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CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2018
Oct 17, 2017
64724_rns_2017-10-17_035c87ab-4ec9-4594-b4e4-0b262d2da386.pdf
Interim / Quarterly Report
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ABN 46 006 045 790
ASX: CUL 18 October, 2017
September 2017 - QUARTERLY ACTIVITIES REPORT
Mt EUREKA GOLD PROJECT, NE GOLDFIELDS, W.A.
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A programme of up to 3000m of air core drilling is planned to commence as soon as practical at the Southern-Galway-Kilkenny and Eureka North West gold prospects
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These prospects appear to be related to a significant unconformity and parallel shear zones bounding mafic-ultramafic and felsic-sediment sequences within the Mt Eureka greenstone belt (see Fig.4)
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This unconformity is marked by an interpreted Archaean conglomerate (from aeromagnetics data and sparse drilling) along a 10km strike length with historical drill intersections including: 8m @ 2.9g/t Au (from 70m) and 26m at 0.68 g/t Au (from 12m)
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In Cullen’s opinion, models for some of the gold deposits in the Agnew/Lawlers gold camp in the Yilgarn Archaean block are the most applicable for the geological setting of the conglomerate horizon and its margins within the Mt Eureka greenstone belt
WYLOO NORTH, WEST PILBARA, W.A.
- Targeting Cu and Au deposits along a major shear boundary to the Hamersley Basin in the West Pilbara
FINLAND: ENHANCED FOCUS ON ZINC
- Advanced research for zinc, copper, cobalt, gold and lithium deposits in Finland with one new Reservation application registered (Anges) and a second Reservation application now in place (Sulkava)
Unit 4, 7 Hardy Street South Perth | Western Australia 6151 Telephone: +61 8 9474 5511 | Facsimile: +61 8 9474 5588 E-mail: [email protected] Website: www.cullenresources.com.au
Quarterly Report - September 2017
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Figures 1 and 2
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Quarterly Report - September 2017
MT EUREKA GOLD (Cullen 100%) – proposed drilling
The company has completed a new interpretation of the bedrock geology for its Mt. Eureka project, using aeromagnetics and VTEM geophysical data, and further interrogated historical drill data for gold target modelling. On the basis of this work Cullen has planned for an air core drilling programme (of up to 3000m) to confirm certain interpretations and target any extensions to known gold mineralisation at its Eureka NW and Galway-Southern-Kilkenny prospects (Fig. 4).
Eureka NW prospect is located at a potentially-important, interpreted unconformity between the central, dominant mafic-ultramafic sequence and a felsic-sediment sequence to the west in the Mt Eureka greenstone belt (see Fig. 4). Cullen notes that this unconformity is marked by an Archaean conglomerate (as interpreted from aeromagnetics data but including a few outcrops and some drillhole intersections of conglomerate) along a 10km strike length which appears to link a number of Cullen’s gold prospects. Historical intersections from sparse drilling of this horizon include: 8m @ 2.9g/t Au (from 70m) and 26m at 0.68 g/t Au (from 12m) .
It is also notable that there are dry blowings, some shafts and pits, and nugget finds adjacent to some sections of this unconformity between Cullen’s Eureka NW and the Kilkenny prospects (see Fig.4).
Other explorers have noted the geological and structural similarities of the Mt Fisher greenstone belt to the multi-million ounce Agnew/Lawlers gold camp (ASX:DRM, 16 May 2016). Cullen’s Mt Eureka project area covers an extension of the Mt Fisher greenstone belt to the north and Cullen also considers that models for some gold deposits in the Agnew/Lawlers gold camp are the most applicable for the conglomerate horizon and its margins within its Mt Eureka project. (Cautionary note: Cullen recognises this conglomerate horizon as a favorable host rock for gold mineralisation from a structural/competency-contrast point of view, but does not consider the geological setting is analogous to conglomerates in the Pilbara region of W.A, the subject of recent exploration attention).
In-fill and extension drilling is proposed at the Eureka NW and GalwaySouthern-Kilkenny gold systems, to include a test of the stratigraphy along the interpreted, sheared granite-conglomerate-greenstone boundary, just west of Southern (see Fig.4).
