TORONTO, Oct. 9, 2014 /PRNewswire/ - Jaguar Mining
Inc. ("Jaguar" or the "Company") (JAG: TSX-V) today announced
multiple high-grade drill intercepts generated from down-plunge
resource expansion drilling at its Turmalina Mine, located in the
state of Minas Gerais, Brazil,
highlighting 15.32 grams per tonne Au ("Gold") over 19.0
meters.
All drilling intercepts highlighted are down plunge of current
underground workings at Orebody A.
Table 1 below contains intersections drilled in 2013 and 2014
that are contained within the resource envelope of the current
inferred resource. With these results, the Company has greater
geologic confidence as drill density has been increased, thereby
providing the opportunity to upgrade the current inferred resources
to a higher category. The holes disclosed below in Table 1,
are all within a 50-meter zone below existing mine development.
(PDF of Figure "A" Turmalina)
Table 1 - 2013 and
2014 Drill Hole Intersections Contained in Current Resource
Zone(1)
|
|
Hole
ID
|
Year
|
From
(m)
|
To (m)
|
Length
(m)
|
Average Au
Grade (g/t)
|
Intercept
Elevation
(m.a.s.l.)
|
|
|
FTS1022
|
2013
|
116.9
|
121.0
|
4.1
|
8.16
|
91
|
|
FTS1070
|
2013
|
75.0
|
90.0
|
15.0
|
12.60
|
86
|
|
FTS1072
|
2014
|
97.5
|
116.5
|
19.0
|
15.32
|
50
|
|
FTS1074
|
2014
|
111.7
|
127.5
|
15.8
|
9.09
|
52
|
|
FTS1081
|
2014
|
88.5
|
93.3
|
4.8
|
9.13
|
95
|
|
FTS1082
|
2014
|
100.0
|
103.7
|
3.7
|
13.71
|
75
|
|
FTS1083
|
2014
|
111.7
|
114.9
|
3.2
|
14.72
|
76
|
|
FTS1089
|
2014
|
122.3
|
138.5
|
16.2
|
9.32
|
65
|
|
FTS1108
|
2014
|
162.1
|
163.9
|
1.8
|
8.07
|
54
|
|
FTS1109
|
2014
|
116.4
|
130.7
|
14.3
|
6.36
|
61
|
|
Table 2 contains intersections drilled in 2014 that are not
included in and are farther down plunge and approximately 50 meters
from current inferred resources.
Table 2 - 2014
Drill Hole Intersections Below Current
Resources(1)
|
|
Hole
ID
|
Year
|
From
(m)
|
To
(m)
|
Length
(m)
|
Average Au
Grade (g/t)
|
Intercept
Elevation
(m.a.s.l.)
|
|
|
FTS1076
|
2014
|
141.2
|
151.5
|
10.3
|
9.99
|
15
|
|
FTS1088
|
2014
|
116.6
|
123.2
|
6.6
|
9.08
|
50
|
|
FTS1088
|
2014
|
145.3
|
146.7
|
1.4
|
27.17
|
42
|
|
FTS1092
|
2014
|
153.7
|
161.6
|
7.9
|
8.36
|
32
|
|
FTS1097
|
2014
|
166.8
|
171.8
|
5.0
|
24.71
|
10
|
|
FTS1103
|
2014
|
165.0
|
169.6
|
4.6
|
13.21
|
3
|
|
FTS1104
|
2014
|
129.3
|
143.3
|
14.1
|
10.99
|
41
|
|
FTS1105
|
2014
|
141.6
|
143.3
|
1.7
|
16.78
|
36
|
|
(1)
|
Intersections do
not represent true thickness and have been drilled from drill
platforms in the hanging wall aiming to intersect the mineral
resource as perpendicular to the plunge and dip of the projected
mineralization as possible.
|
An independent National Instrument 43-101 Reserve and Resource
estimate, scheduled for release in Q1 2015, is currently being
prepared for the Turmalina Mine complex and will include all drill
hole data obtained through June 30,
2014 and as disclosed above.
