Cullen Resources : Exploration Update

For personal use only

Exploration Update

• North Tuckabianna, near Cue (E20/714 - Cullen 100%) - air core +/- slim line RC drilling (~3000m in total) planned to commence next week targeting gold mineralisation. Three high priority target zones identified, totaling ~6km in strike.
• Yornup, SW, Yilgarn terrane (E70/5405 - Cullen 100%) - a consultant geologist/geochemist is reviewing historical data in order to plan and implement a geochemical survey targeting lithium, and Ni-Cu-PGE sulphide mineralisation. E70/5405 is within a region of significant exploration interest by major exploration companies.
• Wongan Hills, Wheatbelt, W.A. (E70/4882, E70/5414 - Cullen 100%) - landowner engagement commenced to allow for drill testing magnetic anomalies interpreted to be mafic-ultramafic in the northern part of the project area, including the Jackaby Prospect, targeting Ni-Cu-PGE mineralisation.
• Barlee, SE of Youanmi (E57/1135, E70/2688 - Cullen 100%) - mapping and rock chip +/- soil sampling are planned in the second half of July to follow-upCullen-generatedgold-in-soil anomalies, and target pegmatites for lithium.

NORTH TUCKABIANNA PROJECT, W.A., E20/714 - Cullen 100%) - centered ~30km east of Cue, in the Murchison Region, gold and base metals

Cullen proposes to further test structural/lithological contacts highlighted by very limited bedrock drill tests completed to date - either by Cullen or historically. These gold targets generally lie undercover below regolith, which may include palaeochannels, and along strike to the north of several gold deposits along the "Tuckabianna Line".

The general position of the targets trends are shown in Fig.1 and the target features are listed in the following Table 1. Air core drill traverses may be supplemented with slimline RC drill holes in areas of observed, favourable quartz veining and/or alteration.

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

For personal use only

Exploration Update - July 2022

Table 1. Gold target trends for air core +/- slimline RC drill testing

References

WAMEX A32404: Fogarty, J.M., 1991, Robin Outcamp, E20/62, Annual report 1990, Nord Resources.

WAMEX A92083: Chellew, J, and Cornelius, M., 2011, Annual Technical Report, E20/714, Cue Project, Cullen Exploration.

WAMEX A59512: Dunbar, P., 1999, Combined Surrender Report, Tuckabianna Project, Westgold Resources NL.

WAMEX A59513: Bleakley, P., 1999, Combined Surrender Report, Eelya Hill Project, Westgold Resources NL.

WAMEX A119766: Blundell, K., 2019, Final Report, Cue Project, Musgrave Limited.

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Exploration Update - July 2022

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For personal use only

Exploration Update - July 2022

YORNUP, South West Terrane, W.A., E70/5405 (Cullen 100%) - targeting Ni- Cu-PGE sulphide mineralisation

E70/5405 lies towards the southern limit of the "West Yilgarn Ni-Cu-PGE Province" (Fig.2) first outlined by Chalice Mining Limited (ASX:CHN; 4 May 2021) and adjoins Venture Mineral's tenure, the subject of a Farm-In by Chalice Mining Ltd. E70/5405 also adjoins the Bridgetown East Ni-Cu-PGE Project owned by Venus Metals Corporation Ltd ("VMC"), and the subject of a recently- announced exploration farm-in by a subsidiary of IGO Limited (ASX:VMC; 27- 6-2022) - Fig.3.

E70/5405 includes the Yornup Northeast chromium prospect from where an intersection of 2m at 7.4% Cr has been reported by West Coast Holdings (WAMEX A18173). Yornup Northeast is part of a NE-SW trend of nickel and chromium occurrences including Palgarup (Ni) and Yornup South (Ni - Cr) (Fig.4). The mafic - ultramafic complex at Yornup consists of olivine gabbronorite, harzburgite, lherzolite, and dunites that have been extensively serpentinised (Hassan, 1998). Historical sampling (WAMEX, A98223, A79877) of lateritic lag along roads and tracks across E5405, returned significant chromium (Cr), nickel (Ni), and copper (Cu) values (Fig.4).

Anomalous platinum (Pt) and palladium (Pd) levels were also reported in BLEG stream sediment samples with up to: 0.8 ppb Au, 2.9 ppb Pd and 2.2 Pt ppb near mapped ultramafics, which include : serpentinites, talc schist, pyroxenites and peridotites in a basement of paragneiss (Cameron,1990, WAMEX A29958, see Fig.5). Cullen notes the recent announcement by Venus Metals Corporation Limited (ASX:VMC; 27-6-2022) highlights a Pt-Pd-Cu-Ni geochemical anomaly which lies along strike just to the north of E70/5405 (Fig.3 and 5).

Given the attention of major exploration companies in the vicinity of E70/5405, and the geological and geochemical leads from historical data, Cullen plans to complete geochemical sampling within E70/5405 targeting the ultramafic bodies as a priority and as access permits.

References:

WAMEX A98223: Bridgetown E70/2855, Final Report, June 2013, Amerod Holdings Pty Ltd.

WAMEX A79877: Bridgetown Combined Annual Report C37/2009, Bridgetown Manjimup, September 07- September 08, Amerod Holdings Pty Ltd.

WAMEX A18173: CHADWICK, R. C., 1986, Yornup prospect, Annual Exploration Report,

1986: West Coast Holdings Limited: Western Australia Geological Survey,

WAMEX A29958, Cameron, G.H, 1990, Exploration Potential of the Bridgetown/Yornup Donnelly River Area

HASSAN, L. Y., 1998, Mineral occurrences and exploration potential of southwest Western Australia: Western Australia Geological Survey, Report 65, 38p

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Exploration Update - July 2022