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Quarterly Report - September 2017
Figure 3: Location of Mt Eureka Project, NE Goldfields, W.A.
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MT EUREKA GOLD - prospecting and soil/laterite/rock-chip sampling
Cullen has also completed soil and rock chip sampling, and prospecting over four other gold targets at its Mt Eureka project to prioritise targets and drilling programs. At Taipan East, 11 samples of laterite and lag were collected and one sample returned a gold anomaly of 425ppb Au, confirming interest in further exploration around the Taipan gold system. At Roadside North , 13 rock-chip samples were taken along a brecciated and quartz-veined chert returning gold values of 22 to 2261 ppb over a strike length of ~200m; 4 adjacent samples in the centre of the anomaly assay between 1.38 g/t Au and 2.26 g/t Au, and show anomalous concentrations of the gold pathfinders As, Bi, Sb and Te. The host chert/banded iron formation is strike extensive and follow-up of this anomaly is planned. No significant geological features or anomalous gold assays were returned from the small suite of samples and prospecting of the North Lake and Irwin Bore prospects (see Table 2 and Fig. 5).
Cullen also collected a suite of about 700 soil samples from the Graf’s Find prospect area and the area northwards towards the Galway prospect targeting the unconformity boundary. This is a complex regolith terrain which presents
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Quarterly Report - September 2017
some difficulties in utilising the most appropriate size fraction and analytical technique for geochemical anomaly recognition. Some size fraction studies on a subset of the 700 samples are underway and results for the full sample suite will be reported in due course.
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Figure 4
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Quarterly Report - September 2017
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Figure 5
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Quarterly Report - September 2017
WEST PILBARA – WYLOO NORTH
Cullen holds E47/3342 and ELA 47/3743 which form a contiguous block of approximately 90 sq. km close to the northern margin of the Wyloo Dome in the West Pilbara. Cullen notes that this block of tenure straddles approximately 8 strike km of a major structure (NNW-SSE trending shear zone) close to, and paralleling the margin of the Hamersley Basin. Outside of Cullen’s tenure, this structure is being targeted by Chalice Gold Mines Limited for gold and base metals (see ASX:CHN - 2 Oct 2017), and Cullen plans further assessment of its ground.
FINLAND – See project location Figure, page 2.
Cullen has made two additional Reservation applications in central Finland in areas it considers prospective for zinc, copper, cobalt and gold in volcanichosted massive sulphide-type (VHMS) deposits and veins.
The first of these, Anges , ~120 sq. km , surrounds a known zinc prospect at Rauhala (owned by Phyasalmi Mine Co) with has a reported, non-compliant resource of 1.7Mt @ 4.97 % Zn and 1.33% Cu. (see: www.tukes.fi and http://tupa.gtk.fi/karttasovellus/mdae/raportti/532_Rauhala.pdf.). Cullen’s application covers ~3km of prospective stratigraphy along strike of this prospect.
The second application, Sulkava , ~ 400 sq. km , is centred on a previously mined zinc deposit (Kangasjarvi), and covers about 20km of prospective stratigraphy including other base metal prospects in a VHMS setting. This reservation application is centred ~35 km south of the active, Phyasalmi base metal mine owned by First Quantum Minerals Ltd. http://tupa.gtk.fi/karttasovellus/mdae/raportti/548_Kangasj%C3%A4rvi.pdf
These Reservations, once approved , give Cullen the priority, within a four month to two year period from lodgement (actual reservation time period to be determined by Finnish Mining authorities), to make applications for Exploration Permits (required for any ground disturbing exploration programs). Cullen’s most recent applications are within an important zinc prospective province in central Finland with previous base metals production, and offer the opportunity for Cullen to compile existing public data at a low cost, towards identifying prospects for further exploration.
WONGAN HILLS
Cullen has held preliminary meetings with some key landowners and provided Draft access agreements for review. Discussions are on-going and agreements remain to be finalised.
