TechGen Metals : Ida Valley Gold Extensions

ASX ANNOUNCEMENT

(ASX: TG1) 19 January 2022

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IDA VALLEY - STAGE 2 RC DRILLING ASSAYS

& KEY TENEMENT GRANTED

INVESTMENT HIGHLIGHTS

• CENTRAL WESTERN AND CENTRAL EASTERN ZONE GOLD MINERALISATION EXTENDED ALONG STRIKE AND AT DEPTH. PEAK ASSAYS OF 1M @ 2.65G/T AU & 1M @2.17G/T AU.
• TENEMENT E36/1015 CONTAINING UNTESTED MAGNETIC - STRUCTURAL RELATED GOLD SOIL ANOMALISM RECENTLY GRANTED.
• PLANNING UNDERWAY FOR AIRCORE DRILLING ON NEWLY GRANTED TENEMENT.
• DEPTH AND STRIKE EXTENSIONS AT CENTRAL ZONE TO BE FURTHER TESTED BY DRILLING.

IDA VALLEY -Stage 2 RC Drilling results

TechGen Metals Limited (ACN 624 721 035) ("TechGen" or the "Company") is pleased to update the market regarding the final 1m assay results from Stage 2 drilling (Table 1; Figures 1 - 4). The Ida Valley Gold Project is owned 100% and is located 80km northwest of Leonora in the Yilgarn Craton of Western Australia. The Ida Valley Gold Project has up to 30km of prospective strike extent and consists of three Exploration Licences overing a combined area of 199km2. The project is ideally located in between the Lawler's and Mount Ida Mining Districts (Figure 5).

Figure 1: Map of the Ida Valley Project with soil sampling and recent RC drilling shown.

A summary of the results is shown in the table1- below.

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Hole	Easting	Northing	Dip	Azimuth	Depth	From	To	Intersection
Number	(mE)	(mN)	(m)	(m)	(m)	(g/t Au)
IVRC012	257310	6833405	-60	270	96			NSR
IVRC013	257225	6833302	-60	090	90			NSR
IVRC014	257250	6833305	-60	090	90			NSR
IVRC015	257280	6833305	-60	270	68			NSR
IVRC016	257265	6833200	-60	270	96			NSR
IVRC017	257625	6834860	-60	270	96	28	41	13m @ 0.28
IVRC017					Including	34	35	1m @ 1.28
IVRC017						57	62	5m @ 0.68
IVRC017					Including	59	60	1m @ 1.36
IVRC017						67	75	8m @ 0.22
IVRC017						80	82	2m @ 0.28
IVRC018	257630	6834900	-60	270	120	53	66	13m @ 0.40
IVRC018					Including	60	61	1m @ 2.65
IVRC019	257620	6834940	-60	270	78	2	9	7m @ 0.17
IVRC019						40	41	1m @ 0.75
IVRC019						55	56	1m @ 0.74
IVRC020	257420	6834970	-60	270	78	43	49	6m @ 0.29
IVRC020						54	65	11m @ 0.47
IVRC020					Including	58	59	1m @ 2.17
IVRC021	257425	6834970	-70	270	109			NSR
IVRC022	257440	6834995	-60	270	150	101	111	10m @ 0.54
IVRC022					Including	102	103	1m @ 1.18
IVRC022					Including	104	105	1m @ 1.13
IVRC023	257660	6835700	-60	270	78			NSR
IVRC024	257680	6835800	-60	270	78			NSR
IVRC025	257660	6835800	-60	270	78			NSR
IVRC026	257600	6835790	-60	270	90			NSR

Table 1: Gold assay results from Stage 2 RC drilling at the Ida Valley Gold Project.

(Assays > 0.1g/t Au reported. Maximum internal dilution of 3m. NSR = No Significant Result)

The RC program consisted of 15 drill holes for 1,395m. This second stage RC drilling program was designed to follow-up highly encouraging maiden discovery drill results received by the Company in June 2021 and test soil gold anomalism at the Southern Anomaly and Northern Anomaly (Figure 4). Assay results indicate the presence of narrow higher-grade zones within broader lower grade zones of gold mineralisation. This program has successfully extended both the Central Eastern Zone and Central Western Zone at depth and along strike.

Peak results from this program include 1m @ 2.65 g/t Au from 60 - 61m within a broader zone of 13m @ 0.40g/t Au (IVRC018) at the Central Western Zone and 1m @ 2.17 g/t Au from 58 - 59m within a broader zone of 11m @ 0.47g/t Au (IVRC020) at the Central Eastern Zone. To date the projects peak results are 884 ppb Au in soils and 6.6 g/t Au in rock chips. The maiden RC drilling program tested the "Central Area" of soil and rock chip gold anomalism which confirmed the presence of bedrock gold mineralisation returning assay results including 8m @ 2.30g/t Au from 36m (hole IVRC003), 8m @ 1.25g/t Au from 20m (hole IVRC001) and 36m @ 0.95g/t Au from 52m (hole IVRC002; ASX Announcement - 17 June 2021).

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Figure 2: Cross section - Central Western Zone, Ida Valley Gold Project.

Drilling intersected rock units which include amphibolite, ultramafic and pegmatite beneath shallow weathering (<20m). Zones of quartz veining were intersected in several holes as well as zones of disseminated pyrite and pyrite veining. The full length of each drill hole has been composite sampled (4m) with follow-up 1m sampling completed on composite samples returning >0.1g/t Au. Assaying was undertaken by ALS Laboratories in Perth. The drilling program was again completed by Kalgoorlie based drilling company Australian Surface Exploration (WA) Pty Ltd.

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Figure 3: Cross section - Central Eastern Zone, Ida Valley Gold Project.

TechGen's Managing Director and Ida Valley Project vendor, Mr Ashley Hood commented: "Interestingly both the structurally controlled Central Eastern Zone and Central Western Zone are showing continuity at depth with higher grades contained within broader zones of lower grade gold mineralisation. Deeper drill testing along the Ballard Fault is warranted. Having the key tenement of E36/1015 recently granted allows multiple targets to be tested at the project in the coming months."

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Southern anomaly results to date covering three sperate soil sampling programs have returned peak values of 44ppb Au and 64ppm As covering 1.3km+ in total length at a +5ppb Au contour. This southern target zone has structural, geophysical, and geochemical similarities to the main "Central Zone", recently tested by IVRC012 - IVRC016. Holes IVRC012 - IVRC016 were unable to explain the anomaly, however new additional RC has been planned to step out and target the source of mineralisation, geochemistry is suggesting this is linked to the main central zones of known mineralisation.

Figure 4: Detailed view with soil sampling and recent RC drilling shown.