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Cullen Resources shares jump on possible nickel potential at Mt Eureka


Cullen Resources (ASX:CUL) shares jumped as it plans airborne electromagnetic survey this quarter to test for nickel sulphide targets at the Mt Eureka project in Western Australia.

Shares were up almost 23% at $0.027 a share.

Its prospects for drilling success were boosted on back of recent discovery of nickel sulphides by Rox Resources (ASX:RXL) at Fisher East with ultramafics there interpreted to extend into Cullen's grounds.

One of the largest VTEM anomalies outlined by Rox's geophysical survey on the Mt Fisher East project area appears to extend into Cullen's ELA53/1637 tenement and will be an immediate target upon tenement granting.

An airborne electromagnetic survey is scheduled to identify potential nickel sulphide targets across some 10 kilometres of untested stratigraphy in the south of Cullen's tenement.

Appraisal of previous nickel sulphide exploration at Mt Eureka by WMC/BHP Billiton has highlighted 3 electromagnetic conductors as priority drill targets.

All the 3 conductors lie in the northern part of the Mt Eureka Greenstone belt and there are other significant nickel anomalies and prospects in Cullen's tenure including AK47 at 0.2 metres at 1.93% Ni from 140 metres, and 95MER003 at 11 metres at 0.86% Ni.

Cullen Resources has 100% ownership of a large area  of about 650 square kilometres of approved tenure via E53/1299, 1300, 1209 and PLs 53/1264, 1265 and applications for ELAs 53/1630, 1635, and 1637 in the Mt Eureka Greenstone Belt in the North Eastern Goldfields of Western Australia, which includes several targets for nickel sulphides.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Cullen Resources Ltd

Price: 0.012 AUD

Market: ASX
Market Cap: $2.27 m

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