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Quarterly Report - September 2017
SCHEDULE OF TENEMENTS (as at 30 September 2017)
| REGION | TENEMENTS | TENEMENT APPLICATIONS |
CULLEN **INTEREST ** |
COMMENTS |
|---|---|---|---|---|
| WESTERN AUSTRALIA | ||||
| Wyloo North | E47/3342 | ELA 47/3743 | 100% | |
| Paraburdoo JV | E52/1667 | 100% | Fortescue can earn up to 80% of iron ore rights; Cullen 100% other mineral rights |
|
| North Pilbara | E 45/4626 | ELA 45/4924 | ||
| NE GOLDFIELDS | ||||
| Gunbarrel | E53/1299,1300+/ * E53/1635,1892, 1893 |
ELA 53/1958 - 1961 |
100% | +2.5% NPI Royalty to Pegasus on Cullen's interest (parts of E1299); *1.5% NSR Royalty to Aurora (other parts of E1299 and parts of E1300) |
| Irwin Well | E53/1637 | 100% | ||
| Irwin Bore | E53/1209 | ELA 53/1957 | 100% | |
| MURCHISON, Cue | E20/714 | 100% | ||
| YINNETHARRA | E09/2179 | |||
| WONGAN HILLS | E70/4882 | ELA 70/4957 | ||
| GREENBUSHES | E47/4803 | ELA 70/4802 | ||
| EASTERN GOLDFIELDS | ||||
| Killaloe | E63/1018, E63/1199 |
20% | Matsa Resources Limited 80% | |
| FORRESTANIA | ||||
| Forrestania JV | M77/544 | 20% | Hannans Reward Ltd 80% Gold rights only |
|
| FINLAND | ||||
| Rita ,Kaatiala Outu, and Vesikko (Risti) Anges |
100% - Reservation Notifications | |||
| Sulkava | 100% - Reservation application | |||
| TENEMENTS RELINQUISHED, SOLDand APPLICATIONS WITHDRAWN DURING THEQUARTER | ||||
| E74/575 | ELA 70/4945 ELA 45/4682 |
|||
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Quarterly Report - September 2017
CORPORATE
SHARE CAPITAL INFORMATION
The issued capital of the company at 30 September 2017:
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2,001,560,131 fully paid ordinary shares
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20m unlisted options expiring 30 November 2017
Substantial shareholders are:
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Perth Capital, Wythenshawe Pty Ltd and Associates – 22.19%, and
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Baosteel together with Aurizon – 5.38%
Cash at 30 September 2017 was approximately $0.53M.
Cullen will receive $1M cash upon any Final Investment Decision and has a 1% F.O.B. royalty on any iron ore production from the following tenements – E08/1135, E08/1330, E08/1341, E08/1292, ML08/481, and ML08/482 (former Mt Stuart Iron Ore Joint Venture – Baosteel/Aurizon/Posco/AMCI). The Catho Well Channel Iron Deposit (CID) has a published in situ Mineral Resources estimate of 161Mt @ 54.40% Fe (ML 08/481) as announced by Cullen to the ASX – 10 March 2015.
Cullen has 1.5 % F.O.B. royalty up to 15 Mt of iron ore production from Wyloo project tenements, and will receive $900,000 cash if and when a decision is made to commence mining on a commercial basis – E47/1649, 1650, ML 47/1488-1490, and ML 08/502 with Fortescue.
Cullen is a 20% holder of the gold rights on M77/544 via the Forrestania Joint Venture with Hannans Reward Ltd, and as previously announced the proposed sale of its 20% share to Mine Builder Pty Ltd together with Hannans (see CUL:ASX 12 March 2015) via one agreement. Cullen is due to receive $200,000 cash as consideration via four instalments. Title to the gold rights will be transferred on receipt of the final instalment. $120,000 of this payment under this agreement has been received to date.
