TORONTO, August 17, 2015 /PRNewswire/ --
TSX-V: JAG
Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG:
TSX-V) today announced the final set of exploration drill
results from the 2015 exploration program at the Pilar Mine,
located in Minas Gerais, Brazil. These results include
additional high-grade gold intercepts from the latest round of
underground exploration drilling. The most significant
high-grade gold results from this drilling campaign come from BFII
and BF at the footwall of ore body BA and in particular, drill hole
FSB552A with 13.74 grams per tonne Gold ("g/t Au") over 9.8 meters
and drill hole PPL 319 with 9.48 g/t Au over 11.15
meters. (Intersections do not represent true
thickness and have been drilled from drill platforms aiming to
intersect the mineral resources perpendicular to the plunge and dip
of the projected mineralization as possible.)
The Pilar Mine is one of two underground mines that provide ore
to the Caeté Mill Complex ("Caeté") and this production currently
represents approximately two-thirds of the ounces produced at
Caeté.
This 2015 drilling program, initially launched in late Q3 2014,
was largely focused to test potential depth extensions of
mineralization below level 7 at the Pilar Mine. This program was
projected to intersect the mineralization at levels 8, 9 and 10
(figure 1), covering a vertical length of 240 meters (80 meters per
level).
The program included 31 diamond drill holes for a total of 6,541
drilled meters. Drill holes were planned along the extensions of
existing pay shoots and targeting a grid of 40 x 40 meters. About
80% of drill holes were projected to intercept the mineralization
from the hanging wall (average N223 dipping 51o) and 20%
to intercept the mineralization from the footwall (average N76
dipping 18o). Average depth per drill hole was 211
meters.
High-grade intercepts reported in Table 1 confirm the depth
extensions of the mineralized system at the Pilar Mine. In
addition, these results show higher continuity, grade and thickness
of the mineralized zones BFII and BF at levels 8, 9 and 10. Ore
body BFII shows high-grade results in both the upper and lower
limbs while higher grade results are in the lower limb of ore body
BF. Ore shoots where the higher grades are concentrated follow the
hinge zones of the anticlines.
George Bee, Chief Executive
Officer of Jaguar commented: "The Pilar Mine has been
subject to a lack of investment in exploration and development as a
result of financial constraints. The geology is quite complex and
understanding the structural controls is essential. In 2015, we
funded a limited program and undertook the exploration in the
belief that Pilar and our surrounding claims held potential. These
drill results are very exciting and clearly confirm the potential
of mineral resources and reserves at the Pilar Mine below level 7,
a level currently being mined. These intersections also clarify
some geological features and the understanding of mineralization
controls that will enable a broader exploration program when
further funding becomes available."
Key intercepts includes drill hole FSB552A with 13.74 g/t Au
over 9.8 meters, drill hole PPL 319 with 9.48 g/t Au over 11.15
meters, drill hole PPL287 with 5.07 g/t Au over 16.45 meters, drill
hole PPL314 with 7.26 g/t Au over 9.25 meters, drill hole PPL316
with 6.59 g/t Au over 10.10 meters, drill hole PPL318 with 8.57 g/t
Au over 7.55 meters, drill hole PPL 306 with 9.43 g/t Au over 7.5
meters, including 22.32 g/t Au over 2.70 meters.
Table 1 - Drill hole intersections at Pilar Mine
Hole ID Ore Body From To Length (m) Au ppm Elevation
PPL261 BF 70.40 74.00 3.60 7.52 262
PPL287 BFII 110.50 126.95 16.45 5.07 302
PPL299 BFII 203.50 222.50 19.00 4.06 142
Including BFII 203.50 210.35 6.85 6.93 142
PPL300 BF 163.35 183.40 20.05 3.83 162
PPL300 BFII 197.60 208.00 10.40 4.64 144
PPL301 BF 203.40 209.85 6.45 5.29 124
PPL301 BFII 211.40 219.40 8.00 4.76 119
PPL301 BFII 243.70 246.20 2.50 22.24 99
PPL303 BF 151.20 153.60 2.40 12.44 176
PPL303 BFII 166.50 193.40 26.90 3.03 159
PPL305 BF 136.10 142.90 6.80 4.67 180
PPL306 BFII 213.20 220.70 7.50 9.43 100
Including BFII 218.00 220.70 2.70 22.32 100
PPL306 BFII 239.35 247.20 7.85 5.65 79
PPL309 BFII 48.40 51.80 3.40 8.68 236
PPL312 BF 108.35 113.55 5.20 5.38 217
PPL313 BF 89.30 93.05 3.75 8.33 228
PPL313 LPA 99.15 102.05 2.90 12.31 224
PPL314 BF 87.00 96.25 9.25 7.26 247
PPL314 BF 115.30 123.10 7.80 7.11 245
PPL316 BF 99.60 109.70 10.10 6.59 211
PPL316 BFII 131.10 137.30 6.20 7.57 193
PPL317 BF 91.90 98.70 6.80 3.88 228
PPL317 BFII 112.00 118.50 6.50 8.32 218
PPL318 BF 122.95 130.50 7.55 8.57 192
PPL318 BFII 154.65 159.40 4.75 5.69 172
PPL319 BFII 135.20 146.35 11.15 9.48 158
FSB553 BFII 26.80 29.50 2.70 8.69 293
FSB552 A BFII 18.80 28.60 9.80 13.74 275
FSB551 BFII 29.90 33.60 3.70 10.12 284
Intersections do not represent true thickness and have been drilled from drill
platforms aiming to intersect the mineral resource as perpendicular to the plunge and
dip of the projected mineralization as possible.
The Pilar Mine is situated in the northeast portion of the Iron
Quadrangle about 100 kilometers east of the city of Belo Horizonte in Minas Gerais, Brazil. The deposit is hosted in a
metavolcanic sedimentary sequence of the Rio das Velhas Greenstone
Belt and the mineralization is located between a folded zone of
Banded Iron Formation (BIF) which forms a local isoclinal syncline
dipping to SE. The west limb of this syncline has a normal
stratigraphic stacking and is called the SW limb and the inverted
limb, at the east side, is called limb B. The regional axial plane
foliation has general direction of NNE / SSW dipping to SSE.
Mineralized zones are classified according to; the position of
the mineralization relative to the major syncline, the
morphological continuity and the structural and mineralogical
occurrence mode. The mineralization is divided from footwall to
hanging wall in SW, LFW, BFII, BF, LHW, BA and C (figure 1).
The SW ore body matches with the west limb, SW, of the syncline.
The LFW ore body consists of a mineralized lens of
sericite-chlorite-carbonate-quartz schist present in the footwall
of the inverted limb B. The mineralized zones BFII, BF, BH and BA
are parasitic anticlines dipping to the SE also in limb B of the
major syncline. The C ore body is a group of mineralized lenses of
sericite-chlorite-carbonate-quartz schist associated with the
contact of the shear zone with the BIF at the hanging wall of limb
B.
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 to fund working capital,
exploration programs and 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 to fund
working capital, exploration programs and 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