TECHGEN METALS LTD — Capital/Financing Update 2021

Oct 12, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

13[th] October 2021

BLUE ROCK VALLEY

ASHBURTON COPPER PROJECT

INVESTMENT HIGHLIGHTS

• 3D MODELLING OF VTEM TARGETS COMPLETED AT THE HISTORIC BLUE ROCKS COPPER MINE

• STUNNING ROCK CHIP COPPER ASSAYS OF 49.9% CU & 36.4% CU RECEIVED

• XRD ANALYSIS HAS HIGHLIGHTED THE PRESENCE OF PRIMARY CU SULPHIDES – FIRST REPORTED OCCURRENCE OF SULPHIDES AT THE BLUE ROCK VALLEY PROJECT

• INAUGURAL RC DRILLING BOOKED AT TWO KEY TARGETS

• BLUE ROCK VALLEY HAS A RICH HISTORY OF HIGH-GRADE COPPER OXIDE (>16% CU) PRODUCTION IN THE EARLY TO MID 1900’S WITH NO TO LIMITED MODERN EXPLORATION

TechGen Metals Limited (ACN 624 721 035) (“TechGen” or the “Company”) is pleased to provide an update on exploration activities at the Company's 100% owned Blue Rock Valley (BRV) Ashburton Copper project.

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49.9% Cu
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Figure 1: BRV Project (E08/3030) showing VTEM plate modelling over magnetics and satellite images.

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Recent project advancements at the BRV project have included 3D modelling of three late time bed rock VTEM conductors identified adjacent to the Blue Rocks Cu Mine (Figure 1), assay results from 5 rock chip samples collected from around the historical copper workings and semi-quantitative XRD analysis completed by ALS Metallurgy on the 5 rock chip samples.

The 5 rock chip samples were collected during the recent heritage clearance surveys and average an impressive 26.03 % Cu (copper) and 4.23 g/t Ag (silver; Table 2). Sample BRR011 (image 1.) assayed at 49.9% Cu , this particular sample was collected ~127m from the historical shafts in an area most likely where the high-grade ores were treated or stockpiled for transport.

XRD analysis successfully highlighted the presence of three sulphide minerals (Digenite, Covellite & Chalcocite) and two sulphate minerals (Brochantite & Antlerite) refer to Table 1 below. Copper oxide minerals azurite and malachite were also confirmed by XRD analysis. The Company views these results as significant as there have been no previous recordings of copper sulphide minerals within the rich copper oxide workings at Blue Rock Valley.

		Sample 1 Sample 2 Sample 3 Sample 4 Sample 5 BRR011 BRR012 BRR013 BRR014 BRR015 Mass % 10 0 0 0 0 2 0 0 0 0 0 3 0 0 0 70 0 2 2 0 4 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 72 32 32 0 1 0 0 0 0 2 9 5 8 9 < 1 < 1 < 1 1 1 10 15 61 58 89	Sample 1 Sample 2 Sample 3 Sample 4 Sample 5 BRR011 BRR012 BRR013 BRR014 BRR015 Mass % 10 0 0 0 0 2 0 0 0 0 0 3 0 0 0 70 0 2 2 0 4 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 72 32 32 0 1 0 0 0 0 2 9 5 8 9 < 1 < 1 < 1 1 1 10 15 61 58 89	Sample 1 Sample 2 Sample 3 Sample 4 Sample 5 BRR011 BRR012 BRR013 BRR014 BRR015 Mass % 10 0 0 0 0 2 0 0 0 0 0 3 0 0 0 70 0 2 2 0 4 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 72 32 32 0 1 0 0 0 0 2 9 5 8 9 < 1 < 1 < 1 1 1 10 15 61 58 89	Sample 1 Sample 2 Sample 3 Sample 4 Sample 5 BRR011 BRR012 BRR013 BRR014 BRR015 Mass % 10 0 0 0 0 2 0 0 0 0 0 3 0 0 0 70 0 2 2 0 4 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 72 32 32 0 1 0 0 0 0 2 9 5 8 9 < 1 < 1 < 1 1 1 10 15 61 58 89	Sample 1 Sample 2 Sample 3 Sample 4 Sample 5 BRR011 BRR012 BRR013 BRR014 BRR015 Mass % 10 0 0 0 0 2 0 0 0 0 0 3 0 0 0 70 0 2 2 0 4 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 72 32 32 0 1 0 0 0 0 2 9 5 8 9 < 1 < 1 < 1 1 1 10 15 61 58 89
	Mineral or mineral group	Sample 1	Sample 2	Sample 3	Sample 4	Sample 5
		BRR011	BRR012	BRR013	BRR014	BRR015
		Mass %
	Digenite	10	0	0	0	0
	Covellite	2	0	0	0	0
	Chalcocite	0	3	0	0	0
	Brochantite	70	0	2	2	0
	Antlerite	4	0	0	0	0
	Jarosite	1	0	0	0	0
	Malachite	0	1	1	1	1
	Azurite	0	72	32	32	0
	Clay mineral	1	0	0	0	0
	Kaolinite	2	9	5	8	9
	Micas and/or illite	< 1	< 1	< 1	1	1
	Quartz	10	15	61	58	89