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Quarterly Report - September 2017
Data description as required by the 2012 JORC Code - Section 1 and Section 2, Table 1 (Laterite, lag and rock chip sampling – EL 53/1299, 1637 and 1300) Section 1 Sampling techniques and data
| 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 XRF instruments, etc.). These examples should not be taken as limiting the broad meaningof sampling_._ |
A total of 25 reconnaissance samples of lateritic residuum, lag and rock chips was collected. |
| Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used |
Samples were handpicked (c. 0.l5 – 1 kg of ferruginous gravel) or rock chipped of available material at surface (c. 1-2kg) and a handheld GPS was used to determine the sample locations. Coordinates are in grid GDA94 Z51. |
|
| Aspects of the determination of mineralisation that are Material to the Public report |
Notes of colour, roundness, and preservation of ferruginous gravel, regolith setting and topography were made for each laterite sample, and rock –type, weathering and mineralogy etc. for rock chip samples. |
|
| In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g 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 (eg submarine nodules) may warrant disclosure of detailed information. |
Lateritic samples were collected by hand from an area measuring approximately 10x10m. Where material is scarce, a larger area was sampled (25 x25m) to obtain sufficient sample. 8-10 rock chips were collected as samples of outcrop. |
|
| 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.). |
Not applicable – no drilling used |
| Drill Sample recovery |
Method of recording and assessing core and chip sample recoveries and results assessed |
Not applicable – no drilling used |
| Measurements taken to maximise sample recovery and ensure representative nature of the samples. |
Not applicable – no drilling used | |
| 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. |
Not applicable – no drilling used | |
| 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. |
All samples were examined and described for all features and the geology, topography and surface type noted. Photographs were taken of sub-crop, landform and setting where appropriate. |
| Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc.) photography. |
Logging is qualitative only |
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| The total length and percentage of the relevant intersections logged |
Not applicable – no drilling used | |
|---|---|---|
| Sub-sampling techniques and sample **preparation ** |
If core, whether cut or sawn and whether quarter, half or all core taken. |
No subsampling or sieving is done in the field. The total sample is submitted to the laboratory and all sample preparation is done there. |
| If non-core, whether riffles, tube sampled, rotary split, etc. and whether sampled wet or dry. |
All samples were collected dry by hand. | |
| For all sample types, quality and appropriateness of the sample preparation technique. |
All sample preparation is carried out atMinAnalytical Laboratoriesin Perth. Preparation and analysis procedures are considered appropriate and to industry standard, to the best of our knowledge. |
|
| Quality control procedures adopted for all sub-sampling stages to maximise representivityof samples. |
Laboratory international standards and duplicate splits were inserted byMinAnalytical. |
|
| 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. |
No field duplicates were collected | |
| Whether sample sizes are appropriate to the grain size of the material being sampled. |
Samples are considered adequate in size for the type of material sampled. |
|
| The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
The assaying is industry standard in quality and total, and appropriate for the objectives of the sampling. Laboratory QA/QC involves the use of internal lab standards using certified reference material, blanks, splits and duplicates. All samples are pulverised using Essa LM1, LM2 or LM5 grinding mills determined by the size of the sample. Dry crushed or fine samples are pulverized to produce a homogenous and representative sub-sample for analysis. A grind quality target of 85% passing 75μm is established and is relative to sample size, type and hardness. Analysis for gold is by Aqua regia (10g) with ICP MS finish. The aqua regia digestion is considered partial depending on the host of the elements analyzed, but does provide an acceptable level of accuracy for an initial assessment of the contained target elements. |
|
| 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. |
Not applicable – no such instruments used in the field. | |
| Quality of assay data and laboratory tests |
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. |
No control procedures or external checks done. Laboratory QA/QC involves the use of internal lab standards using certified reference material, blanks, splits and duplicates. Samples dried, pulverized with 85% passing -75μm established. |
| Verification of sampling and assaying |
The verification of significant intersections by either independent or alternative company personnel |
Not applicable – no drilling used |
| The use of twinned holes | Not applicable – no drilling used | |
| Documentation of primary data, data entry procedures, data verification, data storage (physically and electronic) protocols. |
Not applicable – no drilling used | |
| Discuss anyadjustment to assaydata. | Not applicable – no drilling used | |
| 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 Resources estimation. |
Samples located using a handheld GPS. |
| Specification of thegrid system used. | GDA94 Z51 | |
