CULLEN RESOURCES LIMITED — Regulatory Filings 2016

Apr 20, 2016

==> picture [476 x 71] intentionally omitted <==

==> picture [401 x 27] intentionally omitted <==

----- Start of picture text -----

ABN 46 006 045 790
www.cullenresources.com.au ASX Symbol: CUL 21 April 2016
----- End of picture text -----

ASX ANNOUNCEMENT

KILLALOE JOINT VENTURE

KILLALOE JV– EL63/1018, 1199 and PL63/1672: Matsa Resources Limited 80%; Cullen 20% free carried interest to Decision to Mine.

Please find herewith a copy of an announcement made by the Manager of the Joint Venture, Matsa Resources Limited (ASX: MAT, 21 April 2016) in relation to the Killaloe Project.

Matsa’s announcement contains the full extent of information provided to Cullen at this time and in the format provided.

.

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

==> picture [595 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

==> picture [132 x 116] intentionally omitted <==

LIMITED

ABN 48 106 732 487

ASX Announcement

21[st] April 2016

Gold Potential Highlighted at Killaloe

Highlights

• S2 Resources Ltd’s recent announcement of high grade gold at its Monsoon prospect has highlighted a gold “corridor” which can be seen to extend into Matsa’s Killaloe JV project for a distance of ~20km

• The corridor includes extensive soil gold anomalism and a number of previous gold intercepts at Killaloe which includes 2m @ 6.0g/t Au at Cashel

CORPORATE SUMMARY

Executive Chairman

Paul Poli

Director

Frank Sibbel

Director & Company Secretary

• Matsa has undertaken a review of past gold exploration and identified a number of targets for immediate IP surveys and drilling

Andrew Chapman

Shares on Issue

144.15 million

Unlisted Options

8.44 million @ $0.25 - $0.40

Top 20 shareholders

Hold 52.15%

Share Price on 20 April 2016

16.5 cents

Market Capitalisation

$23.78 million

Head Office: Suite 11, 139 Newcastle Street, Perth Western Australia 6000 Tel : +61 8 9230 3555 Fax: +61 8 9227 0370 Bangkok Office: Unit 1808, Pacific Place 2, 142 Sukhumvit Road, Klongtoey, Bangkok 10110 Tel : +66 0 2653 0258 Fax : +66 0 2653 0258 reception@matsa.com.au www.matsa.com.au

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Matsa is pleased to announce that the high grade gold intersection announced recently by S2 Resources Limited (ASX: S2R) at its Monsoon prospect has had the effect of also highlighting the gold potential at Matsa’s Killaloe project.

(Salient aspects of the Killaloe project are summarised in Appendix 1. The Killaloe Project comprises 11 licences as summarised in Figure 1 and Appendix 2. Most previous gold exploration has been carried out on three licences (E63/1018, E63/1199 and P63/1672) under a joint venture between Matsa (80%) and Cullen Resources Limited (20%). Remaining licences are held 100% by Matsa except for E53/1655, which is subject to a joint venture between Matsa (85%) and Yilun Pty Ltd (15%). Exploration of the project is managed by Matsa.)

==> picture [309 x 359] intentionally omitted <==

Figure 1: Killaloe gold prospects and S2 Resources gold corridor over regional aeromagnetics

A corridor as illustrated by S2R in their most recent announcement, (Figure 1) can be seen to include the new gold discoveries at Baloo, Monsoon and Nanook within S2R’s Polar Bear project. ( S2R announcement to ASX 14[th] April 2016 )

It can be also seen that the corridor can be extended to the SE over a distance of ~20km into the Killaloe project area, thereby highlighting extensive soil gold anomalism and some very interesting shallow gold intersections in previous drilling including 2m@ 6 g/t in hole KRC023 at the Cashel prospect.

Past drilling for gold at Killaloe by Matsa and others has mostly taken the form of shallow RAB drilling with only very limited shallow RC drilling.

Matsa has undertaken a review of all past gold exploration at Killaloe with a view to identifying high priority targets for immediate IP surveys and follow-up drilling.

Page 2

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

For further Information, please contact: Paul Poli Executive Chairman

Phone +61 8 9230 3555 Fax +61 8 9227 0370 Email reception@matsa.com.au Web www.matsa.com.au

Exploration results

The information in this report that relates to Exploration results, is based on information compiled by David Fielding, who is a Fellow of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. David Fielding has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. David Fielding consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Page 3

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Appendix 1 - Matsa Resources Limited - Killaloe JV Project

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria	JORC Code explanation	Commentary
	Mineral	 Type, reference name/number, location and ownership	Tenements are summarized in Appendix 2 and shown in Figure
	tenement and	including agreements or material issues with third parties	2.
	land tenure	such as joint ventures, partnerships, overriding royalties,	The Project is Located on Vacant Crown Land.
	status	native title interests, historical sites, wilderness or national park and environmental settings.	The project is located within Native Title Claim No. 99/002 by the Ngadju people.
		 The security of the tenure held at the time of reporting along	A heritage agreement has been signed and exploration is
		with any known impediments to obtaining a license to	carried out within the terms of that agreement.
		operate in the area.	At the time of writing these licenses expire between 14thJune
			2013 and 8thJuly 2017.
	Exploration	 Acknowledgment and appraisal of exploration by other	Significant past work has been carried out by other parties for
	done by other	parties.	both Ni and Au exploration including, surface geochemical
	parties		sampling, ground electromagnetic surveys, RAB, AC, RC and DD drilling. Most of the gold exploration referred to at Killaloe
			was carried out by Cullen Exploration and Matsa Resources
	Geology	 Deposit type, geological setting and style of mineralisation.	The gold Target is St Ives or “Polar Bear” type gold
			mineralisation associated with favourable structures and
			stratigraphic locations in a volcano sedimentary sequence.
	Drill hole	 A summary of all information material to the understanding of	Not applicable, the coordinate system used to project drill hole
	Information	the exploration results including a tabulation of the following	collar information is GDA94 Zone 51S
		information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea
		level in metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
		 Ifthe exclusion of this information is justified on the basis that
			Page 4

