TECHGEN METALS LTD — Regulatory Filings 2021

Apr 18, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

19 April 2021

VTEM SURVEY IDENTIFIES BEDROCK CONDUCTORS AT BLUE ROCK VALLEY PROJECT

HIGHLIGHTS

• Heliborne VTEM[TM ] - Max survey now complete at the Blue Rock Valley Project

• Three new strong and discrete late-time conductors have been identified within E08/3030

• Exploration is targeting shear zone hosted copper and gold mineralisation

• Historic high grade copper workings in the project area untested by geophysics or drilling

• TechGen on target with exploration program

TechGen Metals Limited (ACN 624 721 035) (“ TechGen ” or the “ Company ”) is pleased to announce that the heliborne Versatile Time Domain Electro Magnetic (VTEM[TM] Max) geophysical survey has been completed at the Company’s highly prospective 100% owned Blue Rock Valley Project in the Ashburton Basin of Western Australia.

Preliminary data has been received and reviewed by Southern Geoscience Consultants, confirming the successful identification of three quality strong, late time, bedrock conductors (> CH46BZ latest channel). Two of the conductors are localised, late time, conductors present on a single flight line, in favourable structural and geological settings on or adjacent to mapped structures/fold axial traces ( Figure 1 ). The third conductor is larger, potentially more significant and has been identified over three flight lines adjacent to a structural flexure/bend within the regional Talga Fault. The Talga Fault is believed to be the structural conduit responsible for historic copper oxide mineralisation at the Blue Rock Prospect.

The VTEM[TM] Max survey at the Blue Rock Valley Project consisted of 928-line kilometres of surveying with nominal 200m spacing between flight lines. The survey was flown by UTS Geophysics Pty Ltd. The VTEM™ Max system is the most innovative and successful airborne electromagnetic system to be introduced in more than 30 years. The proprietary receiver design, using the advantages of modern digital electronics and signal processing, delivers exceptionally low-noise levels. Coupled with a high dipole moment transmitter, the result is unparalleled resolution and depth of investigation in precision electromagnetic measurements.

Due to the impacts of Cyclone Seroja and associated weather, the VTEM system has now left the Ashburton region post completion of the Blue Rock Valley survey. The Company was fortunate to have the surveying of this western portion of its Ashburton projects completed. The VTEM system has moved to other areas in the Pilbara and will return to complete the Company’s other Ashburton copper projects at Station Creek and Mt Boggola during May.

Southern Geoscience Consultants has commenced planning high-powered fixed loop ground electro magnetics of the three newly identified conductors as well as the conductors identified from historic 2006 VTEM data (refer to ASX announcement dated 12 April 2021).

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2006 VTEM 2006 VTEM
Anomalies Anomalies
Historic Blue Rocks
Copper Mine
Talga Fault
Talga Fault
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Figure 1: Blue Rock Valley Project (E08/3030) showing preliminary airborne VTEM (left) and VTEM profiles on airborne magnetics (right). Yellow Stars are newly identified conductors.

TechGen’s Managing Director Mr Ashley Hood noted:

“The Company’s Blue Rock Valley Project is an under explored and highly prospective mineral province, with the potential for high grade discoveries. This region has historic copper-lead-zin & copper working with rock chip samples to 16% Cu adjacent to the Talga shear zone. We are pleased that the survey has located late time bedrock conductors, especially combined with other influencing factors like geological control or geochemistry. We are looking forward to progressing these anomalies with ground EM surveys in the near future while we patiently await the return of the VTEM system to test our other highly desirable copper assets at Station Creek and Mt Boggola in four to five weeks”.

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Figure 2: One of several historic copper workings from the 1960s in the project with oxide copper samples.

The Company looks forward to providing further updates across its 100% owned highly prospective coppergold project portfolio in Western Australia.

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	•	Helicopter-borne versatile time domain electromagnetic (VTEM) geophysical survey
techniques		industry standard measurement tools appropriate to the minerals under investigation,		flown by UTS Geophysics Pty Ltd.
		such as down hole gamma sondes, or handheld XRF instruments, etc). These	•	Nominal traverse line spacings were 200 metres.
		examples should not be taken as limiting the broad meaning of sampling.	•	Flight directions were north - south over current E08/3030 and 45-225 degrees (NE)
	•	Include reference to measures taken to ensure sample representivity and the		over current E08/3276.
		appropriate calibration of any measurement tools or systems used.	•	Survey height generally 35 metres above the ground.
	•	Aspects of the determination of mineralisation that are Material to the Public Report.	•	The electromagnetic system was a Geotech Versatile Time Domain EM (VTEM)
	•	In cases where ‘industry standard’ work has been done this would be relatively simple		system.
		(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was	•	25 Hz base frequency.
		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	•	Not applicable as no drilling was undertaken or reported.
		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.	•	Used high speed digital data acquisition system with 25 Hz base frequency.
techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or	•	200 metre traverse lines was appropriate for the survey.
sample preparation	•	dry. For all sample types, the nature, quality and appropriateness of the sample preparation	•	Data processing undertaken by UTS Geophysics Pty Ltd and Southern Geoscience Consultants.
		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.
Quality of assay	•	The nature, quality and appropriateness of the assaying and laboratory procedures	•	All work is industry standard.
data and		used and whether the technique is considered partial or total.
laboratory tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters
		used in determining the analysis including instrument make and model, reading times,
		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)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		andprecision have been established.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Data was verified and checked by the operators at the end of each survey day.
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 NovAtel's WAAS enable OEM4-G2-3151W GPS receiver was utilised for data
points		surveys), trenches, mine workings and other locations used in Mineral Resource		location.
		estimation.	•	Flight path was recorded as WGS 84 and converted to the UTM coordinate system
	•	Specification of the grid system used.		(MGA94 Zone 50)
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	Nominal traverse line spacings were 200 metres.
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of	•	Flight directions were north - south over current E08/3030 and 45 degrees (NE) over
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve		current E08/3276.
		estimation procedure(s) and classifications applied.	•	Survey height generally 35 metres above the ground.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible structures	•	The airborne VTEM survey was flown generally perpendicular to the major faults and
data in relation to		and the extent to which this is known, considering the deposit type.		geological orientation wherever possible.
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.	•	Not applicable as no drilling or sampling data reported.
Audits or reviews	•	The results of any audits or reviews of sampling techniques and data.	•	No formal audit has been completed on the previous geophysical 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	•	TheBlue Rock Valley Projectcomprises a granted Exploration Licence, namely
and land tenure		material issues with third parties such as joint ventures, partnerships, overriding		E08/3030 and a pending Exploration Licence, namely E08/3276. The licences cover
status		royalties, native title interests, historical sites, wilderness or national park and		an area of 165km2. Blue Rock Valley Pty Ltd is the registered holder of E08/3030 and
		environmental settings.		TechGen is the registered holder of E08/3276. TechGen has entered into a term sheet
	•	The security of the tenure held at the time of reporting along with any known		with Blue Rock 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.
				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).

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
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 (located approximately
				5 km northeast of E08/3030) 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. The Project contains a small (1km strike length), high grade copper
				occurrence, referred to as the_Blue Rocks Prospect._
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	•	Only airborne geophysics data is reported. There has been no data aggregation.
methods		minimum grade truncations (eg cutting of high grades) and cut-off grades are usually		Standard geophysical filters were applied to the data.
		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 or sampling has undertaken or 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.
		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 airborne VTEM results 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 airborne VTEM survey data reviewed has been discussed and no new exploration
exploration data		limited to): geological observations; geophysical survey results; geochemical survey		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 may include ground EM surveys and drilling.
		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.