TECHGEN METALS LTD — Regulatory Filings 2021

Aug 23, 2021

(ASX: TG1) 24 August 2021

ASX ANNOUNCEMENT

FINAL ASSAY RESULTS RECEIVED FROM STAGE 1 RC DRILLING AT IDA VALLEY GOLD PROJECT

INVESTEMENT HIGHLIGHTS

• 1m ASSAYS FROM STAGE 1 RC DRILLING AT THE IDA VALLEY GOLD PROJECT

• PEAK ASSAY OF 1m @ 8.85g/t Au RETURNED FROM 84m IN HOLE IVRC002.

• A BROADER ZONE OF 58m @ 0.70g/t Au WAS INTERSECTED FROM 40m IN HOLE IVRC002 (+0.1g/t Au cut-off).

• NEAR TO SURFACE HOLE IVRC001 INTERSECTED 8m @ 1.47g/t FROM 23m.

• STAGE 2 RC DRILLING PROGRAM IS NOW UNDERWAY

• TARGETING PEAK ASSAY INTERCEPTS AT THE CENTRAL ZONE AND TO TEST SOIL ANOMALISM AT THE SOUTHERN AND NORTHERN ANOMALIES.

TechGen Metals Limited (ACN 624 721 035) (“ TechGen ” or the “ Company ”) is pleased to report that the final assay results (1m samples) have now been received from the Stage 1 RC drilling program at the Company’s 100% owned and controlled Ida Valley Gold Project located northwest of Leonora in Western Australia (Table 1 & Figures 1 to 4). The Ida Valley Gold Project covers a recently discovered northerly to northwesterly trending greenstone belt truncated in the east by a faulted contact with a gneiss/migmatite complex, and to the west by the Ballard Fault, which wraps around a large granite batholith. The project consists of three Exploration Licences covering a combined area of 199 km[2] which covers 100% of the newly discover belt.

Further to the Company’s ASX announcements dated 3[rd] May, 12[th] May and 17[th] June 2021, the final assay results comfortably confirm the presence of a new gold mineralised greenstone belt in the project area and the 1m assay results correlate well with the previously reported 4m composite assay results.

Ida Valley’s gold mineralisation is associated with laminated quartz veining, pyrite, arsenopyrite and lowlevel silver hosted by amphibolite and ultramafic rock units. The peak assay result returned was 1m @ 8.85g/t Au from 84m downhole in drill hole IVRC002 which is within a broader interval of 3m @ 3.76g/t Au from 83m.

Hole IVRC002 has also recorded a broader gold intersection of 58m @ 0.70g/t Au from 40m downhole (+0.1g/t Au cut-off). New intersections including 1m @ 1.92g/t Au from 33m (hole IVRC010) and 1m @ 0.55g/t Au from 76m (hole IVRC004) were not previously recognised by the composite sampling results.

Stage 2 RC drilling is now underway at the project designed to follow-up highly encouraging maiden discovery drill results received by the Company in July 2021. The previous inaugural drilling (stage 1) at the project was completed at the Central Zone only. The current drilling program, in addition to follow-up drilling at the Central Zone, will also test soil anomalism at the Southern Anomaly and Northern Anomaly. The +1.3km long Southern Anomaly is the largest soil anomaly identified in the project area and is untested by drilling.

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Table 1: 1m assay results from Stage 1 RC drilling at the Ida Valley Gold Project. Assays > 0.5g/t Au.

Hole Number	Easting (mE)	Northing (mN)	Dip	Azimuth	Depth (m)	From (m)	To (m)	Intersection (g/t Au)
IVRC001	257415	6835000	-60	270	72	16	17	1m@0.60
IVRC001						23	31	8m@1.47
IVRC002	257420	6835000	-70	270	114	42	43	1m@0.66
IVRC002						45	46	1m@0.97
IVRC002						52	54	2m@1.25
IVRC002						61	66	5m@1.13
IVRC002						71	74	3m@0.82
IVRC002						79	80	1m@1.55
IVRC002						83	86	3m@3.76
IVRC002						93	97	4m@2.19
IVRC003	257415	6835040	-60	270	72	39	41	2m@2.81
IVRC004	257420	6835040	-65	270	108	76	77	1m@0.55
IVRC005	257415	6835080	-50	270	72			NSR
IVRC006	257420	6835080	-50	270	96			NSR
IVRC007	257480	6835000	-60	270	102			NSR
IVRC008	257525	6834995	-60	270	120			NSR
IVRC009	257580	6834950	-60	270	102			NSR
IVRC010	257615	6834900	-60	270	60	33	34	1m@1.92
IVRC011	257620	6834900	-60	270	72	46	47	1m@2.76
IVRC011						52	53	1m@5.12

TechGen’s Managing Director and Ida Valley Project vendor, Mr Ashley Hood commented: “The significance of the 1 metre results clearly demonstrate that this new region has potential to carry grade and width, the current stage twpo RC program has been designed to demonstrate depth, strike, and additional mineralised shear repetition at depth already observed in both the western and eastern shears at the central prospect. Every new drill hole is adding valuable data and geological information to understand this new greenstone belt.

