In the news release, "Jaguar Mining Announces Significant, High
Grade Intercepts Near-Mine at Pilar and Commences Growth
Exploration Drilling at Turmalina; Land Acquisition Increases Pilar
Footprint by 15%", issued earlier today by Jaguar Mining Inc,
please note that 2 changes were made in the release. The first
change is in the 3rd bullet under "Banded Iron Formation
Orebodies:", where a figure was changed from 6.6 g/t to 9.0 g/t.
The second change is the second bullet under heading "New Strategic
Land Position at Pilar Mine Concession. The complete, corrected
release follows:
Jaguar Mining Announces Significant, High Grade Intercepts
Near-Mine at Pilar and Commences Growth Exploration Drilling at
Turmalina; Land Acquisition Increases Pilar Footprint by 15%
TSX:
JAG
- Exploration success at Pilar includes a significant
intercept grading 10.8 g/t Au over 29.3 m (ETW 22.5 m)
- Ongoing cost reduction initiatives enable continued capital
investment in high priority growth exploration programs
TORONTO, Aug. 16, 2017 /PRNewswire/ - Jaguar Mining
Inc. ("Jaguar" or the "Company") (TSX:JAG) today announced
results from its investment in its near-mine high priority growth
exploration drilling program, including 4 holes, involving 1,689
metres ("m") at the Company's emerging Pilar mine in Minas Gerais,
Brazil. During the first half of
2017, the Company remained focused on reducing its cash costs,
generating operating cash flow, and maintaining a disciplined
approach to the allocation of sustaining capital which enabled the
Company to continue deploying capital towards key growth
exploration. The Company also announced it has successfully
acquired a strategic Mineral Exploration License (the "License")
over a prospective greenstone terrane adding approximately 15% to
the Pilar Mine License footprint. At Turmalina, three diamond drill
rigs commenced growth exploration drilling targeting projected
down-plunge extensions, below current mining levels and
infrastructure, on both Orebody A and Orebody C.
Pilar Growth Exploration Drilling Highlights and Key
Intercepts
- Completed a series of deep drill holes targeting the
down-plunge continuity of the principal mineralized Banded Iron
Formation Orebodies between Levels 11 to 16, up to approximately
350 m vertically below the current development and 250 m below the
current Inferred Resources at the Pilar mine (refer to Figure
#1).
- Significant intercept grading 10.8 g/t Au over 29.3 m
(estimated true width 22.5 m) reported in hole PPL449A (refer
to Table #1). This intercept along with the additional highly
significant drill intercepts confirms the expected continuity of
high grade gold mineralization within the principal Orebody package
down-plunge over a considerable distance.
- Drilling successfully intersected deep extensions with the
deepest mineralized interval in hole PPL449A intersecting
well mineralized Banded Iron Formation between Levels 14 and 15,
approximately 300 m vertically below the current deepest
underground development at the mine.
- Drill intercepts confirm an expected increase in thickness of
the mineralization with the widest intercept in hole PPL449A also
the deepest to-date.
- Drill results provide the potential to add substantial new
Inferred Resources at Pilar and include the following key
intercepts:
Banded Iron Formation Orebodies:
- Drill hole PPL449A intercepted 10.8 g/t Au over 29.3 m (ETW
22.5 m)
-
- Including an intercept of 17.3 g/t Au over 10.2 m (ETW 7.8
m)
- Drill hole PPL449A intercepted 4.6 g/t Au over 34.2 m (ETW
26.2 m)
- Drill hole PPL449A intercepted 9.0 g/t Au over 7.6 m (ETW
7.0 m)
- Drill hole PPL441 intercepted 6.8 g/t Au over 29.0 m (ETW
7.2 m)
- Drill hole PPL441 intercepted 5.5 g/t Au over 6.5 m (ETW 6.4
m)
Definitions:
|
ETW - estimated true
width
|
g/t Au - grams per
tonne gold
|
m - metres
|
Rod Lamond, President and CEO of
Jaguar Mining commented: "Our employees' tremendous efforts to
reduce and control costs across the Company in the first half of
2017 has enabled the Company to continue its investment in key
growth exploration projects at Pilar and Turmalina. This investment
has created sustainable value as today's drill results demonstrate
the expected continuity of high grade mineralized structures well
beyond current mine plans. The increased grade and thickness of
mineralization at depth will build confidence in the potential for
adding substantial new resources to the Pilar mine and to
significantly extend its mine life. Plans for additional drilling
at Pilar are being finalized. We are also optimistic that the drill
program commenced at Turmalina may deliver similar exploration
success when we report drill results before year-end. Moving
forward, we will continue to remain disciplined in deploying
capital towards the highest priority targets across all of our
operating mine sites."
