Cullen Resources : Exploration Update - Barlee Project

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ASX ANNOUNCMENT

www.cullenresources.com.au

ASX:CUL

10 December 2021

EXPLORATION UPDATE - Barlee Project, SE of Youanmi

Cullen Resources Limited ("Cullen" or the "Company") is pleased to announce the results of its inaugural air core drilling at its 100% - owned Barlee project, where it is targeting high-grade,Penny-type gold lodes.

• Reconnaissance air core drilling of magnetic anomalies intersected potentially large bodies of greenstone (including mafics-ultramafics) within a substantial, previously-untested granite terrane;
• Elevated levels of Au, Ag, Ni, Cu, Pb and/or As in greenstones and/or their contacts include: Au to 6ppb (background <1); Ag to 0.45ppm ( background ~0.02) Pb to 133ppm (background <10) and Ni to 987ppm (background ~30) in 4m composites;
• The different magnetic bodies show a range in lithologies including: granite, pegmatite, minor banded iron formation, and mafic to ultramafic greenstone stratigraphy;
• Results are considered to be highly encouraging given the wide spacing of drill holes (mainly 100m along existing fence lines); and,
• Further drilling is planned following heritage clearances and access development - especially to the south of drilling to date on E2606; and an airborne VTEM survey is under consideration over selected areas.

BARLEE PROJECT, WA - Cullen 100% (Fig.1).

Barlee is a "greenfield" project area of approximately 450 sq. km which extends from 10 - 55 km SSE of the Penny Gold (previously "Penny West") deposit and the Youanmi greenstone belt, towards the NW tip of the Marda - Diemals greenstone belt. It covers significant strike of underexplored shear zones and numerous elongate and/or folded aeromagnetic anomalies (highs), which are interpreted to be intercalated greenstone within the granite terrane. An initial program of reconnaissance air core drilling (54 holes for 2102m) has been completed with traverses of some aeromagnetic anomalies accessible via existing fence line tracks (Fig.1).

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

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

email:[e-mail]

For personal use only

Exploration Update - Barlee Project, Dec 2021

The objective of this program was to establish the presence of suspected, prospective greenstone stratigraphy, the range of lithologies, and preliminary bedrock geochemistry. Sheared greenstone-granite contacts will be the focus of follow-up exploration, targeting high - grade, gold lodes. Soil sampling has also been completed in the northern tenure (E57/1135), focused on magnetic anomalies and interpreted faults, with assays pending.

Fig. 1 Barlee Project: Air core drill traverses and soil sampling completed.

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Exploration Update - Barlee Project, Dec 2021

Table 1: Reconnaissance Air Core Holes completed - Barlee Project (Figs.1 and 2).

	Hole Id	E	N	Dec°	Az°	Depth m
	LBAC001	695305	6780976	-60	87	3
	LBAC002	695200	6780970	-60	87	15
only	LBAC003	695100	6780966	-60	87	39
LBAC003A	695149	6780969	-60	87	29
LBAC004	695000	6780961	-60	87	18
	LBAC005	694900	6780950	-60	87	12
	LBAC006	694800	6780950	-60	87	4
	LBAC007	694700	6780950	-60	87	3
	LBAC008	694600	6780940	-60	87	3
	LBAC009	693800	6780895	-60	87	43
	LBAC010	693700	6780885	-60	87	28
use	LBAC011	693600	6780880	-60	87	49
LBAC012	693500	6780875	-60	87	60
LBAC013	693200	6780860	-60	87	65
LBAC014	693100	6780855	-60	87	84
LBAC015	693000	6780850	-60	87	66
LBAC016	692900	6780845	-60	87	67
LBAC017	692800	6780840	-60	87	65
LBAC018	692300	6780815	-60	87	35
LBAC019	692200	6780810	-60	87	30
personal	LBAC020	692100	6780810	-60	87	42
LBAC021	691800	6780790	-60	87	72
	LBAC022	690485	6770800	-60	87	47
	LBAC023	690480	6770900	-60	25	29
	LBAC024	690520	6771000	-60	25	16
	LBAC025	690560	6771100	-60	25	12
	LBAC026	690600	6771200	-60	25	12
	LBAC027	690640	6771300	-60	25	15
	LBAC028	690685	6771400	-60	25	18
	LBAC029	690725	6771500	-60	25	28
	LBAC030	690770	6771600	-60	25	63
	LBAC031	690800	6771700	-60	25	69
	LBAC032	691200	6771750	-60	90	29
	LBAC033	691300	6771750	-60	90	49
	LBAC034	691400	6771750	-60	90	17
	LBAC035	691500	6771750	-60	90	39
	LBAC036	691600	6771750	-60	90	30
	LBAC037	690940	6772000	-60	25	87
For	LBAC038	690980	6772100	-60	25	36
LBAC039	691020	6772200	-60	25	24
LBAC040	691060	6772300	-60	25	55
	LBAC041	691100	6772400	-60	25	60
	LBAC042	686900	6766390	-60	89	23
	LBAC043	687400	6766400	-60	89	10
	LBAC044	687500	6766400	-60	89	24
	LBAC045	687600	6766400	-60	89	21
	LBAC046	687700	6766480	-60	89	5
	LBAC047	690000	6766480	-60	89	60
	LBAC048	690100	6766480	-60	89	77
	LBAC049	690200	6766480	-60	89	69
	LBAC050	690300	6766480	-60	89	54
	LBAC051	695060	6780962	-60	87	48
	LBAC052	693042	6780854	-60	87	75
	LBAC053	692950	6780848	-60	87	69
					54 Holes	2102