Table 1: Semi-quantitative XRD analysis by ALS Metallurgy.

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BRR011
8cm
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Image 1: Rock sample BRR011 assayed at 49.9% copper and 4.93 g/t silver.

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Three overlapping VTEM plates are immediately adjacent to the historical Blue Rocks Cu workings (Figures 1 and 3) and trending in a northwest to southeast direction adjacent to a second order exposed fault slightly west of the primary Talga Fault.

FLTEM target area #1 lies to the northwest in E08/3030 and is modelled as steep to moderate plunging and strategically adjacent to a flexure within the primary Talga Fault. Ground FLTEM has measured the EM plate to be of significant size, 600 x 600m in aerial view and the top of target depth is ~150m below surface. The bed rock conductance is within range for a copper and base metal style massive sulphide target. The Glen Florrie historic lead working are approximately 2.3km to the northeast, however appear to be unrelated to this target.

et.
						S % 9.82 2.75 0.32 0.07 0.01
Sample ID	**Easting **	Northing	Grid	Cu %	**Ag g/t **	S %
BRR011	396659	7455026	MGA94_Z50	49.9	4.93	9.82
BRR012	396623	7455143	MGA94_Z50	37.6	6.69	2.75
BRR013	396634	7455019	MGA94_Z50	16.05	4.34	0.32
BRR014	396632	7455138	MGA94_Z50	14.85	2.82	0.07
BRR015	396634	7455121	MGA94_Z50	11.75	2.37	0.01

Table 2: Assay data from rock chip samples BRR011 to BRR015

TechGen’s Managing Director and Blue Rock Valley vendor, Mr Ashley Hood commented : “After many months since listing back on the 7[th] April earlier this year our dedicated technical teams have delivered two robust and exceptionally well located drill ready targets, with each having their own favourable structural complexities. The very recently discovered high grade copper sulphide bearing rock chip samples have added another favourable layer to this historic mining area where only oxide copper material has previously been recorded.

On behalf of the Company, we look forward to keeping our valued shareholders updated as we progress exploration of our exciting copper portfolio."

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Three sulphide mineral descriptions from Table 1.

Digenite: Digenite occurs in the transitional zone of supergene oxidation of primary sulfide ore deposits, at the interface between the upper and lower saprolite ore zones. It is rarely an important mineral for copper ores, as it is more usually replaced by chalcocite further up in the weathering profile, and is a minor weathering product of primary chalcopyrite. Natural digenite always contains a small amount of iron and is considered to be stable only in the Cu-Fe-S system. https://en.wikipedia.org/wiki/Digenite

