TORONTO, April 27, 2015 /PRNewswire/ --
TSX-V: JAG
Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG:
TSX-V) today announced multiple high-grade drill
intercepts, in particular drill hole PPL302 which intercepted 18.22
grams per tonne gold over 7.4 meters, generated from underground
exploration drilling at its 100% owned Pilar Mine located in Minas
Gerais, Brazil.
The Pilar Mine is one of two underground mines that provide ore
to the Caete Complex ("Caete") and represents approximately
two-thirds of the ounces produced at Caete.
The drilling program, initially launched in Q3 2014, is largely
focused to test potential depth extensions of mineralization below
the current mine working levels.
All newly reported holes in Table 1 have intersected high-grade
mineralization confirming the extension of a mineralized system in
depth at the Pilar mine. Additionally, the high-grade
mineralization was identified at the footwall of the main AB ore
body (picture 1) providing an opportunity to add new resources in
depth extension at the Pilar Mine.
George Bee, Chief Executive
Officer of Jaguar commented: "These drill hole intercepts
confirm the potential of expanding reserves and resources at the
Pilar Mine, thereby potentially expanding the existing life-of-mine
and production profile. With these results, we have re-initiated
mine planning activities in order to consider a restart of primary
and secondary development activities at Caeté, however, any
decision to restart development activities will be deferred until
the current exploration program is concluded, mine planning/costing
has been completed and positive economic results from a restart of
development are evident."
Drill hole PPL160 intercepted 14.04 grams per tonne Au ("g/t
Gold") over 8.7 meters, drill hole PPL294 intercepted 10.63 grams
per tonne Au over 13.6 meters, drill hole PPL304 intercepted 20.98
grams per tonne Au over 3.7 meters and drill hole PPL307
intercepted 18.22 grams per tonne Au over 7.4 meters, including
27.19 grams per tonne Au over 4.3 meters. Table 1 below contains
intersections in AB ore body drilled between September 2014 and April
2015.
Table-1 Drill hole intersections at Pilar Mine - Ore body AB
Au Grade
From To Length
Hole ID Date (m) (m) (m) (g/t)
PPL160 10/2014 128.8 137.5 8.7 14.04
PPL289 11/2014 34.3 40.4 6.1 8.49
PPL294 02/2015 185.1 198.7 13.6 10.63
PPL295 03/2015 201.0 208.0 7.0 9.22
PPL304 02/2015 173.9 177.6 3.7 20.98
PPL308 03/2015 52.3 57.4 5.1 9.34
PPL190 04/2015 199.8 203.3 3.5 5.56
PPL307 04/2015 180.6 188.0 7.4 18.22
including 181.2 185.5 4.3 27.19
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.
This drilling program also includes representative intercepts at
ore body C (picture 2), confirming previous results of nearby drill
holes. These results increase geological information, providing the
opportunity to convert mineral resources to a higher confidence
classification in these specific areas.
Drill hole FSB502 intercepted 41.99 grams per tonne Au ("g/t
Gold") over 4.3 meters, including 128.33 grams per tonne Au over 1
meter, drill hole FSB499 intercepted 12.23 grams per tonne Au over
6.3 meters and drill hole FSB501 intercepted 10.95 grams per tonne
Au over 6.6 meters, including 24.86 grams per tonne over 1.3
meters. Table 2 below contains intersections in C ore body drilled
between September 2014 and
November 2014.
Table-2 Drill hole intersections at Pilar Mine - Ore body C
Au Grade
From To Length
Hole ID Date (m) (m) (m) (g/t)
FSB499 09/2014 34.2 40.5 6.3 12.23
FSB501 09/2014 71.3 77.9 6.6 10.95
including 74.3 76.6 1.3 24.86
FSB502 09/2014 41.2 45.5 4.3 41.99
including 41.2 41.8 0.6 82.42
including 44.5 45.5 1.0 128.33
FSB516 10/2014 58.5 63.4 4.9 10.38
including 58.5 59.7 1.2 34.08
FBS520 11/2014 13.5 23.9 10.4 10.20
including 16.6 20.7 4.1 17.25
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.
