Cullen Reports $242k Exploration Spend and $450k Bromus Project Sale

Yardilla Project Drilling Validates Historical Gold Targets

Cullen Resources Limited (ASX:CUL) has reported promising early results from reconnaissance air core drilling at its Yardilla Gold Project in Western Australia. The program, completed in May, confirmed and extended historical gold anomalies at the Lila and Cleanthes prospects, which are structurally linked to the regional-scale Cundeelee Fault and its splays. The anomalies were intersected in weathered bedrock, primarily within foliated to gneissic mafic and felsic rocks containing trace to 5% pyrite.

The drilling supports the company’s current geological interpretation that at Lila, granite margins interlayer with mafic gneisses, while at Cleanthes, mafic gneisses occur within gneissic granite adjacent to metapelites. Cullen plans further air core and reverse circulation drilling to test these anomalies at depth and across complex structural zones that have not been previously drilled. Understanding the structural controls remains a priority, as the gold anomalies suggest a westerly dip but require more data for confirmation.

Northern Finland JV Delivers Copper-Silver Veining Intercepts

In Finland, Cullen’s 20% free carried interest joint venture with Capella Minerals has intersected significant copper-silver mineralisation in diamond drilling at the Killero East prospect. Nine holes totaling 2,008 metres encountered up to 40 metres of quartz-carbonate veining with copper and silver grades in meta-gabbro and mafic metavolcanic rocks. Notable assays include 0.76 metres at 3.7% copper and 19.6 g/t silver, and other intercepts with elevated copper and zinc values.

This drilling confirms historical Base of Till anomalies and adds to the growing evidence of a mineralised system within the Central Lapland Greenstone Belt. Cullen has also commenced reconnaissance diamond drilling at Killero West targeting gold-copper anomalies, signaling an active exploration phase in the JV. The Killero East results build on earlier progress and position the JV well for potential resource definition phases.

Marymia Inlier Project Gains Momentum with New Licences

Cullen secured exploration licences covering approximately 75 square kilometres at the Marymia Inlier Project, located about 10 kilometres east of Catalyst Metals’ Hermes gold deposit. The tenements feature intercalations of prospective greenstone within granite, a geological setting that led to the discovery of Hermes. The company has signed access agreements and plans to commence mapping and sampling targeting aeromagnetic anomalies that may represent greenstone belts, aiming to generate new targets in this underexplored area.

Bromus Project Sold to Alicanto Minerals for $450,000

Post-quarter, Cullen sold its Bromus Project tenements (E63/2216 and E63/1894) to Alicanto Minerals Limited (now Sinclair Gold Ltd, ASX:SGC) for a total consideration of $450,000, comprising $100,000 in cash and $350,000 in Sinclair Gold shares. This divestment aligns with Cullen’s strategy to focus on its core projects at Yardilla and Marymia while maintaining active project generation in Australia and Finland.

Financial Position and Outlook

Cullen’s exploration expenditure for the quarter was $242,000, covering drilling activities at Yardilla, data review at Marymia, and planning for upcoming programs. Payments to related parties, including executive and non-executive director fees, amounted to $81,000. The company ended the quarter with $293,000 in cash, down from $609,000, reflecting ongoing exploration investment.

With an estimated funding runway of less than one quarter at current spending levels, Cullen acknowledges the need to raise additional capital if necessary. The company remains confident in securing funding through equity, borrowings, or further asset sales, as demonstrated by the recent Bromus sale. Cullen also holds a 1% FOB royalty on iron ore production from the West Pilbara Catho Well Channel Iron Deposit, which could provide future cash flow.