Cullen Resources : Positive Nickel - Cobalt assays, Wongan Hills

For personal use only

ASX Announcement

www.cullenresources.com.au

ASX:CUL

16 February 2022

Positive Ni - Co assays, from drilling at Wongan Hills

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

RC drilling tested a previous intersection of a nickel sulphide-bearing ultramafic,

and Air Core targeted four soil anomalies along the Rupert Trend

HIGHLIGHTS

• 5 RC holes 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 the intersection in previous hole RC6 which contained trace nickel sulphides.
• Significantly, 500m south-southeast of RC6, air core hole WHAC148 returned a strong intersection of nickel with cobalt (15m @ 1963 ppm Ni, with 227 ppm Co, and 76ppm Cu from 5m - max 5m composite sample of 3021ppm Ni with 389ppm Co- Cullen notes that cobalt anomalies may reflect regolith concentration - and, WHAC 151, 230m west on the same x-section, returned 17m @ 1802 Ni, 160 ppm Co from 20m to End of Hole,with 32ppm Cu.
• 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 2), and together with area RC6 are interpreted to be part of a prospective mafic-ultramafic complex.
• Historical drilling, some 5km south on strike of Cullen's recent drilling, includes 0.6m of 7800ppm Ni with 780ppm Co in the regolith from 4.9m (WAMEX 18337) which further extends the target trend.
• Examination of all drill hole geochemical and geological data is on-going, and Pt-Pd assays and petrography of selected RC and AC drill sections (of 5m samples or 1m resampling) has been initiated.
• Follow-upground EM surveying is proposed to identify potential sulphidic zones, initially along the ~3km untested section of the Rupert Trend (Fig. 2).

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

Telephone: [phone]; FAX: [phone] Contact: Dr. Chris Ringrose, Managing Director:

email:[e-mail]

RC and AC Results - Wongan Hills, Feb 2022

For personal use only

Fig.1. RC and AC target drilling completed Jan 2022, at Rupert

with significant results highlighted (Drone Mag Image).

2

RC and AC Results - Wongan Hills, Feb 2022

For personal use only

~3km

Fig.2. Interpreted further prospectivity along untested portion of Rupert Trend

(Drone Mag Image).

3

RC and AC Results - Wongan Hills, Feb 2022

For personal use only

AC 138-146,175-176

AC 134-137,177-179

Fig. 3. Wongan Hills: Four, first-order targets on VTEM image

(FVD, channel 47 - z component):

AC and RC drilling targeted soil anomalies at Rupert North (2),

Rupert at RC6, and Rupert South.

Pd soil analyses derived by Mobil Metal Ion

leach technology as reported in WAMEX 71944. (Annual Report, 2005, Red River Resources Ltd.)

4

RC and AC Results - Wongan Hills, Feb 2022

For personal use only

Fig.4. Labelled AC drill hole sections on bedrock interpretation plan.

5