Quality Control
Jaguar Mining has implemented a quality-control program that
includes insertion of blanks, commercial standards and duplicate
core samples in order to ensure best practice in sampling and
analysis. NQ and BQ size drill core is saw cut and half the drill
core is sampled in standard intervals according to geological
characteristics such as lithology and hydrothermal alteration
contents. The remaining half of the core is stored in a secure
location. Rock channel sampling of the underground development
follows the same standard intervals of the drill core. The drill
core samples are transported in security sealed bags to the
in-house Roça Grande Mine Laboratory, Caeté, Minas Gerais and
occasionally to the independent SGS Geosol laboratory in
Vespasiano, Minas Gerais. The rock chip samples are transported in
security sealed bags to the Roça Grande Mine Laboratory, Caeté,
Minas Gerais. The preparation and analysis are all conducted at the
respective facilities, either at the Roça Grande Mine Laboratory in
Caeté, MG or at the SGS Geosol Laboratory in Vespasiano, MG. The
Roça Grande Mine Laboratory does not carry an ISO certification.
The SGS Geosol Laboratory is ISO 9001 accredited. As part of
in-house QA/QC the Roça Grande Mine Laboratory inserts certified
gold standards, blanks and pulp duplicate samples.
Qualified Person
Scientific and technical information contained in this press
release has been reviewed and approved by Marcos Dias Alvim, BSc
Geo., MAusIMM (CP), Project Development Manager, who is an
employee of Jaguar Mining Inc., and is a 'qualified person' as
defined by National Instrument 43-101- Standards of Disclosure for
Mineral Projects ("NI43-101").
About Jaguar Mining
Jaguar is a gold producer with mining operations in a prolific
greenstone belt in the state of Minas Gerais, Brazil. Additionally, Jaguar wholly owns the
large-scale Gurupi Development Project in the state of Maranhão,
Brazil. In total, the Company owns
mineral claims covering an area of approximately 197,000-hectares.
Additional information is available on the Company's website
at http://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 include, but are
not limited to, management's assessment of Jaguar's future plans
and operation. Certain statements throughout this press release
constitute forward-looking statements (forecasts) under applicable
securities laws relating to future events or future performance.
Forward-Looking Statements can be identified by the use of words
such as "are expected", "is forecast", "is targeted",
"approximately", "plans", "anticipates" "projects", "anticipates",
"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. 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 factors include the uncertainties associated with
the exploration and development of mineral properties, in
interpreting drilling results and other geological data,
fluctuating gold prices and monetary exchange rates, the
possibility of project cost delays and overruns or unanticipated
costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future for the continuance of the
operations and development of the reserves and resources,
uncertainties related to production rates, timing of production and
the cash and total costs of production. Forward-looking information
is based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause
actual results to differ materially from those anticipated by
Jaguar and described in the forward-looking information. The
forward-looking information contained in this press release is made
as of the date hereof and Jaguar undertakes no obligation to update
publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, unless
required by applicable securities laws. The forward-looking
information contained in this press release is expressly qualified
by this cautionary statement.
Forward-Looking Statements involve known and unknown risks,
uncertainties and other factors may cause the actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. Such risk
factors include, among risks associated with exploration and
development of mineral properties, the uncertainties involved in
interpreting drilling results and other geological data,
fluctuating gold prices and monetary exchange rates, the
possibility of project cost delays and overruns or unanticipated
costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future for the continuance of the
operations and development of the reserves and resources,
uncertainties related to production rates, timing of production and
the cash and total costs of production, as well as those factors
disclosed in the Company's current Annual Information Form and
Management's Discussion and Analysis, as well as other public
disclosure documents, available on SEDAR
at http://www.sedar.com. Although the Company has 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. The forward-looking statements contained
herein are presented for the purposes of assisting investors in
understanding the Company's plan, objectives and goals and may not
be appropriate for other purposes. Accordingly, readers should not
place undue reliance on 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.
Derrick Weyrauch, Chief Financial
Officer, Phone: +1-416-628-9601, dweyrauch@jaguarmining.com