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Exploration Update - Barlee Project, Dec 2021

Table 2. Assay ranges for selected pathfinder elements in air core drilling.

For personal use only

Elements	Ag	As	Au	Co	Cu	Ni	Pb	W	Zn
Range	<0.01 - 0.45	<0.5 - 7.8	<1 - 6	0.3 - 138	0.8 - 237	1 - 987	1 - 133	<0.05 - 9.5	<2 - 315
	ppm	ppm	ppb	ppm	ppm	ppm	ppm	ppm	ppm
LDL	0.01	0.5	1	0.1	0.5	0.2	0.2	0.05	2

LDL - lower detection limit

	18	13	9	1
21	17	12		8

41

37 32-36

31

22

42- 46

47-50

Fig 2. Notable assays shown for each section of drilling - assays shown are not necessarily for the same drill hole. Range of hole numbers shown for each section (see Table 3)

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Exploration Update - Barlee Project, Dec 2021

For personal use only

Table 3. Traverses of drilling - assays with location shown on Fig.2.

Hole Id	E	N	From	To	Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn
LBAC001	695305	6780976	0	3	0.04	0.9	2	0.1	7.5	12.9	0.53	18.8	7.1	<0.5	0.03	0.35	26
LBAC002	695200	6780970	0	4	0.01	0.8	<1	0.07	2.6	10.4	0.3	10.2	5.6	<0.5	0.01	0.25	10
			4	4	0.02	0.7	<1	0.03	1.5	13.3	0.21	5.1	8.5	<0.5	<0.01	0.33	8
			8	8	<0.01	<0.5	1	0.04	7.1	22.8	0.53	38.5	15.1	<0.5	0.01	0.11	41
			12	15	0.01	<0.5	1	0.05	4.6	12	0.68	17.1	12.4	<0.5	0.01	0.3	35
LBAC003A	695150	6780970	0	4	0.01	1.5	1	0.06	5.3	19.1	0.35	20.3	4.8	<0.5	0.04	0.26	11
			4	8	<0.01	1	<1	0.07	6	47.7	0.38	57.4	14	<0.5	<0.01	0.41	22
			8	12	0.01	<0.5	<1	0.09	8.6	64	0.43	78.7	17.7	<0.5	<0.01	0.19	34
			12	16	0.01	<0.5	<1	0.42	23.7	107.7	0.4	276.7	45.1	<0.5	0.04	<0.05	114
			16	29	<0.01	<0.5	<1	0.61	8.6	75.4	0.8	56.5	29.9	<0.5	0.01	0.07	53
			20	33	0.02	<0.5	<1	0.12	7.8	76.8	1.83	38.1	40.9	<0.5	<0.01	<0.05	72
			24	37	0.03	0.6	<1	0.13	14.3	72.3	1.79	51.6	54.8	<0.5	0.01	<0.05	71
			28	29	0.03	<0.5	<1	0.03	8.1	37.6	0.55	19.1	15.3	<0.5	0.01	0.49	48
LBAC003	695100	6780966	0	4	0.02	1.7	2	0.09	8.8	55	0.68	48	10.5	<0.5	0.04	0.15	26
			4	8	0.02	1.4	<1	0.27	16.4	132	0.84	88	17.5	<0.5	0.06	0.31	40
			8	12	0.01	<0.5	<1	0.1	15.6	84.6	1.08	89.1	15.9	<0.5	0.03	0.06	37
			12	16	0.01	<0.5	<1	0.13	29.1	74.5	0.76	136.5	15.4	<0.5	0.02	0.06	57
