Mass

Lower Tin Tungsten Recovery of Contained Tin Contained Tin/ Cut (Tin Category Tonnes Equiv. Tin Grade Magnetic Copper Metal Tungsten Metal equiv) Grade Grade (WO3) Iron (Fe) Grade (tonnes) (tonnes)

Grade

0.20%

Measured

8.1Mt

0.6%

0.2%

0.1%

17%

0.1%

18,000

29,000

0.20%

Indicated

17Mt

0.4%

0.2%

0.1%

15%

0.1%

32,000

43,000

0.20%

Inferred

20Mt

0.4%

0.2%

0.1%

17%

0.1%

32,000

41,000

0.20%

TOTAL

45Mt

0.4%

0.2%

0.1%

17%

0.1%

81,000

113,000

0.45%

Measured

4.3Mt

0.8%

0.3%

0.2%

18%

0.1%

12,000

22,000

0.45%

Indicated

5.2Mt

0.7%

0.3%

0.2%

15%

0.1%

14,000

22,000

0.45%

Inferred

3.9Mt

0.6%

0.3%

0.1%

9%

0.1%

12,000

17,000

0.45%

TOTAL

13Mt

0.7%

0.3%

0.2%

14%

0.1%

38,000

61,000

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.

 Venture soil samples were collected from the C horizon by hand auger on c. 50 m spacings on a regular MGA

north-south east-west orientated grid. Target sample

weight was 1 to 2kg and the samples were dried and screened to P100 -3mm by Venture personnel before

submission to ALS Global for preparation and assay as described further below.

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..).

 The target has not been drilled.

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.

 The target has not been drilled.

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 and percentage of the relevant intersections logged.

 The target has not been drilled.

 Soil sample sites were qualitatively logged by a geologist or an experienced field technician.

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 the grain size of the material being sampled.

 Soil samples were dried and screened to P100 -3mm by

Venture personnel, then submitted to ALS Global for preparation and assay.

 At ALS Global the entire soil samples were oven dried at approx. 100°C then pulverized in a LM5 or LM2 as

appropriate to P85 -75microns to provide the analytical

pulps.

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.

 The pulverised samples were assayed by ALS Global by the following techniques:

Pb by perchloric, nitric, hydrofluoric and hydrochloric acid digest with Inductively Coupled Plasma-Atomic Emission Spectrometry (ICPAES) and Mass Spectrometry finishes (ALS method ME-MS61). This is considered a total assay method for Pb.

B by nitric and hydrofluoric acid digest at ~200°C in boron-free glassware with ICPAES finish (ALS method B-ICP69). This is considered a total assay method for B.

 Standards and blanks were inserted into the product sample sequence at a rate of c.1 in 20 samples using a blind numbering system and indicated an acceptable level of assay accuracy and precision.

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.

 The reported exploration results are considered reconnaissance in nature. There is no independent

verification of results.

 Interpretation of the soil sample results was done by

Venture geologists.

 Primary data is stored and documented in industry standard ways.

 The assay data is as reported by ALS Global and has not been adjusted in any way.

 Remnant pulps are held in storage by Venture Minerals.

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.

 Soil sample sites were located by handheld GPS and locations are generally considered accurate to within

15m East & North.

 All surveys were conducted in MGA Zone 55 GDA94.

 Topographic control is provided by LiDAR derived DTM flown and processed by AAM Hatch and accurate to sub-30cm.

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.

 The reported soil sampling is of reconnaissance exploration in nature and is not appropriate for the

definition of Mineral Resources.

 Sample compositing has not been applied.

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.

 Soil sampling was conducted on regular 50 m East-West and North-South grid spacings considered appropriate

for the folded stratigraphic and wide range of structural

target orientations.

 The target has not been drilled.

Sample security

 The measures taken to ensure sample security.

 The chain of custody for all Venture samples from collection to dispatch to ALS Global for assay is managed

by Venture personnel. Sample numbers are unique and

do not include any locational information useful to non- Venture personnel. The level of security is considered appropriate for reconnaissance exploration.

Audits or reviews

 The results of any audits or reviews of sampling techniques and data.

 All available QC data has been reviewed and no significant issues have been identified.

Criteria

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 exploration targets are located in granted

Mining Lease 7M/2012 in the name of Venture Minerals Ltd. The licences and leases are subject to the standard conditions of Exploration Licences and Mining Leases in the state of Tasmania with no encumbrances and renewable subject to meeting prescribed performance conditions.

Exploration done by other parties

 Acknowledgment and appraisal of exploration by other parties.

 The exploration area has been previously explored by Renison Ltd but none of the data was directly

used in defining this exploration target.

 Tasmanian Geological Survey contracted Geo

Instruments Pty Ltd in 2001-2002 to fly a helicopter electromagnetic survey on 200m spaced lines at a bird height of 30m. The data from this survey was used in the interpretation that assisted in defining the target.

Geology

 Deposit type, geological setting and style of mineralisation.

 The exploration area is considered prospective for greisenized skarns and carbonate replacement

targets hosted by the Success Creek Group and

Crimson Creek Formation adjacent to the Devonian Meredith Granite and Federal-Bassett Fault. The Success Creek Group, Crimson Creek Formation and

Federal-Basset Fault zone host the Renison Bell Tin mine. The Meredith Granite is a specialized Sn granite suite associated with numerous skarn, greisen and carbonate replacement prospects and mines in the Sn-W province of NW Tasmania.

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.

 The target has not been drilled.

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.

 The soil sample data was not aggregated.

 The target has not been drilled.

Criteria

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').

 The target has not been drilled.

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.

 An appropriate exploration plan is included in the body of this release, including location of the soil

geochemical and geophysical target.

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 soil metal anomalism over known tin and tungsten resources within the project area was used

to define what may be considered an anomalous soil

response to potential sources of mineralisation.

 The target has not been drilled.

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.

 Metallurgical, geotechnical, and hydrological work has not been conducted at this early stage of

exploration.

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.

 Venture proposes to conduct further prospecting and geochemical sampling to refine the target

before drill testing.

 An appropriate exploration target plan is included in the body of this release.