Hayasa Metals Stock Price, News & Analysis

Hayasa Metals Inc. (OTCQB: HAYAF; TSXV: HAY) is a copper and gold exploration company focused on advancing highly prospective mineral projects in Armenia. According to the company, it is engaged in early-stage and advanced exploration work on district-scale targets that show copper, gold, molybdenum and associated sulfide mineralization. Hayasa Metals emphasizes responsible exploration and sustainable development practices while seeking to create long-term value for its shareholders.

The company’s work in Armenia is centered on two key projects: the Urasar Mineral District in northern Armenia and the Vardenis copper-gold project in east-central Armenia. Both projects lie within the Central Tethyan Belt, a region described in Hayasa’s disclosures as prospective for porphyry copper-molybdenum and epithermal gold systems.

Urasar Mineral District

Hayasa Metals holds an exploration license of approximately 3,392 hectares over the Urasar Mineral District in northern Armenia. Company disclosures describe Urasar as a roughly 15-kilometre-long mineralized corridor following the Yellow River and Black River valleys. The geology at Urasar comprises oceanic ophiolites thrust over Tertiary-aged volcanics, volcanoclastics and limestones, which Hayasa notes is analogous to the setting of the multi-million-ounce Zod (Sotk) deposit located along the same regional-scale lineament.

Within this corridor, Hayasa has defined multiple prospects, including Copper Creek, Golden Vein, Oxide Basin, Black River and Brick House. Company news releases describe these areas as hosting breccia-hosted copper-gold mineralization, massive sulfide bodies containing gold and copper, and base metal mineralization with anomalous gold at surface. The western portion of the Urasar license is reported to feature copper-gold mineralization, while the central zone is described as being dominated by massive sulfide bodies with gold and copper, and the eastern end as showing base metals and anomalous gold at surface.

Hayasa has carried out a range of exploration activities at Urasar since mid-2023. These include soil geochemical surveys, ground magnetic surveys, geological mapping and rock sampling, induced polarization (IP) surveys, and diamond drilling. The company reports that this work has confirmed a 15 km-long, east-west trending geochemical anomaly along the Chibukhlu Fault, anomalous in copper, gold, molybdenum and associated chalcophile elements. Earlier drilling intersected strongly altered, brecciated, sulfide-bearing volcanic lithologies, and subsequent campaigns have focused on refining drill targeting using historic Soviet-era data and new geophysical interpretations.

Company updates describe multiple drill campaigns at Urasar, including a Phase 2 program totaling around 2,000 metres across a series of diamond drill holes. These holes targeted the Copper Creek, Golden Vein, Oxide Basin, Black River and Brick House prospects. Hayasa reports that drilling has intersected intervals of breccia-hosted copper-gold mineralization and extensive sulfide mineralization, including tens of meters of massive sulfide in the Black River area. The company has also highlighted the presence of potassic alteration and minerals such as potassium feldspar and suspected actinolite in deeper sections of some holes in the western zones, which it associates with porphyry-style systems.

In addition to IP work, Hayasa has undertaken a trial Natural Source Audio Magnetotelluric (NSAMT) survey at Urasar. The NSAMT lines were positioned over the Yellow River area, which hosts the Golden Vein, Copper Creek and Oxide Basin zones. The company reports that the resistivity models from this survey show low-resistivity (conductive) anomalies that appear to correspond to areas where drilling has intersected sulfide mineralization, and that some drill holes may have been terminated before reaching more conductive, potentially sulfide-rich zones. Hayasa has indicated that these geophysical results are being used to plan deeper drilling on untested anomalies.

Historic work at Urasar predates Hayasa’s involvement. Company disclosures state that Urasar was first exploited by French interests in 1914, followed by Soviet exploration programs in the 1930s and from 1956 to 1960. This historic activity reportedly included more than 20 exploration adits and at least 15 shallow drill holes. Hayasa has also referenced a Soviet-era geological report from around 1960, which contains copper assay results from underground adits, partial drill logs, channel samples and underground plans and cross-sections. The company indicates that this historic data has been used to refine its drill targeting by better defining the position of mineralized zones relative to earlier drilling.

Vardenis Copper-Gold Project

The Vardenis exploration project is located within the Central Tethyan Belt of east-central Armenia. Company disclosures state that the project covers approximately 9,399 hectares on a road-accessible property. Vardenis lies along strike and within the same belt as the Amulsar gold deposit, which Hayasa describes as a multi-million-ounce deposit located roughly 25 km away.

Vardenis was previously explored by Dundee Precious Metals, which, according to Hayasa’s reporting, identified seven mineralized-at-surface prospects, completed extensive soil sampling, trenching and rock chip sampling, drilled seven shallow holes in the Artsiv prospect, and carried out thousands of short-wave infrared scans on outcrops and samples. This work defined an area of advanced argillic and quartz-sericite-pyrite alteration of about 35 square kilometres, hosting seven mineralized zones arranged in a concentric arc.

Hayasa has been exploring the Vardenis license for more than two years and has completed geophysical surveys and drilling. Company news releases describe a high-resolution IP survey, a magnetotelluric survey, and diamond drilling in the Razmik prospect, where long sulfide-rich intervals with strong alteration, brecciation and quartz veining indicative of porphyry-style mineralization were encountered. Hayasa has also reported a multi-hole drill campaign designed to test surface geochemical anomalies and geophysical targets in the Soviet, Razmik and Artsiv prospects, with all holes intersecting quartz-sulfide veining and various alteration styles.

