TECHGEN METALS LTD — Regulatory Filings 2021

Apr 21, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

22 April 2021

HIGH GRADE GOLD ROCK CHIPS RETURNED FROM THE STAR PROSPECT, EL DONNA GOLD PROJECT

HIGHLIGHTS

• Rock chip results up to 250g/t Au returned from quartz vein material at the Star Prospect

• The Star Prospect consists of shallow historic gold workings along a northwest shear zone

• RC drilling program of 3 holes recently completed to test beneath these historic workings

TechGen Metals Limited (ACN 624 721 035) (“ TechGen ” or the “ Company ”) is pleased to provide the market with the assay results of a limited rock chip sampling program (11 samples) completed at the Star Prospect which is located at the Company’s 100% owned El Donna Gold Project in the Yilgarn Craton of Western Australia (Figure 1 & 2).

The El Donna Project is ideally located 50km northeast of Kalgoorlie and is situated between the Mayday North Gold Mine (84,000 oz @ 1.5g/t Au - Indicated & Inferred Resource) owned by Bardoc Gold Limited (ASX: BDC) and the Penny’s Find Gold Mine (56,000 oz @ 7.04g/t Au - Indicated & Inferred Resource) owned by Orminex Limited (ASX: ONX) and Horizon Minerals Limited (ASX: HRZ). The project is situated within the Kurnalpi Terrane of the Eastern Goldfields Superterrane in the Archaean Yilgarn Craton of Western Australia.

The Star Prospect consists of shallow historic gold workings all oriented in a line over an approximate distance of 40m which follows a northwest trending shear zone (Photo 1 & 2). Quartz veining along the shear zone and in other orientations can be observed in outcrop, in and around the workings. Eleven rock chip samples of quartz vein material and iron-rich material were collected at the Star Prospect and sent to ALS Laboratories for assay. The assay results are shown in Table 1 and include a maximum high-grade result of 250g/t Au as well as other anomalous results such as 23g/t, 4.62g/t and 0.95g/t Au .

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Photo 1: Looking NW along the line of workings.

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Photo 2: Quartz vein material in shear zone sampled.

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Table 1: Rock chip sample assay results from the Star Prospect, El Donna Project.

Sample ID	Easting	Northing	Grid	Description	**Aug/t **
ER001	392213	6625757	MGA94_Z51	Quartz vein in workings	250
ER002	392213	6625759	MGA94_Z51	Quartz vein in workings	0.950
ER003	392206	6625767	MGA94_Z51	Quartz vein in workings	0.066
ER004	392223	6625734	MGA94_Z51	Quartz vein in workings	0.069
ER005	392224	6625741	MGA94_Z51	Quartz vein in workings	0.002
ER006	392216	6625748	MGA94_Z51	Iron-rich rock unit	0.041
ER007	392213	6625756	MGA94_Z51	Quartz vein in workings	0.1
ER008	392212	6625759	MGA94_Z51	Quartz vein in workings	23
ER009	392213	6625764	MGA94_Z51	Quartz vein in workings	4.62
ER010	392214	6625762	MGA94_Z51	Quartz vein in workings	0.375
ER011	392195	6625779	MGA94_Z51	Quartz vein in workings	0.018

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Figure 1: Plan view showing rock chip sample locations, Star Prospect.

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Figure 2: Map of the EL Donna Gold Project showing the location of the Star Prospect.

Only limited historic shallow drilling is recorded previously at the Star Prospect and the area is inadequately tested. The Company has completed a three-hole RC drilling program at this prospect to test for mineralised extensions beneath the historic workings. All RC assay results are pending from the recently completed drilling campaign at the El Donna gold project (refer to ASX announcement dated 14 April 2021).

TechGen’s Managing Director, Mr Ashley Hood, stated:

‘We are positively encouraged by the exceptionally high-grade rock chip sample result from our El Donna Project. Obtaining quality untested high-grade samples in historic workings so close to Kalgoorlie is a rare opportunity and we are keen to receive the outcome of our RC assay results as we progress our project to test for mineralisation extensions beneath the historic workings. Our team is working hard to remain on target with our work plan and we are pleased that our schedule is proceeding as planned.’

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.

