Hayasa Metals Announces Magnetic Survey Results over Vardenis Copper-Gold Project

Vancouver, British Columbia--(Newsfile Corp. - February 7, 2025) - Hayasa Metals Inc. (TSXV: HAY) (OTCQB: HAYAF) ("Hayasa" or the "Company") is pleased to announce that it has received the processed results from a 130 line-km ground magnetometer survey conducted over the Vardenis Copper-Gold Project during two field seasons: AUG-SEP 2023, and AUG-OCT 2024. The survey was executed by Hayasa Metals personnel and processed by Campbell and Walker Geophysics of Edinburgh, Scotland.

The survey was carried out to complement other geophysical and geochemical surveys, with the goal of guiding drill targeting for the upcoming calendar 2025 Vardenis drill campaign. For more information, please follow this link to view the summary report on the recent survey and various presentations of magnetic data: https://hayasametals.com/projects/vardenis/

Fig. 1: Vardenis property map highlighting ground mag work zone, with IP lines overlaid

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/239986_df07f3b1f4f2f9a4_002 ...

Fig. 2: Filtered and reduced-to-pole ground magnetic image over surveyed area at Vardenis

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https://images.newsfilecorp.com/files/3169/239986_df07f3b1f4f2f9a4_003 ...

Background

Vardenis is one of Hayasa's two highly prospective projects in the Central Tethyan Mineral Belt in Armenia. It is a large mineralized copper-molybdenum-gold system located 20km along strike from the 4.8M oz Amulsar gold mine, scheduled to begin 200,000 oz/annum production in late 2025.

Historic work carried out at the Vardenis property comprises early Soviet-era trenching and pits from the 1960s followed by Dundee Precious Metals Inc. (DPM) from 2015 to 2018 which identified six zones of porphyry-epithermal mineralization and alteration over a 35 km² area. DPM spent approximately US$2.4M during this period resulting in a comprehensive data set comprising over 6,000 geochemical data points as well as 1,246m of shallow drilling focused on gold mineralization. This data set was purchased by the Company in mid-2023.

Following up on the Company's encouraging initial two-hole drill campaign in late 2023, a follow-up exploration campaign designed to better define drill targets was executed during the 2024 field season. This included a 23-line km high resolution IP (Induced Polarization) survey, a 130 line-km ground magnetic survey, along with additional mapping and trenching of areas displaying surface molybdenum mineralization (see news release dated January 13, 2025). The processed ground magnetometer survey results were recently received and are discussed below.