TECHGEN METALS LTD — Regulatory Filings 2021

Apr 11, 2021

ASX ANNOUNCEMENT

(ASX: TG1)

12 April 2021

HELIBORNE VTEM SURVEY COMMENCED AT BLUE ROCK VALLEY PROJECT

HIGHLIGHTS

• Heliborne VTEM[TM ] - Max survey has commenced at the Blue Rock Valley Project in the Ashburton Basin of Western Australia

• 85% of the Blue Rock Valley Project has had no previous airborne electromagnetic coverage

• Exploration is targeting shear zone hosted copper and gold mineralisation

• Two VTEM anomalies have been identified pre-survey from the review of historic geophysics

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

• TechGen is on target with its scheduled work plan

TechGen Metals Limited (ACN 624 721 035) (“TechGen” or the “Company”) is pleased to announce that the scheduled heliborne Versatile Time Domain Electro Magnetic (VTEM[TM] Max) geophysical survey has commenced within the Company’s highly prospective 100% owned Blue Rock Valley Project in the Ashburton Basin of Western Australia (Figure 1). The Blue Rock Valley Project consists of two 100% owned Exploration Licences (E08/3030 & E08/3276) which cover a combined area of 202km[2] . The Company was attracted to the Blue Rock Valley Project by a combination of factors including the presence of major fault structures (Talga Fault and others), the presence of historic copper and base metal workings, high grade historic copper rock chip samples and an overall lack of modern exploration in the area (Figure 2).

The VTEM[TM] Max survey at the Blue Rock Valley Project will consist of approximately 939 line kilometres of surveying with nominal 200m spacing between flight lines. The survey is being flown by UTS Geophysics Pty Ltd and the data, once received, is to be processed and modelled by Russell Mortimer at Southern Geoscience Consultants (SGC).

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.

Prior to the commencement of the current survey, results from a historic but limited VTEM survey over approximately 15% of the Blue Rock Valley Project area identified two moderate to strong electromagnetic (EM) conductors (Jackson Gold, 2006). These two historic VTEM anomalies were identified within the mid to late time channels. The north eastern EM anomaly is ideally located immediately south of known copperlead-zinc workings and the anomaly lies coincidently on a prominent magnetic high and an east-west fault. The north western historic EM anomaly lies adjacent to the Talga Fault, a major regional structure that passes through the Blue Rock Valley Project area.

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Figure 1: Blue Rock Valley Project showing planned airborne EM, 2006 VTEM over airborne magnetics.

Any newly identified anomalies from this survey will be modelled and ranked by SGC with follow-up likely to consist of ground EM surveying and geological mapping prior to drill testing.

TechGen’s Managing Director Mr Ashley Hood noted:

“Since the Company’s recent ASX listing, our technical team has hit the ground running on a number of fronts. At the Ashburton group of projects, the objective of the VTEM surveys is to generate quality discrete mid to late time bedrock conductors prospective for copper-gold and/or base metal style mineralisation comparable to that seen in the Cobar Basin in NSW. We are encouraged by the results of limited historic VTEM surveys given that areas of historic copper workings and major faults are yet to be tested”.

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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.

Previously Reported Information

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

For further information, please contact:

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

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	•	Previous data. Helicopter-borne versatile time domain electromagnetic (VTEM)
techniques		industry standard measurement tools appropriate to the minerals under investigation,		geophysical survey flown by Geotech Airborne Limited for Jackson Gold Limited in
		such as down hole gamma sondes, or handheld XRF instruments, etc). These		December 2006. Available on openfile at DMIRS.
		examples should not be taken as limiting the broad meaning of sampling.	•	Nominal traverse line spacings were 250 metres.
	•	Include reference to measures taken to ensure sample representivity and the	•	Flight directions were north - south over current E08/3030 and 33 degrees (NNE) over
		appropriate calibration of any measurement tools or systems used.		current E08/3276.
	•	Aspects of the determination of mineralisation that are Material to the Public Report.	•	Survey height generally 33 metres above the ground.
	•	In cases where ‘industry standard’ work has been done this would be relatively simple	•	The electromagnetic system was a Geotech Versatile Time Domain EM (VTEM)
		(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was		system.
		pulverised to produce a 30 g charge for fire assay’). In other cases more explanation	•	25 Hz base frequency.
		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.	•	Previous data used high speed digital data acquisition system with 25 Hz base
techniques and	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or		frequency.
sample		dry.	•	250 metre traverse lines was appropriate for the survey.
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation	•	Previous data processing undertaken by Geotech Airborne limited and Jackson Gold
		technique.		Limited.
	•	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	•	All work appears to be to 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)
		andprecision have been established.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Previous data.was verified and checked by the operators at the end of each survey
sampling and		company personnel.		day.
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 250 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 33 degrees (NNE) 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 33 metres above the ground.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible structures	•	The previous airborne VTEM survey was flown generally perpendicular to the major
data in relation to		and the extent to which this is known, considering the deposit type.		faults and 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

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

	Criteria		JORC Code explanation	JORC Code explanation	Commentary	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-

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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 (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 previous airborne geophysics data is reported. There has been no data
methods		minimum grade truncations (eg cutting of high grades) and cut-off grades are usually		aggregation. 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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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 historic 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 historic airborne VTEM survey data reviewed 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	•	An Airborne VTEM survey at the project area has now commenced to cover areas not
		extensions or large-scale step-out drilling).		covered by the historic survey.
	•	Diagrams clearly highlighting the areas of possible extensions, including the main
		geological interpretations and future drilling areas, provided this information is not	•	Future work may include ground EM surveys and drilling.
		commercially sensitive.

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