Examples of Sheeted and Stockwork Quartz Veins hosted in Greywacke Source: TechGen Metals
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  • TechGen Metals (TG1) signs a deal with Zenith Minerals’ (ZNC) subsidiary to acquire a new gold project in New South Wales
  • The binding term sheet to acquire the Jackadgery Project was entered with Black Dragon Energy, Chrissie McClatchie and Andrew Sloot
  • TechGen will acquire a 90 per cent interest of EL 8389, plus take on a 100 per cent legal and beneficial interest in EL 9121 for $133,250 in TG1 shares at a price of 20 cents each
  • The company will be the first to drill test beneath the surface trench areas with a maiden reverse circulation drilling campaign, which has been planned to commence in mid-2022
  • TechGen Metals is in the grey, trading at 13 cents while Zenith Minerals falls 1.35 per cent, trading at 36.5 cents at market close

TechGen Metals (TG1) has penned a deal with Zenith Minerals’ (ZNC) subsidiary to acquire a new gold project in New South Wales.

The company entered a binding term sheet with Black Dragon Energy, Chrissie McClatchie and Andrew Sloot for the acquisition of the Jackadgery Project.

The project comes with “walk-up and fully permitted” drill targets, which TechGen said is highly complementary to its existing copper and gold exploration project portfolio.   

Under the binding term sheet, TechGen will be given the option to acquire a 90 per cent interest of EL 8389, plus will take on a 100 per cent legal and beneficial interest in EL 9121 from Black Dragon.

The acquisition comes with a price tag of $133,250 in TechGen shares at a premium market price of 20 cents per share, and deferred consideration upon achievement of various milestones.

“Keeping with our strong copper and gold exploration focus, we are delighted to be adding such a robust and highly prospective gold project to our portfolio,” TechGen Managing Director Ashley Hood said.

“It is rare that an exploration asset such as Jackadgery, with historic gold mining activity and quality historic exploration results has not been drilled. The company sees excellent future exploration potential for both size and grade at Jackadgery.”

The company reported the last significant exploration activity on the area was carried out between 1983 to 1985, with results averaging 1.2 grams of gold per tonne (g/t) at an interval of up to 160 metres.

With the term sheet signed, TechGen will be the first to drill test beneath the surface trench areas with a maiden reverse circulation drilling campaign, which has been pencilled in for mid-2022.

TechGen Metals was in the grey, trading at 13 cents while Zenith Minerals fell 1.35 per cent, trading at 36.5 cents at market close.

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