Jon Hill, a senior Exploration
Geologist and Jaguar´s newly appointed Senior Expert Advisor to the
Management Committee commented: "Today's results confirm the
presence of increased gold mineralization and identify
opportunities for the extension of additional gold mineralization
and an expanded drill program at Pilar. These results are very
encouraging and we are pleased to have commenced additional
near-mine drilling at Turmalina targeting Orebody A and Orebody
C. While growth exploration has initially been focused on
consolidation of the resource base and demonstrating long-term
sustainable production at both the Pilar and flagship Turmalina
operations, these latest positive results now allow management to
move forward confidently with aggressive, but focused and
disciplined, growth exploration programs within the Company's
greater tenement portfolio."
New Strategic Land Position at Pilar Mine Concession
- In July, the Company successfully acquired a new strategic
exploration license contiguous to the Pilar Mine License package
adding 436.62 hectares, or 15%, to the Pilar Mine License
footprint. This area is underlain by prospective Archean greenstone
geology including the same stratigraphic sequence and equivalent
structural setting as the Pilar Mine Mineralized sequence (see
Figure #2).
- The newly acquired License was originally staked in 1981 and
became publicly available on July 24,
2017 when it was awarded to Jaguar under the ordinance
number 831.233/2017 by the Departamento Nacional de Produção
Mineral ("DNPM").
Turmalina Mine
- Commenced drilling in July at Turmalina with three diamond
drills targeting down-plunge depth extensions to the high grade
Orebody A at depth, to approximately 300 m below current
development and resource limits, while also targeting extensions of
Orebody C at shallower depths.
- Orebody A drilling is being undertaken from a hanging wall
development specifically prepared and completed for this program on
Level 10-1. Drilling is intended to reach Levels 12 – 16, up to 420
m vertically below the current development and 300 m below the
current Inferred Resources (refer to Figure #3).
- At shallower levels, drilling will target projected down-plunge
extensions to Orebody C which, once confirmed, will allow access
for mining from existing infrastructure between Levels 4 and 10
(see Figure #4).
- Regular updates on progress with results will be released over
the coming months prior to reporting updated Mineral Reserves and
Mineral Resources in March 2018.
Qualified Person
Scientific and technical information contained in this press
release has been reviewed and approved by Jonathan Victor Hill, BSc
Hons (Economic Geology - UCT), Senior Expert Advisor to the Jaguar
Mining Management Committee, who is also an employee of Jaguar
Mining Inc., and is a "qualified person" as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
Quality Control
Jaguar continues to use a quality-control program that includes
insertion of blanks and commercial standards in order to ensure
best practice in sampling and analysis.
HQ, NQ, and BQ size drill core is sawn in half with a diamond
saw. Samples are selected for analysis in standard intervals
according to geological characteristics such as lithology and
hydrothermal alteration contents. All diamond drill hole collars
are accurately surveyed using a Total Stations instrument and
down-hole deviations are surveyed using non-magnetic equipment with
Icefield Tools' Gyro Path® NSG equipment and SPT Stockholm
Precision Tools with GyroMaster™ Solid State [North Seeker].
Mean grades are calculated using a variable lower grade cut-off
(generally 0.5 g/t Au). No upper gold grade cut has been applied to
the data. However, the requirement for assay top cutting will be
assessed during future resource work.
