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VENTURE MINERALS LIMITED

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Venture Minerals : CHN survey returns multiple new targets on Julimar Lookalike

01/23/2022 | 05:54pm EDT
Chalice's exploration team have received the final data and are currently completing their interpretation of the resultant 11 bedrock conductors (EM anomalies), work will include soil geochemistry to assist in prioritising the targets in preparation for drill testing in the coming months. Chalice will need to spend $1.2 million by 29th July 2022 (including monies already spent to date of ~$400k) to earn 51% and a further $2.5 million to earn 70% in Venture's South
West Nickel-Copper-PGEProject (for full JV earn-interms refer to VMS and CHN ASX announcements 21 July 2020);
The 7 new EM anomalies defined by Chalice's recent work are again of similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGEdiscovery. One of the 7 new EM anomalies also coincides with the 2.4 metres of Massive Sulfide intersected in previously drilled TOR05, which averaged 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and contained anomalous gold & palladium
(refer Figures 2 & 3 and, ASX announcements 21 February 2019 & 30 June 2021);
The South West Nickel-Copper-PGEProject is located ~240km south of Perth in the Balingup Metamorphic Belt, within the highly prospective West Yilgarn Ni-Cu-PGEProvince discovered by Chalice(refer Figure 4). The Project hosts the Thor Target, a 20km long, "Julimar lookalike" (as defined by Chalice) magnetic anomaly containing multiple EM targets(refer to Figures 3 & 4 and, VMS
& CHN ASX announcements 21 July 2020).
Chalice Mining (ASX: CHN) has generated an additional 7 ("seven") new Electromagnetic ("EM") targets (refer Figure 1) from the recently completed ground EM program at Venture's South
West Nickel-Copper-PGEProject. This brings the total number of new targets to 11 from the Chalice ground EM program as part of the first stage of the JV earn-infocused on Thor - Venture's "Julimar lookalike"
(refer to Figures 1,3 & 4 and VMS & CHN ASX announcements 21 July 2020);

ASX Announcement

Monday, 24 January 2022

Chalice Mining EM survey returns multiple new targets

at Venture's "Julimar Lookalike" Nickel-Copper-PGE Project

onlyHIGHLIGHTS

usepersonal

ForVenture's Managing Director commented "Venture's JV partner Chalice Mining has now delivered several new EM anomalies within the Thor "Julimar lookalike" target from the first stage of the JV earn-in to the C mpany's South West Project. To have a partner that has "one of the largest greenfield Ni-Cu-PGEsulphide discoveries in recent history" will be of huge benefit in this very important second stage of the JV with Chalice, including a maiden drill program at Thor."

"Venture, through its South West JV with Chalice, is well placed for a new Ni-Cu-PGE discovery and the associated excellent exposure to Nickel, which is now at 10-year highs, and Palladium with its widespread applications in a green hydrogen economy. The Company looks forward to the commencement of drilling at the South West Project in the coming months where success will only add to Venture's extensive portfolio of enviable resource assets."

Venture Minerals Limited

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | admin@ventureminerals.com.au| www.ventureminerals.com.au

ASX : VMS

Thor has a 20km long 'Julimar lookalike' magnetic anomaly associated with chromium rich rocks indicative of mafic-ultramaficintrusions;
An airborne EM survey in 2018, identified 13 targets in the southern 6.5 km of the Thor magnetic anomaly;

Venture Minerals Limited (ASX code: VMS) ("Venture" or the "Company") is pleased to announce that

Chalice Mining Limited (ASX code: CHN) ("Chalice") has generated an additional 7 new EM anomalies from the recently completed ground EM program at Venture's South West Nickel-Copper-PGE Project. This brings

onlythe total number of new targets to 11 from the Chalice ground EM program as part of the first stage of the JV earn-in focused on Venture's Thor Target, a 20km long, "Julimar lookalike" (as defined by Chalice), magnetic

anomaly at the South West Project.

Chalice's exploration team have received the final data and are currently completing their interpretation of the resultant 11 bedrock conductors, which will include soil geochemistry to assist in prioritising the targets in preparation for drill testing in the coming months. Chalice will need to spend $1.2 million by 29th July 2022 (including monies already spent to date of ~$400k) to earn 51% and a further $2.5 million to earn 70% in Venture's South West Nickel-Copper-PGE Project. Should Chalice spend the $3.7 million on exploration by 29th July 2024 to earn 70%, then Venture will have the option to maintain its 30% equity in the project.

useThe 7 new EM anomalies defined by Chalice's recent work are again of similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGE di covery. One of the 7 new EM anomalies also coincides with the 2.4 metres of Massive Sulfide intersected in previously drilled TOR05, which averaged 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and contained anomalous gold & palladium, making that conductor a potential priority drill target (still to be determined by Chalice). Another one of the new EM anomalies, is one of the higher conductance plates and is well located

200 metres down-dipof the 17 metre zone of disseminated, semi-massiveand massive sulfides intersected personalin TOR03 (refer to ASX announcements 8 August & 30 August 2018). One of the four previously stated EM anomalies generated by Chalice was within 10 metres of a previously drilled hole TOR04, which intersected 86 metres

of disseminated sulfides with anomalous levels of PGE mineralisation (refer to ASX announcement 30 June 2021).

The South West Project (256 km²) is located ~240 km south of Perth hosted within the Balingup Gneiss Complex (refer Figure 4). The two main prospects within the Project are Thor and Odin and both contain areas

f potential Nickel-Copper-PGE prospectivity.

Thor is a 20km long 'Julimar lookalike' (as defined by Chalice) magnetic anomaly (refer Figure 3) a sociated with chromium rich rocks indicative of mafic-ultramafic intrusions. A recent 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 (TOR05) intersecting 2.4 metres of Massive Sulfide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and anomalous gold & palladium.

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 (refer ASX announcement 11 May 2018).

ForS uth West Project Highlights:

Maiden Drill Program at Thor intersected 2.4m of Massive Sulfide in TOR05 averaging 0.5% Cu, 0.05% Ni, 0.04% Co and anomalous Au & Pd;

Maiden Drill Hole at Odin intersecting Ni and Cu sulfides within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres.

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | admin@ventureminerals.com.au| www.ventureminerals.com.au

Page 2

Figure One | South West Project - Chalice's ground EM conductor models on aeromagnetics

over the Thor "Julimar lookalike" Target

For personal use only

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | admin@ventureminerals.com.au| www.ventureminerals.com.au

Page 3

Figure Two | Massive Sulfides in TOR05 from drilling at the Thor "Julimar lookalike" Target

use only

Figure Three | Comparison of Chalice's Julimar Complex and Venture's Thor Target aeromagnetic signatures and EM

For personal

anomalies at the same scale

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | admin@ventureminerals.com.au| www.ventureminerals.com.au

Page 4

Figure Four | Chalice's Julimar and Venture's South West JV Project locations over regional geology

For personal use only

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | admin@ventureminerals.com.au| www.ventureminerals.com.au

Page 5

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Venture Minerals Limited published this content on 23 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2022 22:53:07 UTC.


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