Within Vardenis, Hayasa highlights several targets. The Soviet target is described as hosting a strong molybdenum-in-soil anomaly and extensive advanced argillic alteration at surface, coinciding with IP chargeability anomalies at depth. The Razmik target is reported to contain a primary copper-in-soil anomaly, several AMT conductors and porphyry-style veins mapped at surface. The Artsiv target is described as having high-sulfidation epithermal characteristics, including vuggy silica and advanced argillic alteration at surface, and was a focus of previous drilling by Dundee Precious Metals.

Partnership with Teck Resources on Vardenis

Hayasa has entered into an amended and restated option and joint venture agreement with Teck Resources Limited in relation to Vardenis. Under this agreement, as described in company news, Teck has a sole and exclusive option to acquire up to a 70% interest in Mendia Resources LLC, the company that holds the geological exploration license for Vardenis, by funding exploration expenditures and completing specified drilling commitments, with a further option to increase its interest to 80% by delivering a National Instrument 43-101 compliant pre-feasibility study and making a payment to the existing shareholder. During the option period, Teck is responsible for funding expenditures related to the project, while Hayasa is initially the project manager, subject to Teck’s right to assume that role.

Hayasa’s disclosures explain that if Teck meets certain minimum expenditure thresholds but does not exercise its option, it may receive a net smelter returns royalty on the Vardenis property. If Teck exercises its options and a joint venture is formed, Hayasa’s interest in the project could be converted to a royalty if it is diluted below a specified threshold or defaults on certain cash calls. The agreement is also described as being subject to conditions such as approval by the TSX Venture Exchange.

Exploration Approach and Technical Oversight

Across its projects, Hayasa Metals describes an exploration approach that combines geochemical sampling, geophysical surveys (including IP, ground magnetics and magnetotelluric methods), geological mapping, and diamond drilling. At Urasar, the company has reported thousands of soil samples, hundreds of rock chip samples, ground magnetic coverage, and multiple drill campaigns totaling several thousand metres. At Vardenis, Hayasa refers to IP and magnetotelluric surveys, spectral analysis of surface samples, and multiple drill programs.

Company news releases consistently state that the technical content has been reviewed and approved by Dennis Moore, Hayasa’s President and Chairman, identified as a qualified person as defined by National Instrument 43-101. This indicates that the exploration data and interpretations disclosed by the company are subject to review under Canadian mineral project disclosure standards.

Trading and Market Context

Hayasa Metals Inc. is listed on the TSX Venture Exchange under the symbol HAY and trades on the OTCQB market in the United States under the symbol HAYAF. In some disclosures, the company also references trading on the Frankfurt Stock Exchange under the symbol FR2. As a junior exploration issuer in the basic materials sector, Hayasa’s value proposition is tied to the potential of its copper-gold and related mineral targets in Armenia, the results of its exploration programs, and the progress of its partnership arrangements.

Frequently Asked Questions (FAQ)

• What does Hayasa Metals Inc. do?
  According to its public disclosures, Hayasa Metals Inc. is a copper and gold exploration company focused on advancing highly prospective projects in Armenia. It conducts exploration activities such as geochemical sampling, geophysical surveys and diamond drilling on targets that show copper, gold, molybdenum and sulfide mineralization.
• Where are Hayasa Metals’ main projects located?
  The company’s main projects are the Urasar Mineral District in northern Armenia and the Vardenis copper-gold project in east-central Armenia. Both projects are described as being within the Central Tethyan Belt.
• What is the Urasar Mineral District?
  Urasar is an exploration license area of about 3,392 hectares in northern Armenia. Company information describes it as a 15 km-long mineralized corridor along the Yellow River and Black River valleys, hosting copper-gold and base metal mineralization in multiple prospects, including Copper Creek, Golden Vein, Oxide Basin, Black River and Brick House.
• What type of mineralization has been reported at Urasar?
  Hayasa reports breccia-hosted copper-gold mineralization in the western portion of the Urasar license, massive sulfide bodies containing gold and copper in the central zone, and base metal mineralization with anomalous gold at surface in the eastern end. Drilling has intersected sulfide-rich intervals and zones of massive sulfide in several holes.
• What is the Vardenis copper-gold project?
  Vardenis is an exploration project in east-central Armenia covering about 9,399 hectares. It lies within the Central Tethyan Belt and along strike from the Amulsar gold deposit. Historic and recent work have defined a large area of advanced argillic and quartz-sericite-pyrite alteration with several mineralized zones and porphyry-style and epithermal characteristics.
• How is Teck Resources involved with Vardenis?
  Hayasa has entered into an amended and restated option and joint venture agreement granting Teck Resources Limited the sole and exclusive option to acquire up to an 80% interest in Mendia Resources LLC, which holds the Vardenis exploration license. Teck can earn this interest by funding exploration expenditures, completing specified drilling and delivering a pre-feasibility study, as described in Hayasa’s news releases.
• What exploration methods does Hayasa use?
  Company disclosures indicate that Hayasa uses soil and rock geochemistry, ground magnetic surveys, induced polarization surveys, magnetotelluric surveys, geological mapping and diamond drilling. At Urasar and Vardenis, these methods are used together to define targets and plan drill campaigns.
• On which exchanges does Hayasa Metals trade?
  Hayasa Metals Inc. is listed on the TSX Venture Exchange under the symbol HAY and on the OTCQB market under the symbol HAYAF. In some releases, the company also references trading on the Frankfurt Stock Exchange under the symbol FR2.