It’s still hard to fathom that these shear zones are outcropping yet never tested. The current stage two RC drilling currently underway has partly been designed to test the northern and southern geochemistry anomalies which are approximately 1km north and south of the discovery central zone."

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Figure 1: Cross section 6835000mN Ida Valley Project.

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Figure 2: Cross section 6834900mN Ida Valley Project.

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Figure 3: RC drill hole location plan (Stage 1) and interpreted geology, Ida Valley Project.

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Figure 4: Ida Valley project location.

The Company anticipates that the Stage 2 RC drilling program will take between two to three weeks to complete and looks forward to providing further updates as new news becomes available.

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 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 ASX announcements on the 3[rd] May, 12[th] May and 17[th] June 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	•	Reverse Circulation (RC) drilling samples collected as 1 metre cone split samples.
techniques		industry standard measurement tools appropriate to the minerals under investigation,	•	The 1m samples were collected straight off the cone splitter on the drill rig cyclone to
		such as down hole gamma sondes, or handheld XRF instruments, etc). These		create a sample of between 1.5 - 4kg.
		examples should not be taken as limiting the broad meaning of sampling.	•	Samples were submitted to ALS Laboratories in Perth for drying and pulverising to
	•	Include reference to measures taken to ensure sample representivity and the		produce a 50g sample for Fire Assay gold analysis. A multi-element suite of elements
		appropriate calibration of any measurement tools or systems used.		were assayed by ICP-AES following a multi acid digestion (ME-ICP61).
	•	Aspects of the determination of mineralisation that are Material to the Public Report.	•	The laboratory used internal standards to ensure quality control.
	•	In cases where ‘industry standard’ work has been done this would be relatively simple
		(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was
		pulverised to produce a 30 g charge for fire assay’). In other cases more explanation
		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,	•	RC drilling used a truck mounted Schramm T66 drill rig with a 5 1/4 inch face sampling
techniques		Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of		hammer. An auxilliary compressor and booster was also utilised for some drill holes.
		diamond tails, face-sampling bit or other type, whether core is oriented and if so, by	•	Holes were surveyed downhole using a Reflex North Seeking Gyro tool.
		_what method, etc). _
Drill sample	•	Method of recording and assessing core and chip sample recoveries and results	•	Recovery of drill cutting material was estimated from sample piles and recorded at the
recovery		assessed.		time of drilling. Recoveries were considered adequate.
	•	Measures taken to maximise sample recovery and ensure representative nature of the	•	The cyclone was regularly checked and cleaned.
		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	•	All drilling was geologically logged by a geologist at the time of drilling.
		level of detail to support appropriate Mineral Resource estimation, mining studies and	•	Logging was qualitative in nature.
		metallurgical studies.	•	All holes were geologically logged in full.
	•	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)	•	Geotechnical logging has not been carried out.
		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.	•	1m samples were taken direct from the cone splitter and placed in a pre-numbered
techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or		calico bag and submitted to ALS Laboratories in Perth. Most samples were dry
sample		dry.		although some were moist or wet. These details were recorded at the time of drilling
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation		and sampling.
		technique.	•	Sample preparation for drill samples involved drying the whole sample, pulverising to
	•	Quality control procedures adopted for all sub-sampling stages to maximise		85% passing 75 microns. A 50 gram sample charge was then used for the Fire Assay
		representivity of samples.		analysis.
	•	Measures taken to ensure that the sampling is representative of the in situ material	•	Laboratory repeats (1:20) and standards (1:20) and internal TechGen standards, field
		collected, including for instance results for field duplicate/second-half sampling.		duplicates and blanks have been used to assess laboratory accuracy and
	•	Whether sample sizes are appropriate to the grain size of the material being sampled.		reproducibility.
			•	Sample sizes are considered appropriate for the grain size of the material sampled.
Quality of assay	•	The nature, quality and appropriateness of the assaying and laboratory procedures	•	The 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 Fire Assay. This is considered an estimation of total gold
		used in determining the analysis including instrument make and model, reading times,		content.
		calibrations factors applied and their derivation, etc.	•	The laboratory used internal standards to ensure quality control.

