Ann: Chalice commences EM program on Julimar lookalike target, page-3

Venture Minerals LimitedLevel 3, Suite 3, 24 Outram Street, West Perth, Western AustraliaT: + 61 8 6279 9428 | F: + 61 8 6500 9986 | [email protected]| www.ventureminerals.com.au

ASX AnnouncementTuesday, 27 April 2021ASX :

VMSChalice commences EM program on ‘Julimar lookalike’targetatVenture’sSouth West Nickel-Copper-PGE ProjectHIGHLIGHTSChalice Mining(ASX:CHN) has commenced a ground Electromagnetic (“EM”) program on Venture’s SouthWest Nickel-Copper-PGE Project over selected areas of the ‘Julimar lookalike’magnetic anomaly(Thor Target)(ReferFigure 2)as part of the first stage of the JV earn-in (refer ASX announcement 21 July 2020); Chalice tothen follow-up resultant anomalies with further infill EMand surface geochemistry to definedrilltargets; The South West Nickel-Copper-PGE Project is located ~240km south of Perth in the Balingup Metamorphic Belt, in the highly prospective West Yilgarn Ni-Cu-PGE Province discovered by Chalice;Project includes a ‘Julimar lookalike’ Ni-Cu-PGE target: a ~20km long relatively underexplored interpreted mafic-ultramafic complex with a strong magnetic signature, which already hosts 13 airborne EM anomalies as well as mineralised massive sulfides (ThorTarget)(Refer Figure 1and ASX announcement 21 February 2019).Venture’s Managing Director commented“The Company looks forward to seeing the outcomes from Chalice’s first on ground exploration program.The Chalice Exploration Team hasused its proprietary knowledgetoselect areas fromVenture’sprevious earlystage exploration work for follow-upground EM, aiming to repeat their success at Julimarby targeting a very similar geological setting.” Venture Minerals Limited (ASX code: VMS)(“Venture” or the “Company”) is pleased to announce that Chalice MiningLimited (ASX code: CHN)(“Chalice”) has commenced aprogram of ground EM surveying on Venture’sSouthWest Ni-Cu-PGEProject over selected areas of the Julimar lookalike magnetic anomaly (Thor Target) and other interpreted mafic-ultramafic intrusions. A total of approximately42 line km of moving loop EM (MLEM) is planned for the initial stage with any resultant anomalies to be infilled to define targets for subsequent follow-up with surface geochemical sampling or drilling. The program is expected to be completed within 4-6 weeks subject to weather constraintsand is part of the first stage of the JV earn-in whichChalice, may earn up to 70% by spending $3.7 million on exploration over 4 years.The South West Project (256 km²) is located ~240 km south of Perth hosted within the Balingup Gneiss Complex (ReferFigure 4). The two main prospects within the Project are Thor and Odin and both contain areas of potential Ni-Cu-PGE prospectivity.Thor is a 20km long ‘Julimarlookalike’ magnetic anomaly (ReferFigures2 & 3)associated with chromium rich rocks indicative of mafic-ultramafic intrusions. A recent airborne EM survey identified 13 highly conductive anomalies within the southern 6.5km of the magnetic anomaly, of which only two have been tested by single holes in the maiden drill program (refer ASX announcement 21 February 2019). The last hole drilled at Thor (TOR05) intersected 2.4m of Massive Sulfide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and anomalous gold & palladium(ReferFigure 1and 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 (Refer ASX announcement 11 May 2018).For personal use onlyVenture Minerals Limited| ASX : VMSLevel 3, Suite 3, 24 Outram Street, West Perth, Western AustraliaT: + 61 8 6279 9428 | F: + 61 8 6500 9986 | [email protected]| www.ventureminerals.com.auPage 222South West Project Highlights:•Thor hasa 20km long ‘Julimar lookalike’ magnetic anomaly associated with chromium rich rocks indicative of mafic-ultramafic intrusions;•An airborne EM survey in 2018, identified 13 targets in the southern 6.5 km of the Thor magnetic anomaly; •Maiden Drill Program at Thor intersected2.4m of Massive Sulfide in TOR05 averaging 0.5% Cu,0.05% Ni, 0.04% Co and anomalous Au & Pd (refer ASX announcement 21 February 2019);•Maiden Drill Hole at Odin intersecting Ni and Cu sulfides within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres (refer ASX announcement 11 May 2018).