Half of the sawed sample is forwarded to the analytical
laboratory for analysis while the remaining half of the core is
stored in a secure location. The drill core samples are transported
in securely sealed bags and sent for physical preparation to the
independent ALS Brasil (subsidiary of ALS Global) laboratory
located in Vespasiano, Minas Gerais. The analysis is conducted at
ALS Global's respective facilities (fire assay are conducted by ALS
Global in Lima, Peru and
multi-elementary analysis are conducted by ALS Global in
Vancouver). ALS have accreditation
in global management system that meets all requirements of
international standards ISO/IEC 17025:2005 and ISO 9001:2015. All
major ALS geochemistry analytical laboratories are accredited to
ISO/IEC 17025:2005 for specific analytical procedures.
For a complete description of Jaguar's sample preparation,
analytical methods, and QA/QC procedures, please refer to the
"Technical Report on the Roça Grande and Pilar Operations, Minas
Gerais State, Brazil", a copy of
which is available on the Company's SEDAR profile at
www.sedar.com.
The Iron Quadrangle
The Iron Quadrangle has been an area of mineral exploration
dating back to the 16th century. The discovery in 1699-1701 of gold
contaminated with iron and platinum-group metals in the
southeastern corner of the Iron Quadrangle gave rise to the name of
the town Ouro Preto (Black Gold).
The Iron Quadrangle contains world-class multi-million ounce gold
deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar holds
the second largest gold land position in the Iron Quadrangle with
just over 25,000 hectares.
About Jaguar Mining Inc.
Jaguar Mining Inc. is a Canadian-listed junior gold mining,
development, and exploration company operating in Brazil with three gold mining complexes, and a
large land package with significant upside exploration potential
from mineral claims covering an area of approximately 192,000
hectares. The Company's principal operating assets are located in
the Iron Quadrangle, a prolific greenstone belt in the state of
Minas Gerais and include the Turmalina Gold Mine Complex and Caeté
Gold Mine Complex, which combined produce more than 95,000 ounces
of gold annually. The Company also owns the Paciência Gold Mine
Complex, which has been on care and maintenance since 2012.
Additional information is available on the Company's website at
www.jaguarmining.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking statements and
information are provided for the purpose of providing information
about management's expectations and plans relating to the future.
All of the forward-looking information set forth in this news
release is qualified by the cautionary statements below and those
made in our other filings with the securities regulators in
Canada. Forward-looking
information contained in forward-looking statements can be
identified by the use of words such as "are expected", "is
forecast", "is targeted", "approximately", "plans", "anticipates",
"projects", "continue", "estimate", "believe" or variations of such
words and phrases or statements that certain actions, events or
results "may", "could", "would", "might", or "will" be taken, occur
or be achieved. All statements, other than statements of historical
fact, may be considered to be or include forward-looking
information. These forward-looking statements are made as of the
date of this news release and the dates of technical reports, as
applicable. This news release contains forward-looking information
regarding potential and, among other things, expected future
mineral resources, potential mineral production opportunities,
geological and mineral exploration statistics, ore grades, current
and expected future assay results, and
definition/delineation/exploration drilling at the Pilar Gold Mine
and the Turmalina Gold Mine in Brazil, as well as forward-looking information
regarding costs of production, capital expenditures, costs and
timing of the development of projects and new deposits, success of
exploration, development and mining activities, capital
requirements, project studies, mine life extensions, and continuous
improvement initiatives. The Company has made numerous assumptions
with respect to forward-looking information contained herein,
including, among other things, assumptions about the estimated
timeline and for the development of the drill program at the Pilar
Gold Mine (and its expanded exploration footprint) and the
Turmalina Gold Mine; its mineral properties; the supply and demand
for, and the level and volatility of the price of, gold; the
accuracy of reserve and resource estimates and the assumptions on
which the reserve and resource estimates are based; the receipt of
necessary permits; market competition; ongoing relations with
employees and impacted communities; and political and legal
developments in any jurisdiction in which the Company operates
being consistent with its current expectations including, without
limitation, the impact of any potential power rationing, tailings
facility regulation, exploration and mine operating licenses and
permits being obtained and renewed and/or there being adverse
amendments to mining or other laws in Brazil and any changes to general business and
economic conditions. Forward-looking information involves a number
of known and unknown risks and uncertainties, including among
others: the risk of Jaguar not meeting its plans regarding its
operations and financial performance; uncertainties with respect to
the price of gold, labor disruptions, mechanical failures, increase
in costs, environmental compliance and change in environmental
legislation and regulation, weather delays and increased costs or
production delays due to natural disasters, power disruptions,
procurement and delivery of parts and supplies to the operations;
uncertainties inherent to capital markets in general (including the
sometimes volatile valuation of securities and an uncertain ability
to raise new capital) and other risks inherent to the gold
exploration, development and production industry, which, if
incorrect, may cause actual results to differ materially from those
anticipated by the Company and described herein. In addition, there
are risks and hazards associated with the business of gold
exploration, development, mining and production, including without
limitation environmental hazards, tailings dam failures, industrial
accidents and workplace safety problems, unusual or unexpected
geological formations, pressures, cave-ins, flooding, chemical
spills, and gold bullion thefts and losses (and the risk of
inadequate insurance, or the inability to obtain insurance, to
cover these risks). Although we have attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information.