Covellite: Covellite's occurrence is widespread around the world, with a significant number of localities in Central Europe, China, Australia, Western United States, and Argentina.[3] Many are found close to orogenic belts, where orographic precipitation often plays a role in weathering. An example of primary mineral formation is in hydrothermal veins at depths of 1,150 m found in Silver Bow County, Montana.[3] As a secondary mineral, covellite also forms as descending surface water in the supergene enrichment zone oxidizes and redeposits covellite on hypogene sulfides (pyrite and chalcopyrite) at the same locality.[3] An unusual occurrence of covellite was found replacing organic debris in the red beds of New Mexico. https://en.wikipedia.org/wiki/Covellite

Chalcocite: Chalcocite is sometimes found as a primary vein mineral in hydrothermal veins. However, most chalcocite occurs in the supergene enriched environment below the oxidation zone of copper deposits as a result of the leaching of copper from the oxidized minerals. It is also often found in sedimentary rocks.

It has been mined for centuries and is one of the most profitable copper ores. The reasons for this is its high copper content (66.7% atomic ratio and nearly 80% by weight) and the ease at which copper can be separated from sulfur. https://en.wikipedia.org/wiki/Chalcocite

Two sulphate mineral descriptions from Table 1.

Brochantite: Brochantite is a sulfate mineral, one of a number of cupric sulfates. Its chemical formula is Cu4SO4(OH)6.[1][2][3] Formed in arid climates or in rapidly oxidizing copper sulfide deposits, it was named by Armand Lévy for his fellow Frenchman, geologist and mineralogist A. J. M. Brochant de Villiers.[3]

Crystals of brochantite can range from emerald green to black-green to blue-green, and can be acicular or prismatic. Brochantite is often associated with minerals such as malachite, azurite, and chrysocolla, and may form pseudomorphs with these minerals. https://en.wikipedia.org/wiki/Brochantite

Antlerite: Antlerite is a greenish hydrous copper sulfate mineral, with the formula Cu3(SO4)(OH)4. It occurs in tabular, acicular, or fibrous crystals with a vitreous luster. Originally believed to be a rare mineral, antlerite was found to be the primary ore of the oxidised zones in several copper mines across the world, including the Chuquicamata mine in Chile, and the Antler mine in Arizona, US from which it takes its name. It is chemically and optically similar in many respects to other copper minerals such as malachite and brochantite, though it can be distinguished from the former by a lack of effervescence in hydrochloric acid. https://en.wikipedia.org/wiki/Antlerite

ENDS

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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 thirteen 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 and from ASX Announcements made on the 19th April 2021 and the 8th July 2021.

For further information, please contact:

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

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
(Criteria in this section applyto all succeedingsections.)
Criteria	JORC Code explanation		Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random chips, or specific specialised	•	XRD analysis was undertaken on the same 5 samples submitted as rock chip samples.
techniques		industry standard measurement tools appropriate to the minerals under investigation,	•	The samples were submitted to ALS Metallurgy in Perth for semi-quantitative XRD
		such as down hole gamma sondes, or handheld XRF instruments, etc). These		analysis and ALS Laboratories for gold and multi-element assay.
		examples should not be taken as limiting the broad meaning of sampling.	•	Five rock chip samples were taken of oxide copper material present close to the Blue
	•	Include reference to measures taken to ensure sample representivity and the		Rocks Cu Mine. Samples from trenches or surface sample waste piles.
		appropriate calibration of any measurement tools or systems used.	•	Sample weights ranged between 0.18kg to 0.92kg.
	•	Aspects of the determination of mineralisation that are Material to the Public Report.	•	The rock chip samples were delivered to ALS Laboratories in Perth.
	•	In cases where ‘industry standard’ work has been done this would be relatively simple	•	Samples were assayed by ICP-MS for Au and by ICP-AES for a multi-element suite of
		(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was		elements.
		pulverised to produce a 30 g charge for fire assay’). In other cases more explanation	•	The laboratory used internal standards to ensure quality control.
		may be required, such as where there is coarse gold that has inherent sampling
		problems. Unusual commodities or mineralisation types (eg submarine nodules) may
		warrant disclosure of detailed information.
Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,	•	Not applicable as no drilling was undertaken or reported.
techniques		Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of
		diamond tails, face-sampling bit or other type, whether core is oriented and if so, by
		_what method, etc). _
Drill sample	•	Method of recording and assessing core and chip sample recoveries and results	•	Not applicable as no drilling was undertaken or reported.
recovery		assessed.
	•	Measures taken to maximise sample recovery and ensure representative nature of the
		samples.
	•	Whether a relationship exists between sample recovery and grade and whether sample
		bias may have occurred due topreferential loss/gain of fine/coarse material.
Logging	•	Whether core and chip samples have been geologically and geotechnically logged to a	•	Chip sample had comments recorded in the field.
		level of detail to support appropriate Mineral Resource estimation, mining studies and
		metallurgical studies.
	•	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)
		photography.
	•	The total length andpercentage of the relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all core taken.	•	Sample preparation technique for XRD analysis appropriate.
techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or	•	No quality control procedures were adopted by the company as only five samples were
sample		dry.		analysed.
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation	•	The samples was pressed into a back-packed sample holder to minimise preferred
		technique.		orientation of the particles.
	•	Quality control procedures adopted for all sub-sampling stages to maximise	•	Powder X-ray diffraction (XRD) was used to analyse the sample.
		representivity of samples.	•	Five rock chip samples were taken of oxide copper material present close to the Blue
	•	Measures taken to ensure that the sampling is representative of the in situ material		Rocks Cu Mine. Samples from trenches or surface sample waste piles.
		collected, including for instance results for field duplicate/second-half sampling.
	•	Whether sample sizes are appropriate to thegrain size of the material being sampled.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Quality of assay	•	The nature, quality and appropriateness of the assaying and laboratory procedures	•	The rock chip samples were delivered to ALS Laboratories in Perth.
data and		used and whether the technique is considered partial or total.	•	Samples were crushed and pulverised.
laboratory tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters	•	Samples were assayed by ICP-MS (Au) and ICP-AES (Multi-element suite).
		used in determining the analysis including instrument make and model, reading times,	•	The laboratory used internal standards to ensure quality control.
		calibrations factors applied and their derivation, etc.	•	All work is to industry standard.
	•	Nature of quality control procedures adopted (eg standards, blanks, duplicates,	•	Powder X-ray diffraction (XRD) was used to analyse the sample.
		external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	•	A combination of matrix flushing and reference intensity ratio (RIR) constants was used in the quantification of the minerals identified in the sample.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Not applicable as no drilling was undertaken or reported.
sampling and		company personnel.
assaying	•	The use of twinned holes.
	•	Documentation of primary data, data entry procedures, data verification, data storage
		(physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of data	•	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	•	A handheld Garmin GPS unit was used to record Easting and Northing data.
points		surveys), trenches, mine workings and other locations used in Mineral Resource	•	Grid GDA94/MGA94 Zone 50 grid system.
		estimation.	•	Topographic control considered adequate.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	Five samples were submitted for analysis.
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of	•	No Mineral Resources are present at the project.
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	No compositing has been applied.
		estimation procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible structures	•	Five surface samples were submitted for analysis.
data in relation to		and the extent to which this is known, considering the deposit type.	•	No drilling data discussed.
