Hayasa Metals Announces Additional Drilling at Urasar Project

The most recent news release (October 28, 2025) from Hayasa Metals Inc. announces additional drilling at its Urasar Copper-Gold Project in Armenia. The company has commenced drilling on hole UDD-021, targeting a conductive zone identified by a previous Natural Source Audio Magnetotelluric (AMT) survey, with an additional hole (UDD-022) planned depending on initial results and weather conditions. This drilling program is designed to test a 500-meter target.

The release also states that 1,000 meters of assays from the summer program are expected to be released in mid-November. The CEO expressed confidence in making a discovery at Urasar, citing visual outcropping mineralization and the underexplored nature of Armenia within the Tethyan Belt.

This news is a routine operational update, indicating the continuation of exploration activities at the Urasar project. It does not contain new assay results or a significant discovery that would materially alter the company's valuation. Instead, it reiterates the expectation of assay results from a prior summer drilling program, which are now anticipated in mid-November.

Critically, this follows the October 14, 2025, news, which reported initial drill results from the Phase 2 program at Urasar, including some high-grade copper and gold intercepts. However, that release also highlighted a significant QA/QC issue where copper geochemical results appeared low compared to visual estimations, necessitating re-processing and re-analysis of coarse rejects. This unresolved QA/QC issue casts a shadow over the reliability of the previously announced positive intercepts.

The current announcement of commencing additional drilling (UDD-021) is a standard exploration step, targeting geophysical anomalies. While continued exploration is necessary, the lack of new positive assay results and the outstanding QA/QC concerns from the previous batch of assays prevent this announcement from being materially positive. It's a statement of ongoing work rather than a breakthrough. The market is still awaiting confirmation of economic mineralization, especially reliable assay data.

Hayasa Metals Inc. (TSXV: HAY) is a junior mineral exploration company focused on copper-gold exploration in Armenia. The company holds two primary projects:

• Urasar Copper-Gold Project: Located in northern Armenia, this project is characterized by a 15-kilometer east-west trending mineralized corridor. It includes several prospects such as Copper Creek, Golden Vein, Oxide Basin, Black River, and Brick House. The project has a history of Soviet-era exploration. Hayasa's objective at Urasar is to discover one or more Tier 1 epithermal gold and/or copper porphyry deposits. Recent exploration included IP, magnetic, and AMT surveys, alongside drilling.
• Vardenis Copper-Gold Project: Situated in central Armenia, within the Central Tethyan mineral belt, approximately 20 kilometers along strike from the 4.8-million-ounce Amulsar gold mine. Vardenis is a large, 9,399-hectare copper-molybdenum-gold system. The project has attracted a significant strategic partner, Teck Resources Ltd., which has an option to acquire up to an 80% interest. Previous work by Dundee Precious Metals identified six zones of porphyry-epithermal mineralization.

Both projects are located in Armenia, a country within the Tethyan belt, known for its mineral potential, and which the company touts as relatively underexplored despite a modern mining code and favorable fiscal regime.