TechGen shares up 45% on debut as El Donna drilling starts

By Trevor Hoey. Published at Apr 8, 2021, in Mining

TechGen Metals Limited (ASX:TG1) couldn’t have wished for a better start when it commenced trading on the ASX on Tuesday with its shares closing at 29 cents, implying a premium of 45% to the IPO price of 20 cents per share.

The company finished with gross proceeds of approximately $6 million following the IPO, providing it with ample funding to conduct extensive exploration across its three main areas of operation, the Paterson Orogen, the Ashburton Basin and the Yilgarn Craton.

In the updated statement of commitments released when the company commenced trading, about $3.1 million has been allocated to exploration expenditure, and it is worth noting that the company hasn’t wasted any time in putting this to good use, having commenced its maiden reverse circulation (RC) drilling campaign at the company’s El Donna Gold Project, 50 kilometres north-east of Kalgoorlie.

The three areas being targeted by TechGen all have undergone very little modern exploration, but lie in broader regions where prominent discoveries have been made.

The following graphic provides a good snapshot of where its projects are located (El Donna to the south) and the likely mineralisation they will be targeting.

El Donna has historically delivered high-grade gold

TechGen has commenced its maiden reverse circulation (RC) drilling campaign at the company’s El Donna Gold Project, 50 kilometres north-east of Kalgoorlie.

The project is in an interesting location in that it is situated between the Mayday North Gold Mine (84,000 ounces at 1.5 g/t gold Indicated and Inferred) owned by Bardoc Gold Limited (ASX: BDC) and the Penny’s Find Gold Mine (56,000 ounces at 7.04g/t gold Indicated & Inferred) owned by Orminex Limited (ASX: ONX) and Horizon Minerals Limited (ASX: HRZ).

In terms of the area’s geological significance, the project is situated within the Gindalbie Domain of the Kurnalpi Terrane, part of the Eastern Goldfields Superterrane of the Archean Yilgarn Craton.

The El Donna project is considered prospective for gold mineralisation similar to that observed at both the Mayday North Gold Mine, 2 kilometres to the north, and the Penny's Find Gold Mine, 3.5 kilometres to the south with the latter featuring particularly high grade mineralisation.

TechGen recently collected several rock chip samples from the Star Prospect as shown below within the El Donna project and these have been sent for analysis.

Results to follow.


Where to invest $1,000 right now


S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X