Hayasa Metals begins phase 2 drilling at Vardenis

Executive Summary

• Hayasa Metals has launched a Phase 2 drill campaign at the Vardenis copper‑gold project in central Armenia, targeting ≥3,500 m across 10–12 holes over an eight‑week period.
• The program is being executed by AT Group using two Atlas Copco CS14 rigs capable of drilling to 1,200 m depth and focuses on three primary targets (Soviet, Razmik, Artsiv) with a strong emphasis on porphyry copper‑molybdenum‑gold potential.
• The drill campaign follows extensive prior work—including high‑resolution IP, magnetotelluric surveys, Phase 1 drilling (770 m), and historic data from Dundee Precious Metals—positioning Vardenis as a near‑virgin, highly prospective terrain that could host a Tier 1 deposit.

Key Details

• Program Scope: Minimum 3,500 m total depth; 10–12 drill holes; expected completion within eight weeks.
• Drilling Contractor: AT Group (Yerevan, Armenia); two Atlas Copco CS14 rigs mobilized on‑site, each capable of drilling to 1,200 m.
• Target Priorities:
• Soviet Target: ≥5 holes, 400–500 m depth; aims at molybdenum soil anomaly and advanced argillic alteration zones; SW‑NE azimuths to intersect northwest‑trending structures.
• Razmik Target: ≥2 holes; focuses on primary copper‑in‑soil anomaly, IP chargeability and conductivity anomalies, high Cu & Mo soil signatures, and elevated Mo in rock chip samples.
• Artsiv Target: ≥1 hole; characterized by high‑sulphidation epithermal features, vuggy silica, and advanced argillic alteration; previously of interest to Dundee Precious Metals (seven shallow holes drilled).
• Historical Context & Prior Work:
• Dundee Precious Metals identified seven surface mineralized prospects, completed extensive soil sampling (4,044 samples), rock chip sampling (2,187 samples), and shallow drilling (1,245 m across seven holes).
• Hayasa’s own work (2023‑2025) includes a 23‑km high‑resolution IP survey, 92‑station magnetotelluric survey, Phase 1 drilling (770 m in Razmik), spectral analysis of 722 surface samples, and detailed geological mapping by specialist consultants.
• Management Commentary:
• President/Chairman Dennis Moore emphasizes the “near‑virgin, highly prospective terrain” and the potential for a significant porphyry copper‑molybdenum deposit to be a “game‑changer.”
• CEO Joel Sutherland highlights partnership with Teck Resources, improved country risk due to recent peace agreements, and the belief that Vardenis could host a Tier 1 copper‑moly‑gold porphyry system.
• Project Location: Central Tethyan belt, east‑central Armenia; 9,399 ha; ~25 km from the 4.8‑million‑ounce Amulsar gold deposit.
• Option Status: Original option with Mendia Resources (up to 100% interest) superseded by current option granted to Teck Resources (see Aug. 27 2025 release).

Notable Quotes

“We’re commencing a significant drill campaign in what is essentially near‑virgin, highly prospective terrain… The discovery of a significant porphyry copper‑moly deposit would be a game‑changer for our team and investors.” – Dennis Moore, President & Chairman

“Partnering with Teck on Vardenis is good for mining, and great for Armenia… We believe Vardenis has the potential to host a Tier 1 copper‑moly‑gold porphyry deposit.” – Joel Sutherland, CEO