geological	•	If the relationship between the drilling orientation and the orientation of key mineralised
structure		structures is considered to have introduced a sampling bias, this should be assessed
		and reported if material.
Sample security	•	The measures taken to ensure sample security.	•	Sample was delivered to the laboratory by company personnel.
Audits or reviews	•	The results of any audits or reviews of sampling techniques and data.	•	No formal audit has been completed on the data being reported.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria		JORC Code explanation	JORC Code explanation	Commentary
	Mineral tenement		•	Type, reference name/number, location and ownership including agreements or	TheBlue Rock Valley Projectcomprises a granted Exploration Licence, namely E08/3030
	and land tenure			material issues with third parties such as joint ventures, partnerships, overriding	and a pending Exploration Licence, namely E08/3276. The licences cover an area of
	status			royalties, native title interests, historical sites, wilderness or national park and	165km2. Blue Rock Valley Pty Ltd is the registered holder of E08/3030 and TechGen is the
				environmental settings.	registered holder of E08/3276. TechGen has entered into a term sheet with Blue Rock
			•	The security of the tenure held at the time of reporting along with any known	Valley Pty Ltd to acquire a 100% interest in E08/3030.
				impediments to obtaining a licence to operate in the area.	The Project lies on the Glen Florrie (PL N050594) Wyloo (PL N050360) and Nanutarra (PL
					N049833) Pastoral Leases.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
			Tenement E08/3030 is subject to the Thudgari People native title determination
			(WCD2009/002) (as to 94.77% of the area of the tenement) and the Combined Thiin-Mah,
			Warriyangka, Tharrikari and Jiwarli native title determination (as to 1.91% of the area of the
			tenements) each of which incorporate Indigenous Land Use Agreements (ILUA).
			Tenement E08/3030 overlies areas described as an “Other Heritage Place” being
			Carlamurlyanggu (reference 6753) affecting the western portion of the tenement and Glen
			Florrie Station (reference 11031) covering less than 1% of the area of the tenement.
			Tenement E08/3276 is subject to the Puutu Kunti Kurrama People and Pinikura people #1
			and #2 native title determination (WCD2015/003) with multiple Indigenous Land Use
			Agreements (ILUA); and the Thudgari People native title determination (WCD2009/002) (as
			to 32.62% of the area of the tenement).
Exploration done	•	Acknowledgment and appraisal of exploration by other parties.	The Ashburton Mineral Field has a long history of gold, copper, silver, lead and zinc
by other parties			exploration and is among the oldest in the state.
			In the 1970s and 1980s, majors like BHP, Newmont Corporation and BP Minerals began to
			explore the Ashburton Basin. This early exploration resulted in the initial identification of
			some significant deposits, namely Mt Clement and Mt Olympus.
Geology	•	Deposit type, geological setting and style of mineralisation.	The Project is located within the Ashburton Basin which forms the northern part of the
			Capricorn Orogen.
Drill hole	•	A summary of all information material to the understanding of the exploration results	• Not applicable as no drilling was undertaken or reported.
Information		including a tabulation of the following information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill
		hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the basis that the information is not
		Material and this exclusion does not detract from the understanding of the report, the
		Competent Person should clearly explain why this is the case.
Data aggregation	•	In reporting Exploration Results, weighting averaging techniques, maximum and/or	• There has been no data aggregation.
methods		minimum grade truncations (eg cutting of high grades) and cut-off grades are usually
		Material and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high grade results and longer
		lengths of low grade results, the procedure used for such aggregation should be stated
		and some typical examples of such aggregations should be shown in detail.
	•	The assumptions used for any reporting of metal equivalent values should be clearly
		stated.
Relationship	•	These relationships are particularly important in the reporting of Exploration Results.	• Not applicable as no drilling reported.
between	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its
mineralisation		nature should be reported.
widths and	•	If it is not known and only the down hole lengths are reported, there should be a clear
intercept lengths		statement to this effect (eg ‘down hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts should be	• Suitable maps and diagrams have been included in the body of the report.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		included for any significant discovery being reported These should include, but not be
		limited to aplan view of drill hole collar locations and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is not practicable,	•	All XRD exploration results are discussed.
reporting		representative reporting of both low and high grades and/or widths should be practiced	•	All rock chip sample results are discussed.
		to avoid misleading reporting of Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material, should be reported including (but not	•	All historic data has been previously discussed and no new exploration data is known.
exploration data		limited to): geological observations; geophysical survey results; geochemical survey
		results; bulk samples – size and method of treatment; metallurgical test results; bulk
		density, groundwater, geotechnical and rock characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further work (eg tests for lateral extensions or depth	•	Drill testing of targets.
		extensions or large-scale step-out drilling).
	•	Diagrams clearly highlighting the areas of possible extensions, including the main
		geological interpretations and future drilling areas, provided this information is not
		commercially sensitive.

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