Cullen Resources Limited (ASX:CUL) Announces Binding Term Sheet for Yardilla Gold Project Acquisition
Project Acquisition Details
Cullen Metals Pty Ltd, a subsidiary of Cullen Resources Limited, has signed a Binding Term Sheet to acquire up to a 90% interest in Exploration Licence Application E63/2463. This application covers approximately 150 square kilometres in the Eastern Goldfields of Western Australia. The land consists of two identified gold prospects, “Lila” and “Cleanthes”, previously explored but only partially drilled.
Yardilla Project Expansion
Additionally, Cullen Exploration Pty Ltd has applied for an adjoining exploration licence, further expanding the potential Yardilla project to a total of around 325 square kilometres. This project lies approximately 90 km east of Norseman, making it easily accessible from the Eyre Highway.
Due Diligence Phase
Cullen has initiated a due diligence process during a three-month exclusivity period which involves reviewing historical data and conducting field assessments. The company will pay the vendors $15,000 for exclusivity during this period.
Financial Commitments and Future Interest
Subject to satisfactory due diligence, Cullen plans to pay $25,000 in exchange for all intellectual property and mining information. To move forward with the acquisition, Cullen will make further incremental payments, totaling $350,000 exclusive of GST, to earn the full 90% interest. Managing Director Chris Ringrose stated, “This project is a significant addition to our portfolio and aligns with our strategy for selective investment in promising mineral exploration projects.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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