TECHGEN METALS LTD — Capital/Financing Update 2021

Apr 13, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

14 April 2021

RC DRILLING PROGRAM COMPLETED

AT EL DONNA GOLD PROJECT

HIGHLIGHTS

• RC drilling program of 11 holes for 1,346 metres completed.

• Drilling intersected zones of intense alteration and quartz veining.

• 373 composite samples submitted for gold assay.

• Historic intercepts at El Donna include 3m@ 17.9 g/t, 21m@ 1.5g/t and 2m@17g/t gold¹.

TechGen Metals Limited (ACN 624 721 035) (“ TechGen ” or the “ Company ”) is pleased to advise that its maiden RC drilling program has been completed at the Company’s 100% owned El Donna gold project (Image 1 & Figure 1). The program consisted of 11 RC drill holes for a total of 1,346m (Table 1). Eight drill holes were completed at the El Donna 7 Prospect and three drill holes were completed at the Star Prospect. Composite (4m) samples were collected throughout each hole and a total of 373 samples are being assayed for gold at ALS.

Drilling at the El Donna 7 Prospect was designed to confirm and check for extensions to high grade drill intersections, including 3m @ 17.9g/t Au, reported in 1996 by Wiluna Gold Pty Ltd. Geological units intersected included mafic volcanics, felsic volcanics and black shale and in some areas the rock units were intensely silica-sericite-carbonate-pyrite altered. Several intersections containing quartz veining were logged.

Drilling at the Star Prospect was designed to test beneath small scale gold workings and interpretation of the geology intersected during drilling suggests that the shear zone that runs through the historic workings was intersected at depth with quartz veining present (Image 2). The geology at the Star Prospect included shale, chert, mafic volcanics and felsic porphyry. The Star Prospect geology observed in drill-chips appears similar to the nearby Penny’s Find Gold mine.

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Image 1 : RC drilling at El Donna including drill rig and sample piles.

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The El Donna project is ideally located 50km north east of Kalgoorlie and is situated between the Mayday North Gold Mine (84,000 oz @ 1.5g/t Au Indicated & Inferred) owned by Bardoc Gold Limited (ASX: BDC) and the Penny’s Find Gold Mine (56,000 oz @ 7.04g/t Au Indicated & Inferred) owned by Orminex Limited (ASX: ONX) and Horizon Minerals Limited (ASX: HRZ). The project is situated within the Gindalbie Domain of the Kurnalpi Terrane, which is part of the Eastern Goldfields Superterrane of the Archean Yilgarn Craton. The El Donna gold project is considered prospective for gold mineralisation similar to that observed at both the Mayday North Gold Mine, 2km to the north, and the Penny's Find Gold Mine, 3.5km to the south.

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Figure 1: El Donna project geology.

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Table 1: Details of RC drill holes completed at the El Donna gold project.

HoleID	Prospect	Easting (mE)	Northing (mN)	Grid	Dip	Azimuth	Depth (m)
ELRC001	El Donna 7	391938	6628219	MGA2020 Z51	-60	270	120
ELRC002	El Donna 7	391978	6628180	MGA2020 Z51	-60	270	150
ELRC003	El Donna 7	391970	6628163	MGA2020 Z51	-60	270	120
ELRC004	El Donna 7	391993	6628161	MGA2020 Z51	-60	270	150
ELRC005	El Donna 7	392016	6628160	MGA2020 Z51	-60	270	150
ELRC006	El Donna 7	392033	6628163	MGA2020 Z51	-60	270	150
ELRC007	El Donna 7	392018	6628138	MGA2020 Z51	-60	270	150
ELRC008	El Donna 7	392063	6628096	MGA2020 Z51	-60	270	120
ELRC009	Star	392258	6625756	MGA2020 Z51	-60	195	66
ELRC010	Star	392243	6625762	MGA2020 Z51	-60	215	80
ELRC011	Star	392225	6625794	MGA2020 Z51	-60	215	90

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Image 2 : Historic gold workings at the Star Prospect.

The Company looks forward to updating the market as and when results have been received and analysed by its technical team.

¹ 3m@ 17.9 g/t from 96m (GRC15), 21m@ 1.5g/t from 341m (EDD003) and 2m@17g/t gold from 36m (ES100)

ENDS

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About TechGen Metals Limited

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TechGen is an Australian registered exploration Company with a primary focus on exploring and developing its 100% owned gold and copper projects in Western Australia (regarded as the top jurisdiction in the world for mining investment). The Company’s objective is to create wealth for its shareholders through commercial exploration success.

TechGen holds a portfolio of twelve exploration licences strategically located in three highly prospective geological regions of Western Australia; the Yilgarn Craton, Paterson Orogen and Ashburton Basin.

The Yilgarn Craton and Paterson Orogen are both proven world class gold and base metal provinces whilst the Ashburton Basin is considered highly prospective yet under explored and has the potential for major new gold and base metal discoveries. The spread of projects across these three geological regions provides the Company with geographical and operational diversification.

TechGen has an experienced board and management team, with a broad range of exploration, development, management, legal, finance, commercial and technical skills in the resource industry. The Company’s Managing Director and Technical Director are project vendors and substantial holders, driven to actively manage projects and deliver value to shareholders.

For more information, please visit our website: www.techgenmetals.com.au

Authorisation

For the purpose of Listing Rule 15.5, this announcement has been authorised for release by the Board of Directors of TechGen Metals Limited.

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on and fairly represents information compiled and reviewed by Andrew Jones, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Andrew Jones is employed as a Director of TechGen Metals Limited. Andrew Jones has sufficient experience that is relevant to to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Andrew Jones consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.

Previously Reported Information

The information in this announcement that references previous exploration results is extracted from the Company's Prospectus dated 17 February 2021.

For further information, please contact:

Mr Ashley Hood Managing Director P: +61 6557 6606 E: admin@techgenmetals.com.au www.techgenmetals.com.au