DISCOVERY OF NICKEL SULPHIDES BY WMC DIAMOND DRILLING AT THE...

DISCOVERY OF NICKEL SULPHIDES BY WMC DIAMOND DRILLING AT THE “AK47” PROSPECT, GUNBARREL PROJECT
The Company is pleased to announce that WMC Resources Ltd (“WMC”), the Manager of the
Gunbarrel Nickel Joint Venture, has reported that it has intersected a narrow zone of magmatic
nickel sulphide in one of two diamond drillholes recently completed within the Gunbarrel Project,
Northeastern Goldfields, Western Australia. WMC can earn a 75% interest in the Joint Venture with
expenditure of $1M, with Cullen retaining 25% interest free carried to a Decision to Mine. Since the
Joint Venture was formed in 2001, WMC has completed programmes of lag sampling, air core
drilling and ground EM (electromagnetic) surveying. The Joint Venture covers approximately 35km
of strike of the Mt Eureka Greenstone Belt.
The diamond drilling programme completed was designed to test two surface EM anomalies, each
with a single hole. These anomalies were given priority due to the coincidence of Ni-Cu-Pt-Pd
anomalism identified in surface geochemical sampling.
This work is the first nickel sulphide exploration for some thirty years within the Gunbarrel
Project and GBD2 is only the fifth diamond drillhole for nickel anywhere within in the large JV
project area. As such, the intersection of magmatic nickel sulphides at a modest depth in GBD2
is regarded by Cullen as a significant breakthrough which enhances the prospectivity of the
belt.
Drillhole GBD2 intersected a 0.2m zone of massive nickel bearing sulphide with associated minor,
disseminated sulphides at the target depth (as defined by the EM data), in a zone of structural
deformation. Importantly, elevated nickel results were also received from a zone of coarse, “blebby”
sulphides further downhole. The first hole, GBD1, did not intersect any conductive material within
the hole, or any anomalous geochemistry.
TABLE – Drillhole summary and results
HOLE ID Northing Easting ASSAYS COMMENT
GBD2 7058830 354070 0.65m @ 0.90% Ni, 0.20% Cu
0.45 g/t Pt+Pd from 139.7m
Downhole EM required
including 0.20m @ 1.93% Ni, 0.42% Cu
0.70 g/t Pt+Pd, from 139.7m
and 2.8m @ 0.39% Ni, 0.06% Cu
0.13 g/t Pt+Pd, from 168.0m
GBD1 – 230m to EOH; GBD2 – 250m to EOH
WMC reported that “ ….the results of GDB2 are considered significant as it has confirmed the
targeted plate (conductor) as magmatic nickel sulphide. This hole represents the first drillhole test of
the AK47 surface conductor, which is interpreted to extend over 300m in strike.”
WMC is now planning further work to include: downhole EM surveying (both GBD1 and 2) and
further drilling of the defined conductors partially tested by GBD1 and 2. The programme will
consist of 2 to 4 holes to be drilled in the December Quarter. Additional surface EM surveying is
planned to test the along strike extensions of the AK47 trend.