Cullen Resources Limited has outlined an active exploration agenda for early 2026, advancing drilling programs across its gold and base metal projects in Western Australia and Finland while maintaining a stable financial footing.
- Planned air core and RC drilling at Yardilla Gold Project following heritage clearance
- RC drilling to test copper and gold anomalies at Wongan Hills commencing February
- Ongoing diamond drilling at Finland JV’s Killerö gold-copper project
- Joint ventures progressing with High Tech Metals and Lachlan Star on gold targets
- Quarterly exploration spend of $136,000 with cash reserves near $1 million
Exploration Momentum Builds at Yardilla and Wongan Hills
Cullen Resources Limited is gearing up for a busy start to 2026 with multiple drilling programs planned across its portfolio of gold and base metal projects. At the Yardilla Gold Project in Western Australia, heritage clearance surveys are set to begin in February, paving the way for air core and reverse circulation drilling targeting historical shallow gold anomalies at the Cleanthes and Lila prospects. This marks a significant step in testing a 25-kilometre trend of gold targets along a complex fault boundary between Proterozoic and Archaean terrains.
Meanwhile, at the Wongan Hills project, Cullen plans to commence RC drilling in early February to follow up on promising shallow copper anomalies identified by previous air core drilling. The program will also test structurally controlled gold and silver soil anomalies at the nearby Rupert Prospect. The company is exploring both Volcanic-Hosted Massive Sulphide and intrusion-related copper mineralisation models, reflecting the geological complexity of the area.
Joint Ventures Drive Exploration in Finland and Australian Goldfields
Cullen’s joint ventures continue to be a core part of its exploration strategy. In Finland, Capella Minerals has restarted diamond drilling at the Killerö gold-copper project, testing a significant base-of-till anomaly along a northeast-trending structural corridor. Cullen retains a 30% free carried interest to pre-feasibility, allowing it to benefit from exploration without immediate capital outlay.
In Western Australia’s Northeastern Goldfields, the Mt Eureka JV with High Tech Metals has seen High Tech increase its stake to 75% after meeting earn-in requirements. The JV is advancing drill target refinement with plans for air core, RC, and diamond drilling pending permits. The Mt Eureka prospects hold an inferred and indicated resource of approximately 63,000 ounces of gold, underscoring the project’s potential.
At the Killaloe JV with Lachlan Star, Cullen holds a 20% free carried interest to decision to mine. Recent RC drilling at the Duke Main prospect has identified down-dip extensions of a shallow gold system, with encouraging intercepts such as 13 metres at 0.52 grams per tonne gold. Lachlan Star is prioritising Killaloe amid rising gold prices, supported by government co-funded drilling incentives.
Financial Position and Corporate Developments
During the December quarter, Cullen reported exploration expenditure of $136,000, focused on new project data reviews, heritage survey planning, and drill site preparations. The company repaid $150,000 in unsecured director loans and ended the quarter with $984,000 in cash reserves, reflecting prudent financial management. No immediate capital raising is planned, suggesting confidence in current funding levels to support upcoming exploration activities.
Cullen also maintains royalties on iron ore projects in Western Australia, including a 1% FOB royalty on the Catho Well Channel Iron Deposit and deferred consideration linked to the Wyloo Royalty sale. These assets provide potential future cash flow streams that complement the company’s exploration focus.
Looking Ahead
With heritage clearances imminent and drilling programs poised to commence, Cullen Resources is positioning itself to unlock value across its diverse project portfolio. The coming months will be critical as assay results from Yardilla, Wongan Hills, and joint venture projects in Finland and Australia begin to flow, potentially reshaping the company’s exploration narrative.
Bottom Line?
Cullen’s upcoming drill campaigns and JV progress set the stage for a pivotal exploration phase that could redefine its growth trajectory.
Questions in the middle?
- What initial assay results will emerge from the Yardilla and Wongan Hills drilling programs?
- How will the evolving JV dynamics, especially in Finland and Mt Eureka, impact Cullen’s strategic focus?
- What are the timelines and potential hurdles for heritage clearances and permitting that could affect exploration schedules?