TechGen Metals - Quarterly Exploration and Acquisition Update - 30 June 2024
TG1 (TG1) Share Update July 2024 Tuesday 23rd
TechGen Metals Reports Significant Exploration Progress and New Acquisitions
TechGen Metals Limited (ASX: TG1) has provided a comprehensive update on its exploration activities and new project acquisitions for the quarter ending 30 June 2024, highlighting significant progress in its gold and base metal projects.
Instant Summary:
- High-grade gold intercept of 4m @ 6.73g/t Au at Ida Valley Gold Project.
- Acquisition of four new Kimberley projects prospective for gold and base metals.
- Airborne EM survey to commence at Blue Devil, Copper Springs, and Sally Downs Projects.
- Permits received for Stage 3 gold drilling at John Bull Gold Project.
- IGO Limited continues planning for North Nifty Project under joint venture.
Exploration Progress
TechGen Metals Limited has reported a high-grade gold intercept of 4m @ 6.73g/t Au from 48 - 52m in RC drilling at the Pinnacles Gold Target within the Ida Valley Gold Project. This significant find remains open in all directions, prompting a follow-up drilling program set to commence in July 2024.
The company has also acquired four new projects in the Kimberley region of Western Australia, including the Blue Devil, Sally Downs, Copper Springs, and Springvale Projects. These projects are prospective for gold and base metals, with notable historical high-grade rock chip values.
New Acquisitions
The Blue Devil Project has shown previous high-grade rock chip values up to 50.5% Cu, 6.9g/t Au, and 53g/t Ag. The Sally Downs Project is located near the Savannah Nickel-Copper Mine, while the Copper Springs Project has recorded widespread malachite-azurite-iron gossans. The Springvale Project contains undrilled VTEM and gravity targets.
An airborne EM survey is scheduled to begin in July 2024 at the Blue Devil, Copper Springs, and Sally Downs Projects to further evaluate their potential.
John Bull Gold Project
Permits for the Stage 3 gold drilling program at the John Bull Gold Project in New South Wales have been received. This program aims to test both the northern and southern gold soil anomalies, which include the highest recorded soil sample to date at 10g/t Au.
Strategic Developments
TechGen Metals remains well-capitalized to complete its planned exploration programs across its project portfolio and continues to evaluate strategic growth prospects. The company has a cash balance of $2.312 million as of 30 June 2024, with no borrowings, ensuring strong financial health to support ongoing and future exploration activities.
IGO Limited is also planning exploration activities for the upcoming field season at the North Nifty Project under the joint venture agreement, where IGO can earn up to an 80% interest by sole funding exploration expenditure of $500,000 over four years.
The high-grade gold intercept at the Ida Valley Gold Project and the acquisition of new projects in the Kimberley region are likely to positively impact TechGen Metals' stock. These developments demonstrate the company's potential for significant resource expansion and increased investor confidence. The planned follow-up drilling and airborne surveys will provide further insights into the projects' potential, which could drive stock price appreciation.
Investor Reaction:
Investors and analysts have responded positively to the high-grade gold intercept and the strategic acquisitions. The market views these developments as a strong indication of TechGen Metals' growth potential and exploration success. The company's robust financial position and ongoing exploration activities are expected to maintain investor interest and confidence.
Conclusion:
Investors should keep an eye on the upcoming drilling results and airborne survey outcomes, as these will provide critical information on the potential of TechGen Metals' new and existing projects. The company's strategic acquisitions and exploration progress position it well for future growth and value creation.