			16	20	0.03	<0.5	<1	0.03	39.5	54.6	0.64	128.3	15	<0.5	0.02	0.11	55
			20	24	0.03	0.6	<1	0.07	53.7	100.8	0.24	239.4	19.4	<0.5	0.03	<0.05	69
			24	28	0.05	<0.5	<1	0.08	111.3	112.6	0.52	360.3	12.9	<0.5	0.02	<0.05	104
			28	32	0.05	<0.5	<1	0.03	135.6	26.1	0.6	196.9	3.6	<0.5	0.01	0.1	75
			32	36	0.04	<0.5	<1	0.04	63.1	12.7	0.54	201.8	12.2	<0.5	<0.01	0.09	88
			36	39	0.05	<0.5	<1	0.05	27	18.1	0.61	105.3	8.6	<0.5	0.01	0.45	57
LBAC004	695000	6780961	0	4	0.02	1.5	<1	0.11	5	11.3	0.71	17	6.3	<0.5	0.02	0.15	15
			4	8	0.01	<0.5	<1	0.01	1.2	4.7	0.17	4.9	9.2	<0.5	<0.01	0.07	4
			8	12	0.01	1.8	<1	0.01	0.7	4.8	0.16	10.8	8.4	<0.5	<0.01	<0.05	4
			12	16	0.01	<0.5	<1	<0.01	0.9	5.5	0.07	19.6	14.2	<0.5	<0.01	<0.05	8
			16	18	0.02	<0.5	<1	0.05	1.1	8.7	0.23	10.9	24.2	<0.5	<0.01	<0.05	9
LBAC005	694900	6780950	0	4	0.03	<0.5	<1	0.06	7.8	10.7	1.77	13.9	4.7	<0.5	0.01	0.81	39
			4	8	0.02	<0.5	<1	0.08	20.7	15.7	0.35	54.3	2.5	<0.5	<0.01	0.16	44
			8	12	0.03	<0.5	<1	0.06	10.6	35.3	0.46	18.6	3.3	<0.5	<0.01	0.24	33
LBAC006	694800	6780950	0	4	0.04	<0.5	<1	0.07	6.2	37.4	0.35	11.7	3.6	<0.5	<0.01	0.38	25
LBAC007	694700	6780950	0	3	0.02	<0.5	<1	0.17	17.3	43.8	0.54	37.5	4.1	<0.5	0.01	1.15	36
LBAC008	694600	6780940	0	3	0.03	1	<1	1.68	9.3	29.2	1.06	18.6	8.8	<0.5	0.01	0.28	24
LBAC051	695060	6780962	0	4	<0.01	1.3	<1	0.08	3.2	10.8	0.6	19.2	6.5	<0.5	0.02	0.14	14
			4	8	<0.01	0.5	<1	<0.01	0.4	1.9	0.13	2.1	5.9	<0.5	<0.01	<0.05	2
			8	12	<0.01	<0.5	<1	<0.01	0.4	1.9	0.08	2	8.1	<0.5	<0.01	<0.05	<2
			12	16	<0.01	<0.5	<1	<0.01	0.5	2.5	0.08	4.1	15.2	<0.5	<0.01	0.07	5
			16	20	<0.01	<0.5	<1	<0.01	0.4	3.8	0.09	8.3	11.7	<0.5	<0.01	<0.05	5
			20	24	0.05	<0.5	<1	0.05	11.1	42.6	0.19	123.7	8.4	<0.5	<0.01	0.09	43
			24	28	0.05	<0.5	<1	0.16	30.1	129.2	0.55	375.9	10.5	<0.5	0.02	0.22	97
			28	32	0.03	0.5	<1	0.09	103	47.4	0.66	686.3	5.8	<0.5	<0.01	0.16	263
			32	36	0.06	0.5	<1	0.09	64.5	16	1.4	382.1	3.4	<0.5	<0.01	0.23	82
			36	40	0.02	0.7	<1	0.22	89.2	27.4	1.23	839.3	1.6	<0.5	0.02	0.08	149
			40	44	0.01	<0.5	<1	0.02	57.1	3.6	0.63	654	1.9	<0.5	<0.01	0.12	70
			44	48	0.03	<0.5	<1	0.03	54.9	10	1.01	540.3	4.3	<0.5	<0.01	0.21	76

LBAC 51 an infill hole on this line

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