for future reference. MCD Series: Diamond drill holes were geologically logged in their entirety and photographed. Diamond drilling was logged for geotechnical purposes. Logging was at an appropriate detailed quantitative standard to support future geological, resource, reserve estimations and technical/economic studies. All holes were logged in full. 7
Sub-sampling techniques and sample preparation 12. If core, whether cut or sawn and whether quarter, half or all core taken. 13. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. 14. For all sample types, the nature, quality and appropriateness of the sample preparation technique. 15. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. 16. 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. 17. Whether sample sizes are appropriate to the grain size of the material being sampled. MCD Series: Diamond core was sawn with a diamond saw and half core samples taken for assay. MCR Series: 1 metre RC samples were collected and split off the drill rig using a cone splitter. Approximately 90% of the samples were dry in nature. The sampling techniques for collection of the sample to be submitted to the assay facility for both diamond drilling and RC drilling are of consistent quality and appropriate. During drilling and sampling operations Venturex had on site, technically competent supervision and procedures in place to ensure sample preparation integrity and quality. Some field duplicates were taken for RC drilling but not for diamond drilled samples. 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 18. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. 19. 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. 20. 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. For the majority of both diamond and RC drilling Venturex has used Ultratrace Laboratories Pty Ltd (ALS). ALS has been used for the analysis of one batch of samples. Analytical techniques involve either a three or a four acid digest with a multielement suite. MCR Series: Ultratrace analysed elements Ag, Cu, Cr, Pb, Zn. Ag, Pb by ICPMS. Cu, Zn, Cr by ICPOES. ALS Laboratories Perth - elements analysed Ag, Au, Cu, Pb, Zn. Au by Fire assay with an AAS finish. Ag, Cu, Pb, Zn four acid digestion ICPES. MCD Series: 8
ALS Laboratories Perth - elements analysed Au, Pt, Pd, Ag, Pb, Cu, Cr, In, Zn Au, Pt, Pd by fire assay AAS finish. Ag, Pb, In by ICP103, and Cu, Cr, Zn by ICP 104 All methods of analysis are considered to provide total assay values. No geophysical tools were used to determine any element concentrations reported. Field duplicates were submitted by the company. Only laboratory inserted blanks and reference standards were inserted for QA/QC checks. The available results of this QA/QC work indicate no material bias to assay results used by this report. Verification of sampling and assaying 21. The verification of significant intersections by either independent or alternative company personnel. 22. The use of twinned holes. 23. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. 24. Discuss any adjustment to assay data. The drill intersections reported in this announcement are based on the the results previously reported in the company s June 2010 and August 2010 announcements to the ASX. A competent person recalculated the results from the database records for this announcement under the auspices of the Competent Person. No specific twinned holes have been drilled. Data recording used a set of standard Excel templates on a data logger and uploaded to note book computer. The data were sent to the Perth office for verification and compilation into an SQL database by the in-house database administrator. Full copies are stored offsite. Full database verification of all historical information has been completed by the company. Location of data points 25. 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. 26. Specification of the grid system used. 27. Quality and adequacy of topographic control. Ground IP Survey Transmitter and receiver stations were laid out by Whelan s Surveys of Port Hedland using a DGPS. The IP crew took a GPS reading of each site allowing for adjustments as a result of local topography during the survey. 9
The collar positions of both the MCR and MCD series drilling were surveyed using a DGPS unit owned by the company with an accuracy of 0.1cm. Downhole surveys were performed on all holes by either single shot Eastman camera or Reflex gyro readings at 10-50 metre down whole intervals. The grid system used for the location of all drill holes is MGA_GDA94, Zone 50. Topographic control is provided by combination of external survey control, photogrammetry analysis and DGPS reading. Data spacing and distribution 28. Data spacing for reporting of Exploration Results. 29. 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. 30. Whether sample compositing has been applied. Ground IP Survey The IP survey lines around the Mons Cupri and Northwest pits have been positioned to fit around disturbances caused by mining and are not perpendicular to the assumed strike of the stringer mineralisation. Away from the mine areas the lines are perpendicular to the assumed strike of the stringer mineralisation. The MCR and MCD drilling was planned to infill existing pre 2010 drilling. Due to access for drill sites, drilling patterns vary from nominally 40m by 40m to 30m by 30m in the plane of the mineralisation. The current spacing is adequate to assume geological and grade continuity of the mineralised domain to an Indicated and Inferred resource level. 10