| Quality and adequacy of topographic control. |
No topographic control. |
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Quarterly Report - September 2017
| Data spacing and distribution |
Data spacing for reporting of Exploration Results. |
Samples are irregularly spaced and of a reconnaissance nature |
|---|---|---|
| Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Reserve and Ore Re4serve estimation procedure(s) and classifications applied. |
Not applicable – no drilling used | |
| Whether sample compositing has been applied. |
No compositing 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,consideringthe deposit type. |
Sampling is at a very early stage of exploration. |
| 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. |
Not applicable – no drilling used | |
| Sample security | The measures taken to ensure sample security. |
All samples were collected, bagged and transported to the laboratory by Cullen staff and consultants. |
| Audits or reviews |
The results of and audits or reviews of samplingtechniques and data. |
No reviews or audits of techniques and data. |
| Section 2 Reporting of exploration results | ||
| Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interest, historical sites, wilderness or national park and environmental settings. |
The samples were taken on EL 53/1637,1299 and 1300 each of which is held in the name of Cullen Exploration Pty Ltd. - 100% |
|
| 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. |
ELs 53/1637, 1299 and 1300 are approved with access agreements as required for exploration on Native Title Claim areas. |
|
| Exploration done by other parties |
Acknowledgement and appraisal of exploration by other parties. |
Previous work by others has included soil and laterite sampling and drilling – as reviewed and reported by Cullen previously. |
| Geology | Deposit type, geological settings and style of mineralisation |
The sampling targets Archaean orogenic gold deposits. |
| 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)and the drill hole collar Dip and azimuth of the hole Down hole length and interception depth Hole length |
Not applicable – no drilling used |
| 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 whythis is the case. |
Not applicable – no drilling used | |
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Quarterly Report - September 2017
| Data aggregation methods |
In reporting Exploration results, weighing 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. |
No averaging or aggregation techniques have been used. No top cuts and no metal equivalent values have been used in this report. |
|---|---|---|
| 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. |
Not applicable – no drilling used | |
| The assumptions used for any reporting of metal equivalent values should be clearlystated. |
Not applicable - no metal equivalent values have been used in this report. |
|
| Relationship between mineralisation widths and intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. |
Not applicable – no drilling used |
| If the geometry of the mineralisation with respect to the drill hole angle is known,its nature should be reported. |
Not applicable – no drilling used | |
| 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’) |
Not applicable – no drilling used | |
| 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.. |
Not applicable – a general location figure depicting the geological setting of the anomalies is appropriate and included. |
| 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 reportingof Exploration Results. |
All relevant pathfinder elements of the samples taken are reported. |
| 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 containing substances. |
The general geological setting of the sampling and the anomalies detected is shown in the included figures in this report. |
| 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). |
Further geological, geophysical and geochemical work will be considered |
| Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, providing this information is not commerciallysensitive. |
Figures included showing location and geological setting of the geochemical results. No drilling used. |
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Quarterly Report - September 2017
ATTRIBUTION: Competent Person Statement
The information in this report that relates to exploration activities is based on information compiled by Dr. Chris Ringrose, Managing Director, Cullen Resources Limited who is a Member of the Australasian Institute of Mining and Metallurgy. Dr. Ringrose is a full-time employee of Cullen Resources Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Ringrose consents to the report being issued in the form and context in which it appears.
Information in this report may also reflect past exploration results, and Cullen’s assessment of exploration completed by past explorers, which has not been updated to comply with the JORC 2012 Code. The Company confirms it is not aware of any new information or data which materially affects the information included in this announcement.
ABOUT CULLEN : Cullen is a Perth-based minerals explorer with a multi-commodity portfolio including projects managed through a number of JVs with key partners (Fortescue, Hannans Reward, and Matsa), and a number of projects in its own right. The Company’s strategy is to identify and build targets based on data compilation, field reconnaissance and early-stage exploration, and to pursue further testing of targets itself or farm-out opportunities to larger companies. Projects are sought for most commodities mainly in Australia but with selected consideration of overseas opportunities.
