Hayasa Metals 2025 2,000m Drilling Campaign at Urasar Copper-Gold Project in Armenia has Commenced

Rhea-AI Summary

Hayasa Metals has initiated its 2025 drilling campaign at the Urasar Copper-Gold Project in Armenia, contracting AT Group for a 2,000-meter diamond drilling program across 8-9 holes. The program, expected to complete in 9 weeks, follows a comprehensive exploration effort since mid-2023 that included geochemical surveys, geophysics, and geological mapping. While the 2024 drilling results were sub-economic, the discovery of a 1960 Soviet-era report revealed that previous drill holes targeted areas too far south. The 2025 program features revised targeting strategies, focusing on Western Targets with 6 holes and the Black River Target with 2 holes. The company aims to explore what it believes could become a district-scale series of mineralized systems, potentially hosting tier-one epithermal gold and/or copper porphyry deposits.

Positive

• Recovery of Soviet-era data has helped refine drilling targets and explain previous sub-economic results
• Comprehensive exploration work completed since mid-2023 confirmed a robust 15 km-long geochemical anomaly
• Company has successfully mobilized drilling equipment and commenced operations
• Previous relationship with contracted drilling company AT Group indicates operational familiarity

Negative

• 2024 drill program yielded sub-economic results due to incorrect targeting
• Previous drilling intersected only unmineralized footwall rocks
• No guarantee of success despite refined targeting strategy

Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - Hayasa Metals Inc. (TSXV: HAY) (OTCQB: HAYAF) ("Hayasa" or the "Company") is pleased to announce that it has begun its planned 2025 drill program at Urasar, Armenia which is expected to be completed within 9 weeks.

Hayasa has contracted AT Group, a drilling company based in Yerevan, Armenia which has worked with the Company in the past. The program will utilize an Atlas Copco CS14 drill rig, which is capable of drilling to 1,200 meters depth. The rig was successfully mobilized to site June 1 and began drilling operations June 2.

Recent Work by Hayasa Metals

Since mid-2023, Hayasa has undertaken comprehensive early-stage exploration, including:

• Geochemical Survey: 1,571 soil samples
• Geophysics: 240 line-km ground magnetic survey
• Geological Mapping & Rock Sampling: 297 rock chip samples
• HIRIP Survey: three 1300m lines at Copper Creek, Oxide Basin and Black River
• Drilling: 2,142m across 9 diamond drill holes

This work confirmed a robust, 15 km-long, E-W trending geochemical anomaly along the Chibukhlu Fault-anomalous in copper, gold, molybdenum, and associated chalcophile elements. The 2024 drill program intersected strongly altered, brecciated sulfide-bearing volcanic lithologies, but unfortunately the assays and geochemical results were sub-economic.

A reevaluation, prompted by the recovery of a Soviet-era (1960) report, revealed that the initial drill holes had targeted the mineralized zone too far south, intersecting only unmineralized footwall rocks. The historic data included:

• Partial Soviet drill logs and assays
• Channel samples from underground adits (Golden Vein area)
• Historic underground plans and cross-sections

The plotting of the Soviet data explained the 2024 drill program issue, and has significantly refined drill targeting for 2025.

2025 Drill Program Overview

The 2025 program will total approximately 2,000 meters of diamond drilling across 8 or 9 holes, with the following priorities:

• Western Targets (Copper Creek, Golden Vein, Oxide Basin):
  • At least 6 holes
  • More Northly-sited, topographically elevated collar positions
  • Southward orientation to intercept north-dipping mineralized structures
• Black River Target:
  • 2 holes
  • Steep angle, north and northwest-directed
  • Designed to test a south-plunging mineralized body ascertained in historic workings

The accompanying images show a general overview of the Urasar District, the planned 2025 drill site map across at Urasar as well as a detailed plan of the Golden Vein area showing underground channel assays, proposed drill traces and drill traces from the 2024 campaign.

Figure 1. Yellow River/Western area: 2024 drill holes (yellow), planned 2025 drill holes (blue)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/254320_61795ef714c5b858_002full.jpg

Figure 2. Black River/Eastern area: 2024 drill holes in yellow, planned 2025 drill holes in blue

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/254320_61795ef714c5b858_003full.jpg

Figure 3. Golden vein zone showing underground Soviet Cu assays, 2024 drill holes (yellow), planned 2025 drill holes (blue)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/254320_61795ef714c5b858_004full.jpg

Hayasa Management comments

Hayasa CEO Joel Sutherland states "We and our partners at EMX Royalty feel confident that the 2025 program has a reasonably high probability of success given the recovered historical data in combination with analysis of Hayasa's past exploration work. We believe Urasar has the potential to develop into a district-scale series of mineralized systems, with the goal of discovering one or more tier-one epithermal gold and/or copper porphyry deposits."

President and Chairman Dennis Moore comments, "With the recently uncovered historic data and hindsight, we can see that the drill holes completed last year were directed at the footwall of the Soviet-defined mineralized zones. I am confident and quite excited that we will be putting metal in the box this summer."

About Urasar

Hayasa Metals holds a 3,392-hectare exploration license over the Urasar Mineral District in northern Armenia. The project spans a 15 km mineralized corridor following the Yellow River and Black River valleys. The geology comprises oceanic ophiolites thrust over Tertiary-aged volcanics, volcanoclastic, and limestones-an analogous setting to the 4+ million oz Zod (Sokt) deposit located ~100 km to the southeast along the same regional-scale lineament.

Qualified person

The content of this news release was reviewed by Dennis Moore, Fremont's President, and interim Chairman, a qualified person as defined by National Instrument 43-101.

On behalf of the Board of Directors,

Joel Sutherland
CEO
Hayasa Metals Inc.

For further information, contact:
joel@hayasametals.com
www.hayasametals.com
https://x.com/Hayasametals

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements including, without limitation, statements regarding future exploration programs at Urasar. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by Canadian securities law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254320

FAQ

What is the scope of Hayasa Metals' (HAYAF) 2025 drilling program at Urasar?

The 2025 drilling program includes approximately 2,000 meters of diamond drilling across 8-9 holes, with 6 holes targeting Western areas and 2 holes at the Black River Target, expected to complete within 9 weeks.

Why were Hayasa Metals' 2024 drilling results at Urasar unsuccessful?

The 2024 drilling results were sub-economic because the holes targeted areas too far south, intersecting only unmineralized footwall rocks, as revealed by recovered Soviet-era data from 1960.

What exploration work has Hayasa Metals completed at Urasar since mid-2023?

Since mid-2023, Hayasa completed 1,571 soil samples, 240 line-km ground magnetic survey, 297 rock chip samples, HIRIP Survey across three 1300m lines, and 2,142m of diamond drilling across 9 holes.

What is the potential of the Urasar project according to Hayasa Metals management?

Management believes Urasar has potential to develop into a district-scale series of mineralized systems, with the possibility of discovering one or more tier-one epithermal gold and/or copper porphyry deposits.

How has the Soviet-era data influenced Hayasa Metals' 2025 drilling strategy?

The Soviet-era data from 1960 helped explain the 2024 drilling issues and led to significantly refined targeting, with new holes planned at more northerly locations and adjusted orientations to properly intercept the mineralized structures.