As disclosed in the Company's Management Discussion and Analysis
for the period ended December 31,
2013, (see www.sedar.com) Turmalina's current reserves and
resources are as follows:
Mineral Resources as
at December 31, 2013
|
|
(tonnage in metric
tonnes and grades in grams/tonne)
|
(ounces
Au)
|
Turmalina
|
Measured
(t)
|
g/t
|
Indicated
(t)
|
g/t
|
Measured &
Indicated (t)
|
g/t
|
Inferred
(t)
|
g/t
|
Measured &
indicated (t)
|
Inferred
|
Orebody A
|
417,830
|
8.50
|
165,770
|
5.90
|
583,600
|
7.76
|
222,430
|
4.29
|
145,690
|
30,670
|
Mineral Reserves as at
December 31, 2013
|
Turmalina
|
Proven
(t)
|
g/t
|
Probable
(t)
|
g/t
|
Proven &
Probable (t)
|
g/t
|
Ounces
Au
|
Orebody A
|
300,840
|
6.24
|
162,980
|
4.35
|
463,820
|
5.58
|
83,140
|
Notes :
Mineral Resources listed include Mineral Reserves, and are stated
as of December 31, 2013. These reserves are diluted by
external dilution.
Geological and block models were revised in 2013 and discounted for
the ore mined out in 2013
|
In making this announcement, George
Bee, Chief Executive Officer of Jaguar Mining Inc. stated,
"These drill intercepts clearly illustrate the continuity of
Turmalina's Orebody A at depth and in particular the continuity of
a wide high-grade zone that remains open at depth. The
potential to mine material at grades that are multiples higher than
our existing mined grade and width, is a key to our cautious
optimism for future profitability at Jaguar in the current gold
price environment" Mr. Bee further stated that, "These
positive results are only one small step in our path to turning
around Jaguar's operating results, we still have much work to do at
each of our operating mines, but most particularly catching up on
definition, delineation drilling and mine development that has
suffered in recent years, due to the historic liquidity challenges
that faced the Company prior to its debt restructuring and
recapitalization, that took place in April
2014"
Lastly, Mr. Bee stated, "These positive results reinforce our
focus on pushing mine development deeper to take advantages of
higher grades and wide areas of Orebody A."
Quality Control and Qualified Person:
Drilling was
carried out in-house with all the required QA/QC procedures with
core samples prepared and analysed in Jaguar´s Analytical
laboratory in Caeté, Brazil.
This press release has been reviewed and approved with respect
to the technical information being reported by Wilson Miola, an Independent Qualified Person
under NI 43-101, as of October
2nd, 2014. Wilson
Miola has verified the data disclosed, including sampling,
and analytical data underlying the technical information.
Wilson Miola has closely followed
all aspects of obtaining and processing this data.
Other
The Company also announced the issuance of
675,000 stock options to certain employees of the
corporation. Each option has an exercise price of
$1.35 per share and a term of 5
years. Additionally, the Company issued 100,000 deferred
share units ("DSUs") to an executive of the Company.
About Jaguar Mining
Jaguar is a junior gold producer
in Brazil with operations in a
prolific greenstone belt in the state of Minas Gerais and owns the
Gurupi Project in Northeastern
Brazil in the state of Maranhão. The Company also owns
additional mineral resources at its approximate 210,000-hectare
land base in Brazil. Additional
information is available on the Company's website at
www.jaguarmining.com.
Forward Looking Statements
Certain statements in this
press release constitute "Forward-Looking Statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation.
Forward-Looking Statements can be identified by the use of words
such as "are expected", "is forecast", "is targeted",
"approximately" 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.
Forward-Looking Statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results
or performance to be materially different from any future results
or performance expressed or implied by the Forward-Looking
Statements.
These Forward-Looking Statements represent the Company's views
as of the date of this press release. The Company anticipates that
subsequent events and developments may cause the Company's views to
change. Factors, which could cause results or events to differ from
current expectations, include, among other things, actions taken
against the Company by governmental agencies and securities and
other regulators and other factors not currently viewed as material
that could cause actual results to differ materially from those
described in the Forward-Looking Statements. The Company does
not undertake to update any Forward-Looking Statements, either
written or oral, that may be made from time to time by or on behalf
of the Company subsequent to the date of this discussion except as
required by law.
SOURCE Jaguar Mining Inc.