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: [email protected]
FORWARD-LOOKING STATEMENTS
This document may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's expectations about future events and on a number of assumptions which are subject to significant risks, uncertainties and contingencies many of which are outside the control of Cullen and its directors, officers and advisers. Forward-looking statements include, but are not necessarily limited to, statements concerning Cullen’s planned exploration program, strategies and objectives of management, anticipated dates and expected costs or outputs. When used in this document, words such as “could”, “plan”, “estimate” “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Due care and attention has been taken in the preparation of this document and although Cullen believes that its expectations reflected in any forward looking statements made in this document are reasonable, no assurance can be given that actual results will be consistent with these forwardlooking statements. This document should not be relied upon as providing any recommendation or forecast by Cullen or its directors, officers or advisers. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, as a result of any reliance upon any forward looking statement contained in this document.
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| TABLE 2 | Assay results - surface sampling, variousprospects, Mt Eureka Project | Assay results - surface sampling, variousprospects, Mt Eureka Project | Assay results - surface sampling, variousprospects, Mt Eureka Project | Assay results - surface sampling, variousprospects, Mt Eureka Project | Assay results - surface sampling, variousprospects, Mt Eureka Project | Assay results - surface sampling, variousprospects, Mt Eureka Project | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **Sample No. ** | Prospect | **Sample type ** | **GDA94 E ** | GDA94 N | Ag | As | Bi | Cu | Ni | Pb | Sb | Te | W | Zn | Au |
| Unit | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppb | ||||
| 217060101 | North Lake | Laterite | 353135 | 7074142 | 0.44 | 1.8 | 0.84 | 166.9 | 40.7 | 9.2 | 0.16 | 0.07 | <0.05 | 32 | <1 |
| 217060102 | North Lake | Laterite | 353090 | 7074170 | 0.26 | 1.9 | 0.4 | 163.8 | 48.4 | 12.4 | 0.14 | 0.03 | <0.05 | 27 | <1 |
| 217060103 | North Lake | Rockchip | 352861 | 7074854 | 0.02 | 1.1 | 0.02 | 140.4 | 151.3 | 2 | 0.13 | <0.01 | <0.05 | 172 | <1 |
| 217060104 | North Lake | Laterite | 351970 | 7075240 | 0.08 | 4.3 | 0.41 | 24.4 | 30.5 | 11.2 | 0.25 | 0.07 | 0.06 | 11 | <1 |
| 217060201 | Taipan East | Laterite | 355517 | 7050006 | 0.41 | 6.3 | 0.07 | 126.5 | 39.7 | 10.7 | 0.19 | 0.03 | <0.05 | 63 | 5 |
| 217060202 | Taipan East | Laterite | 355496 | 7050094 | 0.27 | 4 | 0.04 | 136.7 | 31.5 | 11.7 | 0.2 | 0.02 | <0.05 | 39 | 1 |
| 217060203 | Taipan East | Lag | 355496 | 7050094 | 0.09 | 2.2 | 0.04 | 289.4 | 214.9 | 9 | 0.09 | <0.01 | 0.14 | 351 | <1 |
