Hayasa Metals (TSX-V:HAY) has executed a term sheet for a strategic exploration alliance with a major mining company to advance copper and critical metal exploration in southern Armenia.
The non-binding framework agreement, dated 17 September 2026, establishes a two-year alliance phase financed by the major mining company (MMC). The partnership targets the identification and development of mineral deposits in Armenia’s Tethyan belt.
Under the terms, US$1 million ($1.4 million) must be spent within the area of interest to enable a first option on designated projects. The MMC can earn a 51% interest in each designated project by incurring or financing aggregate expenditures of US$1 million over two years, with Hayasa remaining operator.
A second option allows the MMC to increase its interest to 70% by funding US$3 million over three years following the first option exercise.
CEO Joel Sutherland says the partnership combines Hayasa’s local knowledge and geological expertise with the MMC’s global exploration experience.
“The definitive agreement is anticipated to be signed before the end of the year. We have already developed budgets and will commence basic preliminary fieldwork immediately,” Sutherland says.
Chairman Dennis Moore adds that Hayasa intends to evaluate areas with geological parameters for large-scale deposits where the company previously lacked resources to execute required programs.
Separately, the company announces that Teck Resources (NYSE:TECK) has terminated its option on the Vardenis Project, returning the 93km² exploration licence to Hayasa following a 10-hole drilling program.
According to Moore, Vardenis “comprises the largest colour anomaly in Armenia”.
“[Vardenis is] … a 35km² hydrothermally altered surface expression with anomalous metal values.”
He notes drilling covered 4km of the northwestern section while anomalous surface geochemistry extends 6km east and southeast.
“Hayasa management believes that the Vardenis licence has not yet been fully tested and that significant exploration potential remains,” Moore says.
The company has received expressions of interest on the Vardenis Project and expects to provide updates at the appropriate time.
Hayasa Metals is a mineral explorer focused on advancing copper, gold, and critical metal projects across Armenia’s Tethyan belt.
Write to Paula Fabe at Mining.com.au
Main image: Hayasa Metals
