Venture Minerals Limited announced that Chalice Mining Limited after recently identifying two new Nickel-Copper-PGE targets have decided to commit to the second stage of the JV which requires a further $2.5 million of expenditure over the next two years to earn a further 19% interest in Venture's South West Project. The next stage for the project would include following up the new targets with ground EM and infill geochemical sampling, to prepare the recently generated targets for potential drill testing. Once the second stage of the earn-in is completed Venture can then elect to either contribute 30% or dilute to a minimum of 10% JV interest, in which case the interest automatically reverts to a 1.25% NSR royalty.

Chalice has received results from the recently completed Auger Soil Geochemistry program and has identified two new target areas having magmatic Ni-Cu-PGE sulfide potential, supported by underlying geology that is consistent with the presence of ultramafic rocks, and lie within areas of untested airborne EM anomalies and coincident with magnetic highs at Thor which warrant exploration follow-up. These new targets were not part of Chalice's ground EM program completed last year and the Auger Geochemical results in these new targets have stronger coincidental magmatic indicator metals, including Ni, Cu, Co, Pd, Pt & Au, than the area covered by the recent ground EM. There remain several kilometres of strike on the prospective 20km long Thor magnetic trend that has not been the subject of any Surface Geochemical or EM work programs. In addition, there is another area in the Project that clearly has ultramafic rocks marked by historical mapping and talc occurrences (talc is typically a product of the metamorphism of ultramafic rocks) which are running parallel to the Thor target that remain unexplored.

Results returned from the recently completed Maiden Drill Program (3 diamond core holes drilled for a total of 1,167.6 metres) testing priority EM conductors associated with the Thor magnetic trend show the sulfide rich mineralisation intersected is of a VMS style with elevated values of Zinc, Copper, Silver and Gold within sulfide rich zones. This is consistent with the results from the Auger Soil Geochemistry program and previous work by Venture which highlighted the drilled areas as having more potential for VMS style mineralisation rather than magmatic Ni-Cu-PGE sulfide mineralisation. The South West Project (256 km²) is located ~240 km south of Perth hosted in the Balingup Metamorphic Belt, within the highly prospective West Yilgarn Ni-Cu-PGE Province discovered by Chalice that hosts their Julimar discovery, and which is one of the largest greenfield Ni-Cu-PGE sulfide discoveries in recent history.

The two main prospects within the Project are Thor and Odin, and both contain areas of potential Nickel- Copper-PGE prospectivity. Thor is a 20km long magnetic anomaly associated with chromium rich rocks indicative of mafic- ultramafic intrusions. An airborne EM survey by Venture identified 13 highly conductive anomalies within the southern 6.5km of the regional magnetic feature, of which only two have been tested by single holes in Venture's 2018 maiden drill program, with the last drill hole intersecting 2.4 metres of Massive Sulfide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and anomalous gold & palladium (refer Figures 3 & 4 and ASX announcement 21 February 2019).

At Odin, in the only hole drilled, Nickel and Copper sulfides were intersected within a highly prospective mafic- ultramafic unit that extends over 10 strike kilometres. This was further supported by surface sampling returning significant nickel and copper geochemical anomalies.