| 217060204 | Taipan East | Laterite | 355400 | 7050091 | 0.19 | 4.2 | 0.05 | 168.9 | 40.1 | 12.8 | 0.13 | 0.02 | <0.05 | 48 | 16 |
| 217060205 | Taipan East | Laterite | 355060 | 7050190 | 0.49 | 21.7 | 0.11 | 90.9 | 30.8 | 16.9 | 0.51 | 0.06 | 0.15 | 21 | 425 |
| 217060206 | Taipan East | Laterite | 355332 | 7050650 | 1.44 | 34.2 | 0.09 | 63.6 | 29.4 | 5.9 | 0.6 | 0.08 | <0.05 | <2 | 2 |
| 217060207 | Taipan East | Laterite | 355424 | 7050604 | 0.15 | 13.5 | 0.05 | 183 | 49.6 | 14.4 | 0.33 | 0.08 | 0.12 | 26 | 26 |
| 217060208 | Road side | Laterite | 353402 | 7044280 | 0.25 | 9.5 | 0.06 | 105.7 | 18.1 | 8.9 | 0.14 | 0.02 | <0.05 | 17 | 14 |
| 217060209 | Road side | Laterite | 353670 | 7044732 | 0.59 | 11.9 | 0.2 | 78.7 | 29.4 | 19.9 | 0.32 | 0.03 | <0.05 | 29 | <1 |
| 217060210 | Road side | Laterite | 353452 | 7044701 | 0.65 | 10 | 0.11 | 53.4 | 22 | 16.7 | 0.3 | 0.03 | <0.05 | 24 | 3 |
| 217060211 | Road side | Laterite | 352900 | 7044205 | 0.65 | 22 | 0.1 | 301 | 25.2 | 23.1 | 0.65 | 0.08 | 0.05 | 5 | 262 |
| 217060212 | Road side | Rockchip | 353211 | 7044345 | 0.25 | 54.6 | 0.8 | 254.3 | 23.9 | 31.7 | 2.03 | 0.86 | <0.05 | 130 | 79 |
| 217060213 | Road side | Rockchip | 353210 | 7044333 | 0.3 | 22 | 0.03 | 259.3 | 21.9 | 8.8 | 0.66 | 0.02 | <0.05 | 155 | 175 |
| 217060214 | Road side | Rockchip | 353195 | 7044262 | 0.8 | 17.7 | 0.52 | 134.5 | 2.5 | 17 | 0.71 | 0.49 | 0.48 | 33 | 45 |
| 217060215 | Road side | Rockchip | 353184 | 7044265 | 0.17 | 27.3 | 0.23 | 88 | 1.6 | 21.2 | 0.95 | 0.95 | 0.23 | 21 | 185 |
| 217060216 | Road side | Rockchip | 353184 | 7044258 | 1.61 | 629.3 | 0.28 | 133.6 | 1.7 | 29 | 13.27 | 0.58 | 0.27 | 14 | 1532 |
| 217060217 | Road side | Rockchip | 353183 | 7044251 | 1.05 | 114.1 | 0.36 | 89 | 1.5 | 24.9 | 5.47 | 0.09 | 0.14 | 12 | 1381 |
| 217060218 | Road side | Rockchip | 353184 | 7044242 | 0.97 | 297.4 | 0.45 | 59.2 | 1.2 | 39.9 | 20.9 | 2.18 | 0.39 | 5 | 2261 |
| 217060219 | Road side | Rockchip | 353179 | 7044225 | 0.78 | 289.7 | 0.3 | 91.4 | 1 | 24.7 | 13.32 | 1.14 | 0.15 | 7 | 2073 |
| 217060220 | Road side | Rockchip | 353168 | 7044210 | 1.44 | 292.3 | 0.53 | 85 | 1.9 | 24.2 | 19.1 | 12.05 | 0.2 | 9 | 999 |
| 217060221 | Road side | Rockchip | 353168 | 7044198 | 0.78 | 109.8 | 0.97 | 56.7 | 1.8 | 18.1 | 7.46 | 1.53 | 0.31 | 13 | 87 |
| 217060222 | Road side | Rockchip | 353163 | 7044177 | 1.1 | 94.9 | 0.09 | 92.9 | 3.2 | 54.2 | 3.38 | 0.66 | <0.05 | 17 | 28 |
| 217060223 | Road side | Rockchip | 353166 | 7044163 | 2.36 | 477.5 | 0.28 | 112 | 2.5 | 43.2 | 73.59 | 2.94 | 0.16 | 19 | 295 |
| 217060224 | Road side | Rockchip | 353161 | 7044133 | 3.63 | 227.7 | 0.58 | 121.3 | 1.7 | 28.9 | 24.53 | 5.88 | 0.14 | 20 | 254 |
| 217060225 | Irwin Bore | Laterite | 352850 | 7039866 | 0.1 | 49.4 | 0.06 | 252.7 | 32.2 | 11.2 | 1.05 | 0.06 | 0.05 | 78 | 6 |
| Assays - byaqua regia digest(10g)with ICP-MS finish |
Unit 4, 7 Hardy Street South Perth | Western Australia 6151 Telephone: +61 8 9474 5511 | Facsimile: +61 8 9474 5588 E-mail: [email protected] Website: www.cullenresources.com.au