www.cullenresources.com.au | ASX:CUL | 18 July 2024 |
QUARTERLY REPORT ENDING 30 June 2024
1. TARGETING GOLD, BASE METALS, REE, LITHIUM, in W.A.
- WONGAN HILLS: Drilling planned to test two strong IP chargeability anomalies in two prospects (ASX:CUL;8-4-2024) - each supported by geological, geochemical, and geophysical data indicating Volcanic Hosted Massive Sulphide (VHMS) gold/base metals prospectivity
- BROMUS SOUTH: Soil sampling and mapping prior to air core drilling of: untested granite-greenstone boundary structures for gold and/or lithium-in-pegmatites; and a significant REE anomaly (5m @ 9684ppm TREO)
- BARLEE: Soil sampling and mapping targeting gold is planned prior to first pass air core drilling of Trainers Rock lithium-in-pegmatiteprospect
- NORTH TUCKABIANNA: Untested gold target on a structurally- complex portion of a shear zone, recognised by review of previous air core and RC drilling (ASX: CUL; 13-3-2023). Soil sampling and/or detailed drone magnetics planned
2. WEST PILBARA IRON ORE ROYALTIES
- A 1% F.O.B. royalty over any future production from the Catho Well Channel Iron Deposit, near Onslow Iron (ASX: MIN); and a 1.5% F.O.B. royalty with FMG on up to 15Mt of any future iron production from Wyloo Project. Potential future cash flow or monetise.
3. CARRIED INTERESTS IN JV PROJECTS
- FINLAND JV: Capella Minerals Limited (70%) is funding JV activities until PFS (Cullen 30%), and plans to commence drilling key Cu-Au targets, Central Lapland Greenstone Belt, in Q4, 2024 - six granted Exploration Permits. Cullen anticipates payment of US$100,000 before 21/8/24, as per agreement of 21/8/21.
- MT EUREKA JV: Several moderate to strong chargeability anomalies along gold corridors scheduled for future drill testing by Manager Rox Resources (ASX: RXL;14-2-2024).
REGISTERED OFFICE: Unit 4, 7 Hardy Street, South Perth WA 6151
Telephone: 089 474 5511; FAX: 089 474 5588 Contact: Dr. Chris Ringrose, Managing Director:
email:cringrose@cullenresources.com.au
Quarterly Report - ending 30 June 2024
4. PROJECT GENERATION ON-GOING- W.A. AND FINLAND
SIX EXPLORATION PERMITS, NORTHERN FINLAND
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Quarterly Report - ending 30 June 2024
WONGAN HILLS PROJECT W.A.: E70/4882, 5162, 5414, 6492 and 6494 centered ~20km north-west of Wongan Hills (Cullen 90%)
WONGAN PROSPECT - IP SURVEY LINE
SGC has provided the following figure to summarise the results from this IP line.
RC drilling proposed
Fig. 1 Trial IP survey Chargeability and Resistivity sections, 6592600mN
This data shows a strong chargeability anomaly towards the centre of the IP line which directly overlies an ultramafic/BIF/mafic sediment contact, as interpreted from Cullen's air core drilling and interpretation of air magnetics data (WAMEX, A47022). This ultramafic unit is marked by a line of VTEM anomalies stretching over about 3km along a NE-SW stratigraphic trend (Fig.2). This chargeability anomaly lies immediately west of Cullen's air core hole -19WHAC45 (about 40m). The assay data for this hole confirms the presence of ultramafic but is not particularly anomalous in key pathfinders.
The separate, lower intensity anomaly in the west may be close to a NW trending fault along the granite greenstone boundary, again as interpreted from magnetics data.
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Quarterly Report - ending 30 June 2024
Ultramafic | |
horizon from air | |
2km | mag and air core |
IP Line | |
. |
Fig. 2 The chargeability anomaly at 463200mE lies directly west of WHAC45 on
the contact of the interpreted ultramafic unit, shown on air mag image.
Green square at IP chargeability anomaly.
LEGEND : Small black circles = Cullen's 2019 air core drillholes
Larger black circle, yellow margin = VTEM picks, survey flown by Cullen
(ASX:CUL, 10-8-2018)
Faults (blue dashed) and outline of ultramafic (yellow-red dashed line) shown.
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RUPERT PROSPECT - IP TRAVERSE RESULTS
SGC has provided the following figure to summarise the results from this IP line.