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	•	Eleven rock chip samples were taken of quartz vein material and iron-rich rock units
techniques		industry standard measurement tools appropriate to the minerals under investigation,		exposed in historic shallow workings.
		such as down hole gamma sondes, or handheld XRF instruments, etc). These	•	Sample weights ranged between 0.81kg to 3.55kg.
		examples should not be taken as limiting the broad meaning of sampling.	•	The samples were taken randomly in the shallow historic workings.
	•	Include reference to measures taken to ensure sample representivity and the	•	The rock chip samples were delivered to ALS Laboratories in Perth.
		appropriate calibration of any measurement tools or systems used.	•	Samples were crushed and pulverised.
	•	Aspects of the determination of mineralisation that are Material to the Public Report.	•	Samples were assayed by Fire Assay.
	•	In cases where ‘industry standard’ work has been done this would be relatively simple	•	The laboratory used internal standards to ensure quality control.
		(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,	•	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	•	No drilling was undertaken or reported.
		level of detail to support appropriate Mineral Resource estimation, mining studies and	•	Rock chip sample descriptions were recorded in the field.
		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.	•	The rock chip sample weights ranged between 0.81kg to 3.55kg and these are
techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or		considered appropriate.
sample		dry.	•	The samples were taken randomly in the shallow historic workings.
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation
		technique.
	•	Quality control procedures adopted for all sub-sampling stages to maximise
		representivity of samples.
	•	Measures taken to ensure that the sampling is representative of the in situ material
		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 Fire Assay.
		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.
	•	Nature of quality control procedures adopted (eg standards, blanks, duplicates,
		external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias)
		andprecision have been established.
Verification of	•	The verification of significant intersections by either independent or alternative	•	The assay results were checked by separate Company personnel.
sampling and		company personnel.	•	Sample number, GPS coordinates and description were recorded in the field into a
assaying	•	The use of twinned holes.		notebook.
	•	Documentation of primary data, data entry procedures, data verification, data storage	•	No adjustment has been made to assay data.
		(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	•	Sample coordinates were taken from a Garmin hand held GPS unit.
points		surveys), trenches, mine workings and other locations used in Mineral Resource	•	The grid system used was MGA94 Zone 51.
		estimation.	•	Topographic control is considered adequate.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	The rock chip samples were taken randomly of quartz vein material in the shallow
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of		historic workings.
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	No sample compositing has been undertaken.
		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	•	The samples were taken randomly in the shallow historic workings at different locations
data in relation to		and the extent to which this is known, considering the deposit type.		along the shear zone. The assay results indicate the high variability in gold grades at
geological	•	If the relationship between the drilling orientation and the orientation of key mineralised		the Star Prospect.
structure		structures is considered to have introduced a sampling bias, this should be assessed	•	No drilling was undertaken or reported.
		and reported if material.
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	•	TheEl Donna Projectcomprises a single granted Exploration Licence, namely
and land tenure		material issues with third parties such as joint ventures, partnerships, overriding		E27/0610. The licence covers an area of 14km2. Tasex Geological Services Pty Ltd is
status		royalties, native title interests, historical sites, wilderness or national park and		the registered holder, TechGen has entered into a term sheet with Tasex Geological
		environmental settings.		Services Pty Ltd to acquire a 100% interest in the tenement.
	•	The security of the tenure held at the time of reporting along with any known	•	The Project lies on the Hampton Hill (PL N049710) Pastoral Lease. The El Donna
		impediments to obtaining a licence to operate in the area.		Project overlies the Hampton Hill Pastoral Lease (PL N049710). The tenement is
				subject to the Maduwongga Native Title Claim (WC2017/001) and the southern portion
				of the tenement overlies a registered aboriginal site, being Lake Yindarlogooda,
				Mammu Tjukurrpa (site reference 30602).

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Criteria	JORC Code explanation	JORC Code explanation	JORC Code explanation	Commentary	Commentary	Commentary
Exploration done	•	Acknowledgment and appraisal of exploration by other parties.			•	Previous exploration activities within the general El Donna Project area
by other parties						commenced in the late 1890s with prospectors moving away from the finds of
						Kalgoorlie and Kanowna. Exploration has been undertaken by several
						companies including City Resources (WA) Pty Limited, Esso Australia and
						Production Inc., Geopeko Limited, Defiance Mining NL, Sovereign Resources,
						Wiluna Mines Ltd, Colonial Resources Ltd and TechGen Metals.
					•	Previous exploration has included a large amount of RAB drilling, some RC
						drilling and a few diamond drill holes.
					•	At the Star Prospect itself Geopeko Limited drilled some shallow drill holes but
						the assay results for these holes have not been located.
Geology	•	Deposit type, geological setting and style of mineralisation.			•	The El Donna Project lies within the Archean Norseman-Wiluna greenstone belt of
						Western Australia’s Yilgarn Craton. The geology of the El Donna Project is
						dominated by a sequence comprising basaltic to gabbroic rocks with occasional
						shale, mudstone and minor ultramafic lenses.
					•	There are various gold prospects within the El Donna Project, with previous
						exploration showing the_El Donna 2_,El Donna 4_and_El Donna 7 _Prospects_to be
						the most significant. Gold mineralisation encountered to date within the El Donna
						Project shows a strong supergene component and a close spatial relationship to
						the interpreted northwest trending shear zones. Primary gold mineralisation has
						been encountered at depth along these shear zones associated with extensive
						quartz veining and disseminated pyrite and arsenopyrite mineralisation and strong
						carbonate-sericite alteration within basalt.
					•	The Star Prospect consists of several shallow historic gold workings all oriented in
						a line over an approximate distance of 40m which follows a northwest trending
						shear zone. Quartz veining along the shear zone and in other orientations can be
						observed in outcrop in and around the workings.
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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Relationship	•	These relationships are particularly important in the reporting of Exploration Results.	•	No drilling was undertaken or reported.
between	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its	•	Three rock chip samples were taken of quartz vein material along a shear zone in
mineralisation		nature should be reported.		shallow historic workings. The sample spacing was random.
widths and intercept lengths	•	If it is not known and only the down hole lengths are reported, there should be a clear 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, photos and 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,	•	The results of all rock chip samples taken have been included.
reporting		representative reporting of both low and high grades and/or widths should be practiced
		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 reviewed has been 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	•	Future work at the Star Prospect will include a small initial RC drilling program and
		extensions or large-scale step-out drilling).		potentially a larger rock chip sampling program.
	•	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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