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Nature of quality control procedures adopted (eg standards, blanks, duplicates,	•	The company also inserted standards, field duplicate and blank standards into the
		external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias)		sample sequence submitted for assay.
		and precision have been established.	•	The assaying and laboratory procedures used are considered appropriate for the
				material tested.
			•	No geophysical tools were used in determining element concentrations.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Significant intersections have not been independently verified.
sampling and		company personnel.	•	Twinned drill holes are not considered necessary at this stage.
assaying	•	The use of twinned holes.	•	Field data was collected onto paper log sheets and then entered digitally. The assay
	•	Documentation of primary data, data entry procedures, data verification, data storage		results were checked by separate Company personnel.
		(physical and electronic) protocols.	•	Sample number, GPS coordinates and description were recorded in the field.
	•	Discuss any adjustment to assay data.	•	No adjustment has been made to assay data.
Location of data	•	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	•	Sample coordinates were taken from a Garmin hand held GPS unit.
points		surveys), trenches, mine workings and other locations used in Mineral Resource	•	Downhole surveys were collected using a reflex North Seeking Gyro tool.
		estimation.	•	The grid system used is GDA94/MGA94 Zone 51.
	•	Specification of the grid system used.	•	Topographic control is considered adequate.
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	Data spacing is varied for the drill holes reported with some 20m spaced along lines but
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of		most on separate drill lines.
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	Data density is appropriately indicated in the announcement on drill hole location plans.
		estimation procedure(s) and classifications applied.	•	No Resource or Ore Reserve estimates are presented.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible structures	•	Mineralisation orientations are interpreted as North - South.
data in relation to		and the extent to which this is known, considering the deposit type.	•	To accurately sample the interpreted orientation drillholes were oriented across the
geological	•	If the relationship between the drilling orientation and the orientation of key mineralised		interpreted mineralised bodies, perpendicular to the interpreted strike of mineralisation.
structure		structures is considered to have introduced a sampling bias, this should be assessed		Holes were given a design dip of -60 to -70 degrees.
		and reported if material.	•	No sampling bias from the orientation of the drilling is believed to exist.
Sample security	•	The measures taken to ensure sample security.	•	Samples were taken and delivered to ALS Laboratories 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

Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
Criteria	JORC Code explanation		Commentary
Mineral tenement	•	Type, reference name/number, location and ownership including agreements or	•	TheIda Valley Projectcomprises three Exploration Licences, namely E29/1053,
and land tenure		material issues with third parties such as joint ventures, partnerships, overriding		E36/979 and E36/1015. The project covers an area of 199km2. The project is owned
status		royalties, native title interests, historical sites, wilderness or national park and		100% by the Company.
	•	environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.		The Project lies on the Sturt Meadows (PL N050636) and Pinnacles (PL N049812) Pastoral Leases.
				The Ida Valley Project overlies the Sturt Meadows Pastoral Lease (PL N050635) and
				an area described as an “Other Heritage Place” titled Ida Valley (reference number
				2895). The Other Heritage Place covers less than 5% of the area of the tenement.
Exploration done	•	Acknowledgment and appraisal of exploration by other parties.		Minimal exploration has been completed within the Ida Valley Project. CSR Limited
by other parties				completed stream sediment sampling during 1988 and Herald Resources Limited

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				completed a RAB/Aircore drilling program during 2001.The RAB/Aircore drilling by
				Herald Resources Limited was a minimum of 10km to the north of the RC drilling
				beingreported here.
Geology	•	Deposit type, geological setting and style of mineralisation.		The Ida Valley Project lies within the northern sector of the Norseman-Wiluna
				Greenstone Belt in the Eastern Goldfields Province of the Archean Yilgarn Craton.
				Surface geology of the area is not well understood due to lack of outcrop. Recent field
				traverses and mapping completed by TechGen located exposed faults and the
				presence of ultramafics, mafics, metasediments, pegmatites and granites.
Drill hole	•	A summary of all information material to the understanding of the exploration results	•	Drill hole information is tabulated in the body of the announcement and displayed on
Information		including a tabulation of the following information for all Material drill holes:		plan and cross section images.
		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	•	Intersections of >0.5g/t Au are considered to be anomalous and all intervals with
methods		minimum grade truncations (eg cutting of high grades) and cut-off grades are usually		>0.5g/t Au are tabulated in the body of the announcement.
		Material and should be stated.	•	No top cuts have been used.
	•	Where aggregate intercepts incorporate short lengths of high grade results and longer	•	No metal equivalent values are stated.
		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.	•	The majority of drill holes are interpreted to intersect the mineralised zones
between	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its		orthogonally or close to.
mineralisation		nature should be reported.	•	Drilling intercepts tabulated in the body of the announcement have been reported as
widths and	•	If it is not known and only the down hole lengths are reported, there should be a clear		downhole widths only. The true widths of mineralisation is not known.
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 diagrams have been included in the body of the report.
		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 RC drilling results from the program completed in May 2021 are reported.
reporting		representative reporting of both low and high grades and/or widths should be practiced	•	Exploration results at the Ida Valley Project not relevant to the RC program are
		to avoid misleading reporting of Exploration Results.		excluded from reporting.
Other substantive	•	Other exploration data, if meaningful and material, should be reported including (but not	•	All meaningful and material exploration data has been discussed and no new
exploration data		limited to): geological observations; geophysical survey results; geochemical survey		exploration data is known.
		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	•	Future work at the Ida Valley Project will include further RC drill testing of soil anomaly
		extensions or large-scale step-out drilling).		targets and follow-up of Stage 1 RC results by drilling downdip and stepping out to the
	•	Diagrams clearly highlighting the areas of possible extensions, including the main		north and south.
		geological interpretations and future drilling areas, provided this information is not
		commercially sensitive.