DVP – Develop Global Limited
SP – 4.5c
Shares – 1.25b
Options – Nil quoted
Cash – $6.5m
BRAZIL GOLD EXPLORATION UPDATE
Maiden diamond drilling program commenced at Nova Canaã
6 hole program testing high grade gold anomaly at Dona Marie prospect
Venturex is exploring for large gold deposits in Brazil through its wholly owned subsidiary, CMG Mineração Ltda (CMGM). CMGM has commenced a diamond drilling program at the Dona Marie Prospect within tenement 866719 at the Nova Canaã Project in central-northern Mato Grosso.
Recent Exploration
Recent auger geochemical drilling from the Dona Maria Prospect in the north of the tenement has defined a consistent 3 kilometre long gold anomaly coincident with interpreted regional structure and various quartz vein outcrops.
A short trenching program across a mineralised shear zone outlined previously by local prospectors intersected the structure and confirmed the trend of the mineralised structure.
Previously reported trench results included 12NCTR002 which intersected 6m @ 0.36g/t Au and 12NCTR003 which intersected 6m @ 9.9g/t Au, including 2m @ 22.9g/t (refer Figure 3 above). The mineralised intersections are consistently controlled by two or three steep easterly dipping quartz veins located at a sheared contact between two granites.
Drilling Program
The diamond drilling program will initially test mineralized vein/shear structures identified at the Dona Maria Prospect with approximately 680m of HQ Core drilling. The program is designed provide information on alteration patterns together with the mineralogy and structural controls on mineralisation in the region.
It is anticipate that the drilling program will take 4-6 weeks to complete with assays results expected to be available in late August and September.
PILBARA COPPER-ZINC PROJECT
Feasibility Study
The primary focus of the Company is the completion of the Pilbara Copper-Zinc Project Feasibility Study (Study).
The Study is centred on the development of a 1.0 Mtpa Sulphur Springs processing facility sourcing high grade copper-zinc (Cu-Zn) ore from the proposed Sulphur Springs underground mine and two open pit mines at Whim Creek. The operation will be a conventional milling and flotation circuit producing separate, high quality Cu and Zn concentrates for shipment to overseas markets.
The other potential ore sources within the Company’s resource portfolio, including the high grade Salt Creek and Evelyn resources and the newly acquired Kangaroo Caves resource, will add significantly to the Project’s life but have not yet been included in the Study due to constraints of cost and schedule.
The Study remains on schedule and is anticipated to be delivered at the end of the September 2012 quarter.
Whim Creek Region
Exploration activities during the quarter focussed on a complete review of the Whim Creek and Liberty-Indee Joint Venture areas as part of a prioritising of drill programs for the coming year. Initial priority drilling targets will be the Salt Creek-Balla Balla Creek region at Whim Creek and extensions to the Evelyn ore body at the Liberty-Indee Joint Venture.
Future Exploration
There is excellent potential for further additions to known Mineral Resources and Ore Reserves through exploration of the 35 kilometres of prospective stratigraphy at the Whim Creek, Salt Creek and Liberty-Indee JV areas.
Exploration programs are currently being developed on the Company’s immediate priority targets, including:
down plunge extensions to the Evelyn deposit at Liberty-Indee JV, notably the drill-testing of existing strong off-hole electromagnetic anomalies
Drilling is expected to commence in the first week of August at the Evelyn deposit targeting a significant down-hole EM anomaly located immediately down plunge from the known mineralisation at the Evelyn deposit.
Panorama Exploration Joint Venture
Subsequent to the quarter, the Company entered into a binding conditional agreement (Sale Agreement) to acquire 100% of the Panorama Exploration Joint Venture assets (“PEJV”) from the existing joint venture partners CBH Panorama Pty Limited (“CBH”) (60%) and Sipa Resources Limited (“Sipa”) (40%).
The PEJV comprises a total of 14 tenements covering an area of approximately 35 square kilometres to the south of the Sulphur Springs Project area
Kangaroo Caves Deposit
The acquisition includes the Kangaroo Caves Cu-Zn deposit, located approximately six kilometres south-east of the proposed Sulphur Springs plant site.
The deposit outcrops as a small gossan and forms an elongate body that dips and plunges gently (20 º to 30 º) northeast over a length of some 1.25 kilometres to the deepest drill holes. It is broadly characterised by an upper zinc-rich lens overlying massive and stringer copper mineralisation.
Planned Exploration Activities
Proposed exploration activities include soil sampling and geological mapping at the Grande Canaã Project. It is proposed to cut and sample a 800m x 200m grid over mineralised granites and conglomerates.
Subject to diamond drill rig availability, an initial drilling program (up to 600m of HQ core) will be undertaken at Novo Canaã to test the Dona Maria vein intersected in trenching.