Table #1
Tabulation of drilling results from the Growth Exploration
Program at Pilar Mine which targeted the principal Banded Iron
Formation Hosted Mineralization from Levels 11 to 16 up to 350 m
vertically below current development and 250
m below the current Inferred Resources.
Pilar Gold
Mine
Drill Results
|
Hole
ID
|
Date
|
From
(m)
|
To
(m)
|
Down Hole
Interval (m)
|
Estimated True
Width (m)
|
Gold
Grade
(g/t Au)
|
ETW
Grade
(g/t Au)
|
PPL440
|
April 14,
2017
|
45.7
|
53.1
|
7.4
|
6.9
|
1.4
|
9.5
|
99.8
|
102.5
|
2.7
|
2.3
|
1.7
|
3.9
|
277.8
|
279.3
|
1.5
|
1.4
|
4.5
|
6.2
|
PPL441
|
June 3,
2017
|
64.8
|
68.4
|
3.6
|
3.2
|
7.1
|
22.9
|
72.9
|
74.4
|
1.6
|
1.4
|
2.2
|
3.0
|
115.7
|
123.6
|
7.9
|
6.4
|
2.3
|
14.5
|
127.6
|
132.4
|
4.8
|
4.6
|
6.1
|
28.1
|
185.8
|
189.2
|
3.4
|
2.3
|
1.6
|
3.7
|
204.7
|
233.7
|
29.0
|
7.2
|
6.8
|
48.3
|
248.4
|
252.9
|
4.5
|
1.1
|
3.9
|
4.2
|
276.1
|
282.7
|
6.5
|
6.4
|
5.5
|
35.1
|
288.2
|
298.4
|
10.3
|
9.4
|
2.1
|
19.6
|
PPL442
|
May 30,
2017
|
71.3
|
80.9
|
9.6
|
8.0
|
2.3
|
18.5
|
132.3
|
134.0
|
1.6
|
1.4
|
1.4
|
1.9
|
PPL449A
|
June 5,
2017
|
9.6
|
12.6
|
3.0
|
2.9
|
4.4
|
12.7
|
72.0
|
86.9
|
14.9
|
12.6
|
3.0
|
37.3
|
95.0
|
97.0
|
2.0
|
2.0
|
3.5
|
6.8
|
368.5
|
373.2
|
4.7
|
4.3
|
6.7
|
28.8
|
376.7
|
410.9
|
34.2
|
26.2
|
4.6
|
120.2
|
440.8
|
470.0
|
29.3
|
22.5
|
10.8
|
243.2
|
498.6
|
506.9
|
8.3
|
7.6
|
1.6
|
12.3
|
510.7
|
513.2
|
2.5
|
2.2
|
4.9
|
10.7
|
517.7
|
525.3
|
7.6
|
7.0
|
9.0
|
63.0
|
SOURCE Jaguar Mining Inc.