RC drilling proposed
Fig. 3 Trial IP survey Chargeability and Resistivity sections, 6594400mN
This data shows a strong, chargeability anomaly with margins of low resistivity towards the eastern end of the line, and close to the granite-greenstone boundary. In detail, the chargeability anomaly overlies an interpreted Banded Iron Formation (BIF)/ultramafic contact with mafics and close to an intrusive/BIF contact (Fig.4).
Air core drilling near the chargeability anomaly has not been deep enough (averaging 60m depth at -60°) to test this target. The most anomalous of Cullen's air core holes are close to an interpreted granite intrusive/BIF contact (Fig.4): hole 23WHAC200 is highly anomalous in base metals and pathfinders, including 17m
- 1286ppm Zn from 70m to EoH (ASX:CUL:17-4-2023); and air core hole 22WHAC166 includes 5m composite assays up to; 0.11 g/t Au, 1.04 ppm Ag and 468ppm Pb (ASX:CUL; 6-4-2022).
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Quarterly Report - ending 30 June 2024
Fig. 4 Summary interpretation of bedrock geology, with position of the
chargeability anomaly - geology shown as previously reported ,
ASX: CUL; 28-1-2021.
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Quarterly Report - ending 30 June 2024
WEST PILBARA IRON ORE ROYALTIES
1) Royalty with API Management Pty Ltd (see Fig.5):
Cullen Exploration Pty Ltd, a wholly-owned subsidiary of Cullen Resources Limited, holds a 1% F.O.B. royaltyover any future production from the Catho Well Channel Iron Deposit which adjoins Onslow Iron at its southern boundary (ASX: MIN) - Fig.5. New regional infrastructure may increase the likelihood of development of iron ore deposits such as Catho Well*.
A 1% F.O.B. royaltyalso applies to any iron ore production from the former **Mt Stuart Iron Ore JV tenements (ASX: CUL; 4-4-2017) - the Payer of any royalty is API Management Pty Ltd (see Fig. 6).
Onslow Iron
Fig. 5. Location of Cullen's iron ore royalty tenements, West Pilbara, W.A.
- none of which are part of Onslow Iron.
*Catho Well has an in situ, Mineral Resource estimate of 161Mt @ 54.40% Fe (ASX: CUL 10-3-2015), and a Reserve of 83Mt @ 55.1% Fe (ASX: CUL 16-9- 2015) - M08/481.
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Fig. 6 from:https://www.apijv.com.au/west-pilbara-iron-ore-project
Note: APIJV tenements includes: Catho Well deposit and former **Mt Stuart Iron Ore Joint Venture, an APIJV-CullenJV: E08/1135, E08/1341, E08/1292, ML08/481, ML08/482, part of the West Pilbara Iron Ore Project (WPIOP).
2) Royalty with FMG (see Fig.5):
Cullen Exploration Pty Ltd also holds a 1.5% F.O.B. royaltyon up to 15Mt of iron ore production from the Wyloo Project (ASX: CUL; 3-8-2015), part of Fortescue's Western Hub/Eliwana project, and $900,000 cash if and when a decision is made to commence mining on a commercial basis.
The Wyloo North, Bedded Iron Deposit (BID), located just east of the Paulsen's East iron ore deposit (ASX: SRK), has a Mineral Resource estimate of 101Mt @ 60.4% Fe (ASX: FMG;17-8-2018,M47/1567).
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Quarterly Report - ending 30 June 2024
BROMUS SOUTH, W.A.: Gold and lithium E63/1894, 2216 (Cullen 100%).
Reconnaissance air core drilling (49 holes for 1674m) of five targets defined by structure and/or soil anomalies returned a significant REE anomaly of 5m @ 9684ppm TREO in BSAC004. Two adjacent holes also recorded strongly anomalous intersections of REE with a best of 15m at 1389 ppm TREO, from 35m. These holes, traverse a 400m wide palaeochannel open in both directions with REE anomalies concentrated in clay zones above basal black clays (ASX: CUL; 15-1;18-1 2024 25-1-2024, and 28-2-24).
Gold and lithium-in-pegmatites targets remain untested and further drilling and soil sampling is proposed (Targets 6 and 7, Fig.8).
Fig. 7 Location of Bromus South Project
Magnetics Image fromhttps://geoview.dmp.wa.gov.au/geoview.
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T4
T1
T5
T7
T2
T6
T3
Fig. 8: Summary of Targets 1-6 identified from air magnetics interpretation and
soil sampling. Target boxes defined by air mag:
1-red;2-orange;3-green in priority from high to low.
Untested T6 - First pass drilling proposed T7 - Focus for further lithium soil sampling
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