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

	Criteria	JORC Code explanation	Commentary
		the information is not Material and this exclusion does not
		detract from the understanding of the report, the Competent
		_Person should clearly explain why this is the case. _
	Data	 In reporting Exploration Results, weighting averaging	Exploration results summarized are drawn from public
	aggregation	techniques, maximum and/or minimum grade truncations (eg	information.
	methods	cutting of high grades) and cut-off grades are usually
		Material and should be stated.
		 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.
		 The assumptions used for any reporting of metal equivalent
		_values should be clearly stated. _
	Relationship	 These relationships are particularly important in the reporting	All intercepts reported are measured in down hole metres.
	between	of Exploration Results.
	mineralisation	 If the geometry of the mineralisation with respect to the drill
	widths and	hole angle is known, its nature should be reported.
	intercept lengths	 If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
	Diagrams	 Appropriate maps and sections (with scales) and tabulations	A suitable summary plan of past drilling for gold, has been
		of intercepts should be included for any significant discovery	included in the body of the report.
		being reported These should include, but not be limited to a
		plan view of drill hole collar locations and appropriate
		_sectional views. _
	Balanced	 Where comprehensive reporting of all Exploration Results is	Not applicable.
	reporting	not practicable, representative reporting of both low and high
		grades and/or widths should be practiced to avoid misleading
		reporting of Exploration Results.
	Other	 Other exploration data, if meaningful and material, should be	High quality aeromagnetic data was acquired by Cullen
	substantive	reported including (but not limited to): geological	Exploration. Images used are based on in-house compilation
	exploration data	observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater,	of this survey plus publically available and open file data to achieve the highest resolution possible.
			Page 5

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria	JORC Code explanation	Commentary
	geotechnical and rock characteristics; potential deleterious or
	_contaminating substances. _
Further work	 The nature and scale of planned further work (eg tests for	Induced Polarisation Surveys and drilling of targets are being
	lateral extensions or depth extensions or large-scale step-out	proposed on new and existing data within extensions to the S2R
	drilling).	gold corridor.
	 Diagrams clearly highlighting the areas of possible
	extensions, including the main geological interpretations and
	future drilling areas, provided this information is not
	commercially sensitive.

Appendix 2 - Killaloe Project Tenements

Tenement	TYPE	TENSTATUS	GRANT DATE	ENDDATE	LEGAL AREA	UNIT_OF_MEASURE	ALL_HOLDERS
E 63/1713	EXPLORATION LICENCE	LIVE	20150225	20200224	7	BL.	MATSA RESOURCES LIMITED
P 63/1503	PROSPECTING LICENCE	LIVE	20090420	20170419	20	HA.	MATSA RESOURCES LIMITED
M 63/177	MINING LEASE	LIVE	19880525	20300601	17.435	HA.	MATSA RESOURCES LIMITED
E 63/1661	EXPLORATION LICENCE	LIVE	20140521	20190520	1	BL.	MATSA RESOURCES LIMITED
E 63/1660	EXPLORATION LICENCE	LIVE	20140521	20190520	2	BL.	MATSA RESOURCES LIMITED
E 63/1662	EXPLORATION LICENCE	LIVE	20140521	20190520	1	BL.	MATSA RESOURCES LIMITED
E 63/1646	EXPLORATION LICENCE	LIVE	20141006	20191005	1	BL.	MATSA RESOURCES LIMITED
E 63/1018	EXPLORATION LICENCE	LIVE	20070709	20170708	26	BL.	AUSTRALIAN STRATEGIC AND PRECIOUS METALS INVESTMENT PTY LTD; CULLEN EXPLORATION PTY LIMITED
E 63/1199	EXPLORATION LICENCE	LIVE	20081104	20181103	5	BL.	AUSTRALIAN STRATEGIC AND PRECIOUS METALS INVESTMENT PTY LTD; CULLEN EXPLORATION PTY LIMITED
P 63/1672	PROSPECTING LICENCE	LIVE	20090615	20170614	150	HA.	AUSTRALIAN STRATEGIC AND PRECIOUS METALS INVESTMENT PTY LTD; CULLEN EXPLORATION PTY LIMITED
E 63/1655	EXPLORATION LICENCE	LIVE	20140604	20190603	16	BL.	KILLALOE MINERALS PTY LTD; YILUN PTY LIMITED

Australian Strategic and Precious Metals Investment Pty Ltd and Killaloe Minerals Pty Ltd are wholly owned subsidiaries of Matsa Resources

Page 6