Hayasa Metals (TSXV:HAY) has completed the first three holes of its ongoing 2025 drill program at the Urasar Copper-Gold Project in northern Armenia, advancing its exploration across a 15-kilometer mineralized corridor that follows the Yellow River and Black River valleys. The company is executing a 2,000-metre drill campaign in the region, aiming to identify mineralized zones based in part on historic Soviet-era geological records.

Dennis Moore, President of Hayasa, stated: “We are putting metal in the box this summer. Holes UDD-011 and UDD-012 intersected multiple significant mineralized intervals-spanning tens of meters-of intensely altered volcanics and breccias hosting mineralized quartz stockworks and 1 to 5 cm-wide quartz veins containing chalcopyrite, pyrite, and minor bornite. The objective of this campaign is to better understand the extent and geometry of a wide, copper-gold mineralized body which strikes east-west for approximately 900 meters between the Copper Creek zone and the Golden Vein adits. This mineralization is part of the broader 15-kilometer-long mineralized lineament that defines the Urasar Mineral District including the Oxide Basin area to the west and the Black River area to the east.”

Joel Sutherland, CEO of Hayasa Metals, also commented: “The length of mineralization we are seeing is encouraging; particularly as we are not yet halfway through our 2025 Urasar program.”

The first three drill holes—UDD-010, UDD-011, and UDD-012—have reached depths of approximately 321.0 meters, 128.2 meters, and 229.5 meters respectively. A fourth hole, UDD-013, is currently being drilled and is projected to reach 200 meters. Holes UDD-010 and UDD-011 were drilled in the Copper Creek area. UDD-012 and the ongoing UDD-013 are targeting the Golden Vein zone.

Looking ahead, the company intends to drill two more holes at the Black River prospect. It also plans to return for an additional hole each at Copper Creek and Golden Vein, as well as one at Oxide Basin. These efforts are guided in part by a Soviet-era geological report from around 1960, which includes copper assay results from historic exploration adits in the area. The document has helped shape the targeting strategy for the 2025 program.

Urasar covers a 3,392-hectare exploration license held by Hayasa Metals. The site lies within a geologic setting that includes serpentinized oceanic ophiolites thrust over Tertiary volcanics, volcanoclastics, and limestones. This geological framework is similar to that of the Zod (Sotk) gold deposit, located about 100 kilometers to the southeast, which has a reported resource of over four million ounces of gold.

In a separate development, Hayasa’s Board of Directors has approved the issuance of 750,000 stock options under its 2024 omnibus equity incentive plan. Each option gives the holder the right to purchase one common share at $0.12. The options will vest over a 24-month period and remain valid for five years. Of the total options granted, 450,000 have gone to the company’s three independent directors, 100,000 to its Armenia-based country manager, and 200,000 to an independent geological adviser.

The 2025 campaign represents Hayasa’s continued effort to evaluate the potential of Urasar, a site that aligns structurally and geologically with one of Armenia’s most significant gold deposits. Drilling data from both modern exploration and decades-old records may together define new zones of interest in a district that has not yet seen widespread development.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.