Orientation of data in relation to geological structure 31. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. 32. 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. Ground IP Survey The lines around the Mons Cupri and Mons Cupri Northwest pits are not perpendicular to the assumed strike of the deposit and could introduce a bias with respect to the magnitude and position of the anomalies which will have to be taken into account when interpreting the data. The IP technique is not suitable to detect massive sulphide mineralisation and the survey has been planned to detect stringer mineralisation that will act as a pathfinder for massive sulphides. Limitations imposed by the rugged terrain dictate that some drilling is conducted at angles not perpendicular to the dip of the mineralised system. The massive sulphide body above the stringer mineralisation strike approximately NW-SE and dips 25 deg to the SW. The stringer mineralisation strikes approximately EW and dips 85 deg to the north. Depending on the orientation of the drill hole it may intersect one style of mineralisation and not the other which will introduce a bias to the interpretation. Sample security 33. The measures taken to ensure sample security. The IP data is collated electronically in the field, and sent electronically via email to Zonge head office for QA/QC and verification before being emailed to Southern Geoscience Consulting for processing and interpretation. For the drill samples 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 34. The results of any audits or reviews of sampling techniques and data. No independent audits have been undertaken. 11
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 35. 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. 36. 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 Mons Cupri Deposit is located within M47/238, the registered owner of the tenement is Venturex Pilbara Pty Ltd, a wholly owned subsidiary of Venturex Resources Ltd. The tenement is within land where native title has been determined. The traditional owners of the land are the Ngarluma People. The grant of the tenement predates native title, and is not subject to native title claim; however the company has a mining agreement in place with the Ngarluma People that sets out a relationship between the two parties. There are no royalties over the tenement. The tenement is a granted Mining Lease, is in good standing and no known impediments exist. Exploration done by other parties 37. Acknowledgment and appraisal of exploration by other parties. Previous exploration and mining has been undertaken by a number of parties going back over 90 years. Modern exploration and mining has been undertaken by Texasgulf Australia Pty Ltd, Whim Creek Consolidated Pty Ltd, Dominion Mining Ltd and Straits Resources Ltd. Geology 38. Deposit type, geological setting and style of mineralisation. The Mons Cupri Deposit is located with the Archaean Whim Creek Basin, a sequence of intermediate to felsic volcanic, volcanoclastic and sedimentary units. The deposit is classed as a volcanogenic massive sulphide deposit. Massive sulphide and stringer sulphide mineralisation has been deposited at the top of the Cistern Formation which comprises a thick sequence of volcanogenic conglomerate/breccia with minor sandstone and shale units. The Cistern Formation is overlain by the Rushall Shale Formation. 12
Drill hole Information 39. 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: 40. easting and northing of the drill hole collar 41. elevation or RL (Reduced Level elevation above sea level in metres) of the drill hole collar 42. dip and azimuth of the hole 43. down hole length and interception depth 44. hole length. 45. 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. Ground IP Survey The IP anomalies identified in this report have been interpreted on the basis of preliminary processing of field data, after routine QA/QC checks of data quality have been completed. Final processing of the data has been completed. This provides more accurate interpretation of the anomalies including position and depth to top of anomaly. The table below lists the drill holes completed by Venturex Resources between 2010-2011 on the Mons Cupri deposit. Hole_ID Hole Type Max Depth MGA_ Grid_ID MGA_East MGA_North MGA_ RL Collar_ Dip Collar Mag_A z Date_ Completed MCD001 DD 86.4 MGA94_50 583896.402 7690823.645 86.788 90 358 15 Nov 10 MCD002 DD 183.3 MGA94_50 583895.079 7690828.996 87.397 75 88 10 Nov 10 MCD003 DD 228.7 MGA94_50 583886.913 7690843.584 88.921 61 266 13 Jun 11 MCD004 DD 174.8 MGA94_50 583878.527 7690884.593 91.895 65 268 22 Jun 11 MCD005 DD 162.5 MGA94_50 583720 7690824 75 61 25 27 Jun 11 MCD006 DD 192.2 MGA94_50 583717.74 