Cullen Resources : New Ground EM Conductors, Wongan Hills

ASX Announcement

www.cullenresources.com.au

ASX:CUL

31 March 2022

Ground EM locates new conductors at Wongan Hills

WONGAN HILLS PROJECT, WA - targeting Volcanic-Hosted Massive Sulphide (VHMS) Cu-Zn-Ag-Au and Ni-Cu-PGE mineralisation (Cullen 90%)

•  Five broadly-spaced, moving-loop TEM (MLEM) survey lines were completed by Southern Geoscience Consultants Pty Ltd (SGC) within E70/4882.

•  Surveying targeted specific VTEM, magnetic and/or Ni-Cu soil anomalies of interest, and south of Ni-Co anomalies in previous drill holes WHAC148 and 151 (ASX:CUL;16-2-2022) and the area covered by 2020 and 2021 ground EM surveys (Fig.1).

•  Three new bedrock conductors - C4, C5 and C6 - have been detected: one at Rupert and two at the Rupert South Prospect (Figs. 2 - 5).

•  Of these, C5 (on line 6592450mN) is a significant target. It was detailed by a follow-up Fixed Loop EM profile (FLEM) which confirmed a strongly anomalous bedrock source (2000S), dipping gently to the west, a top 80m below surface, and modelled plate dimensions of ~40m x 100m (Fig.5).

•  C5 is located at the northern tip of an untested magnetic belt and just south of Ni-Co air core anomalies (WHAC148 and 151).

•  C4 (on line 6590100mN) is a large bedrock conductor, dipping moderately to the west, modelled as a ~400m x 400m plate, 150 m below surface with a conductance of 270S.

•  C6 (on line 6590650mN) like C4, is a broad anomaly dipping moderately west but with conductance about half of C4. Modelling shows a large ~400m x 700m plate with a top just 25-30m below surface.

•  RC drill hole positions have been determined by SGC for testing C4 and C5 and/or C6, and air core and in-fill TEM are also proposed along trend south of C5.

REGISTERED OFFICE: Unit 4, 7 Hardy Street, South Perth WA 6151

Telephone: [phone]; FAX: [phone] Contact: Dr. Chris Ringrose, Managing Director: email:[e-mail]

Fig.1 Ground EM surveys completed 2020-2022: VTEM (left) and Mag images

Name	CollarX	CollarY	CollarZ	Azimuth (˚)	Dip (˚)	Length (m)	Target intersection (m)
C4	466300	6590100	285	90	60	260	~200 to 220m
C5	466600	6592440	255	90	60	130	~100 to 110m
C6	466350	6590650	290	90	60	130	~100 to 110m

Table 1. Summary of plate model parameters for C4, C5 and C6 targets, 2022 Survey

Name	X mga50	Y mga50	Z RL	Depth to top (m)	Dip (˚)	Dip Direction (˚)	Length (m)	Depth Extent (m)	Conductance (S)
C4	466444.0	6590159.6	131.9	-148.6	35	260	400	400	270
C5	466695.0	6592435.0	175.1	-77.1	18	270	40	99	2000
C6	466485	6590675	259	-27	35	270	400	700	80

Table 2. Summary of drill hole details for testing of targets C4, C5 and C6

Figure 2. 3D model view for line 6590100mN, plan view (LHS) and section view looking north (LHS) - C4

Figure 3. 3D model view for line 6592450mN, plan view (LHS) and section view looking north (LHS) - C5

Figure 4. 3D model view for line 6590650mN, plan view (LHS) and section view looking north (LHS) - C6

Fig.5. Plan position of C4-C6 modelled ground EM plates on

VTEM and magnetics images

(Drone Mag) - drilling data ASX:CUL, 16-2-2022.

BACKGROUND

In January 2022, RC drilling further tested a strong ground EM conductor (Model C3) at Rupert and outlined a lensoidal (possibly intrusive) body of ultramafic with a best intersection of 30m @ 1161 ppm Ni, with 22ppm Cu, and 80ppm Co (WHRC14 from 115-145m) - similar to that in previous hole RC6 which contained trace nickel sulphides (ASX:CUL:16-9-2021;16-2-2022).

Air core hole WHAC148 500m south-southeast of RC6 returned 15m @ 1963 ppm Ni, with 227 ppm Co, from 5m - max 5m composite sample of 3021ppm Ni with 389ppm Co and, WHAC 151, 230m west on the same x-section, returned 17m @ 1802 Ni, 160 ppm Co from 20m to End of Hole,

These Ni-Co intersections partially overlie coincident, discrete, magnetic -VTEM anomalies at the northern tip of an untested strike-extensive (~3km) magnetic belt (Figs. 1 and 5), and together with area RC6 are interpreted to be part of a prospective mafic-ultramafic complex. The C5 conductor from the recent ground EM survey is located within this complex.

Fig.6. RC and AC target drilling completed Jan 2022, at Rupert with significant results highlighted (Drone Mag Image) -

from ASX:CUL, 16-2-2022.