TechGen Metals’ confidence firmed up at NSW John Bull gold project with high-grade soil hits

Tue 29 Nov 22, 10:29am (AEST)
Two gold nuggets (authenticity unknown) photographed in between three larger rocks against a dark background
Source: iStock

Key Points

  • Soil sample surveys at the John Bull gold project confirmed to contain trace elements of gold
  • Maiden RC drilling has hit thick sections of mid-grade gold underground
  • Stage 2 step-out RC and diamond drill rig drilling is on the radar

Smallcap polymetals explorer TechGen Metals (ASX:TG1) is today reporting another early-stage success at its John Bull gold project in NSW with high-grade gold being encountered in first-pass soil survey assay results. 

Investor information provider Undervalued Equity classifies high-grade gold as that in concentrations over 5 grams of gold per tonne of ore (5g/t). 

TechGen Metals is today reporting a peak soil sample result of 8.56g/t. 

So far, thirty eight soil samples analysed have come back at grades higher than 1g/t; and a further 157 are to be processed. 

Slowly building body of evidence 

Trace amounts of gold in soil cannot be guaranteed beyond doubt to originate in commercial-scale deposits further underground, and soil and rock-chip samples can be disproportionately high grade.

Management, however, is bullish on the early-stage evidence. 

“Everything about the John Bull gold project has exceeded our expectations,” TechGen chief Ashley Hood said, “we have never before seen soil results like we are seeing.”

“The historic trench with a 160m length strike at 1.2g/t gold, and our RC drilling results [join today’s data.]” 

What’s this about RC assays? 

In prior maiden RC drilling at John Bull, conducted in September, TechGen hit:

  • 68m @ 1.00g/t gold from surface, including: 

    • 23m @ 2.02g/t gold from 39m depth, and 

    • 07m @ 3.10g/t gold from 55m depth

  • 66m @ 1.14g/t gold from 32m depth, including: 

    • 01m @ 10.0g/t gold from 95m depth, and 

    • 01m @ 9.99g/t gold from 97m depth 

These results, and particularly a 68m section with variable gold mineralisation from surface, reflect a strong positive body of early-stage evidence at John Bull. 

Surface mineralisation is typically the most desirable quality for a project to have, and it’s worth noting that broad systems of low-mid grade gold can often be more profitable than smaller projects with high-grade but errant mineralisation (especially if at depth.) 

Stage 2 drilling on the way

Company chief Ashley Hood, at the time of its announcement, referred to the surface mineralisation at John Bull as ideal; the geochemistry campaign which turned over today’s soil results began back in October. 

TechGen is planning stage 2 step-out RC and diamond drilling at John Bull in the near future. 

The company, which listed in April last year, has no shortage of projects across NSW and WA, being an active explorer for REEs, battery metals (including nickel) and gold.

The company's original listing price at 28cps has not weathered too well a very turbulent two years; TechGen is currently trading at 11c in the first hour of trade. Worth considering is that in April 2021, outlook was still turbulent; but nobody could have foreseen the events of 2022.

A look at TG1's charts since the company listed in April 2021
A look at TG1's charts since the company listed in April 2021


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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