Perth based explorer Cullen Resources (ASX: CUL) has reported high grade iron results from reverse circulation drilling at the Wyloo South and Wyloo North bedded iron ore prospects.
Fortescue Metals Group (ASX: FMG), as manager of the Wyloo Iron Ore joint venture, received the results which include:
- 36 metres at 62.2% Fe from 48 metres;
- 33m at 61.6% Fe from 21m; and
- 32m at 61.2% Fe from 1m.
Fortescue can earn up to an 80% interest in any iron ore discovered on the Wyloo Project exploration licence areas.
The Wyloo Project is located in the West Pilbara of Western Australia, just south of Cullen’s 30%-owned Catho Well channel iron deposit.
It also lies within Fortescue’s proposed “Western Hub” mining centre.
Fortescue expects the Wyloo South drilling to outline an exploration target of at least 30 million tonnes of mineralisation.
Cullen has a market capitalisation of A$28.44 million and had 2.42 million cash at the end of the September quarter.