7690823.9 76.6 55 54 01 Jul 11 MCD007 DD 158.6 MGA94_50 583716.49 7690823.03 76.5 73 10 06 Jul 11 MCD008 DD 156.2 MGA94_50 583890.515 7690817.325 86.061 62.5 268 20 Dec 11 MCR001 RC 98 MGA94_50 583883.407 7690840.398 88.592 85 285 2/05/2010 MCR002 RC 65 MGA94_50 583896.025 7690789.965 84.183 77.41 275 3/05/2010 MCR003 RC 100 MGA94_50 583870.6 7690758.8 83.5 58 268 3/05/2010 MCR004 RC 92 MGA94_50 583884.562 7690799.526 84.662 58.64 269.6 4/05/2010 MCR005 RC 119 MGA94_50 583866.933 7690874.133 92.565 65.51 269 4/05/2010 MCR006 RC 113 MGA94_50 583889.746 7690818.474 86.299 58.31 268 6/05/2010 MCR007 RC 120 MGA94_50 583873.507 7690851.393 90.421 62.01 269 18/05/2010 MCR008 RC 47 MGA94_50 583910.566 7690779.396 83.932 56.5 94 12/07/2010 MCR009 RC 65 MGA94_50 583905.707 7690799.118 84.611 57.5 92 13/07/2010 MCR010 RC 83 MGA94_50 583899.026 7690818.986 86.244 63 91 13/07/2010 MCR011 RC 128 MGA94_50 583890.252 7690857.867 90.638 68.5 89 14/07/2010 MCR012 RC 131 MGA94_50 583875.506 7690901.505 92.209 64.5 264 15/07/2010 MCR013 RC 134 MGA94_50 583891.304 7690827.653 87.246 74.5 266 16/07/2010 MCR014 RC 143 MGA94_50 583875.598 7690905.18 92.248 53 259 17/07/2010 MCR015 RC 98 MGA94_50 583874.261 7690903.48 92.181 90 0 18/07/2010 13
MCR016 RC 137 MGA94_50 583475 7691150.4 64.5 78 358 4/10/2010 MCR017 RC 131 MGA94_50 583475 7691098.6 67.4 86.5 358 5/10/2010 MCR018 RC 212 MGA94_50 583440.4 7691229.6 62.8 83 358 6/10/2010 MCR019 RC 161 MGA94_50 583375.7 7691143.2 71.7 81.5 358 7/10/2010 MCR020 RC 143 MGA94_50 583541 7691074.6 71.6 90 358 8/10/2010 MCR021 RC 174 MGA94_50 583883.7 7690948.4 91.7 55 268 11/10/2010 MCR022 RC 119 MGA94_50 583827.198 7691099.619 79.743 90 358 12/10/2010 MCR023 RC 130 MGA94_50 583870.9 7691059.2 86.2 65 88 13/10/2010 MCR024 RC 106 MGA94_50 583826.696 7691079.879 81.879 60 268 13/10/2010 MCR025 RC 101 MGA94_50 583827.76 7691077.36 82.222 90 358 14/10/2010 MCR026 RC 142 MGA94_50 583825.178 7691064.238 83.844 60 268 15/10/2010 MCR027 RC 128 MGA94_50 583790.902 7691159.667 74.961 53 269 16/03/2011 MCR028 RC 90 MGA94_50 583822.614 7691161.136 75.821 90 0 18/03/2011 MCR029 RC 105 MGA94_50 583808.699 7691140.216 76.521 55.5 268 18/03/2011 MCR030 RC 87 MGA94_50 583833.62 7691141.481 77.056 90 0 19/03/2011 MCR031 RC 132 MGA94_50 583820.546 7691120.394 78.077 54.5 267 20/03/2011 MCR032 RC 150 MGA94_50 583826.426 7691097.283 79.963 59 266 21/03/2011 MCR033 RC 105 MGA94_50 583836.589 7691060.597 83.784 90 0 27/03/2011 MCR034 RC 149 MGA94_50 583882.8 7691020.7 84.9 55 268 28/03/2011 MCR035 RC 41 MGA94_50 583915.264 7690760.475 83.442 75 88 29/03/2011 MCR036 RC 131 MGA94_50 583826.005 7691104.65 79.359 55 268 29/03/2011 MCR037 RC 147 MGA94_50 583799.709 7691180.885 74.017 90 0 30/03/2011 Data aggregation methods 46. 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. 47. 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. 48. The assumptions used for any reporting of metal equivalent values should be clearly stated. Ground IP Surveying Anomalies reported in this announcement have been determined on processed field data. ASX Release 17/8/2010, Drilling Success Paves Way for Enhanced JORC Resource at Pilbara VMS Project. ASX Release 30/06/2010, Outstanding Copper Gold Intersections at Whim Creek. 14
Relationship between mineralisation widths and intercept lengths Diagrams Balanced reporting Other substantive exploration data 49. These relationships are particularly important in the reporting of Exploration Results. 50. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. 51. 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 ). 52. 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. 53. 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. 54. 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. All reported assays have been length weighted. No top cut has been applied. For reporting exploration drill results in this announcement a 1% Copper or 2% lower cut off for Zinc was used and up to 2 metres of internal dilution,. No metal equivalent vales are reported. Previous reports highlight down hole intercept and widths. See plan and cross section attached to the report All representative results have been reported or publically released. The Mons Cupri Deposit has had a significant body of work completed on it, including geophysical studies, metallurgical test work, geotechnical and ground water studies. The current IP survey was planned after recently completing petrophysical test work on drill core indicating that modern IP techniques would be successful in delineating stringer mineralisation. The last IP survey over the deposit was completed in 1968 and was only capable of reading to approximately 40 m depth. The current survey appears to read to a depth of 250-300m. Further work 55. The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). 56. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive The IP results reported are from the completed program and the resultant data has been fully processed and pseudo 3D modelling undertaken. This work hasl refined the location and depth of the preliminary anomalies allowing for more precise interpretation and drill targeting. 15