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TSX-V: JAG
Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX-V: JAG) today announced updated Mineral Reserves and Mineral Resources estimates as of December 31, 2015 prepared in accordance with National Instrument 43-101 ("NI 43-101"). Southern Brazil operating assets include the Turmalina Gold Complex, consisting of the Turmalina Gold Mine ("Turmalina") and a process mill, and the Caeté Gold Complex, consisting of the Pilar Gold Mine ("Pilar" or "Pilar Mine"), the Roca Grande Gold Mine ("RG" or "RG Mine"), and a process mill. Both Complexes are located within 100 kilometres of Belo Horizonte, the capital city of the state of Minas Gerais (see Figure 1). Northern Brazil development assets include the Gurupi Development Project ("Gurupi" or "Gurupi Project") located in the northern state of Maranhão, Brazil.
2015 Mineral Reserves and Mineral Resources Highlights (As at December 31, 2015)
Southern Brazil, Operating Mines
-- Pilar Mineral Reserves increased 310% to 172,000 ounces of gold
after depletion, while also exceeding reserve replacement
targets, as a result of the increased gold presence encountered
on the BF and BFII Ore Bodies which comprise 91% of Pilar's
underground Mineral Reserves.
-- Pilar Measured and Indicated ("M&I") Mineral Resources
increased 56% to 514,000 ounces of gold grading 4.59 g/t Au.
Recent drilling results from the BF and BFII zones confirm the
open down-plunge potential to expand Mineral Resources and also
confirm increasing grade and widths below the current mining
fronts.
-- Turmalina Mineral Reserves average grade remained unchanged at
5.31 g/t Au, while ounces declined 15% to 185,000 ounces of
gold due to depletion during the year.
-- RG M&I Mineral Resources declined to 111,000 ounces grading
2.81 g/t Au as a result of a large reclassification of
resources, compared to 940,000 ounces grading 3.47 g/t Au in
2014. Exploration and development commenced during Q1 2016 aims
to rebuild the existing Mineral Resource base and also convert
the Mineral Resources to Reserves.
-- Consolidated Mineral Reserves, representing Southern Brazil
operating mines, increased 34% to 357,000 ounces with a 9%
increase in grade to 4.82 g/t Au as a result of a significant
increase in Mineral Reserves at the Pilar Mine.
-- Consolidated M&I Mineral Resources for the Company's Southern
Brazil operating mines remain strong at 1.1 million ounces
grading 4.45 g/t Au.
Northern Brazil, Gurupi Development Project (Open-Pit)
-- Northern Brazil Mineral Reserves and Mineral Resources,
comprised of the open-pit Gurupi Development Project, remain
unchanged from 2014 with Proven and Probable ("2P") Mineral
Reserves of 2.3 million ounces of gold (63,757,000 tonnes
grading 1.14 g/t Au), included in Mineral Resources, and M&I
Mineral Resources of 3.5 million ounces of gold (142,636,000
tonnes grading 0.77 g/t Au).
Rodney Lamond, President and CEO of Jaguar Mining stated, "We have made excellent progress with the geological modeling at our core operating assets in Southern Brazil. Relative to our current production profile we have a solid base of Mineral Reserves comprised of 320,000 ounces from which we continue to build from. Our new models have provided the Company with a dart board of where to focus our exploration programs in order to build on the current life of mine plans. In particular, at Pilar, recent drilling results from the BF and BFII zones confirm the open down-plunge potential to expand Mineral Resources and also confirm increasing grade and widths below the current mining fronts. We are also focused on limiting our capital expenditures to only exploration and development of high priority targets at our operating assets. These high priority targets are those that will support finding, replacing and adding to our Mineral Reserves inventory, thereby extending mine life at all of our operating mines."
Southern Brazil Operating Mines Mineral Reserves and Mineral Resources Review
Pilar Mine Mineral Reserves and Mineral Resources Summary
December 31, 2015 December 31, 2014(1) 2015 vs. 2014 % Change
----------------- ------------------- ----------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------
2P Mineral Reserves
-------------------
Ore Body BA 69 3.20 7
----------- --- ---- ---
Ore Body BF 407 4.20 55
----------- --- ---- ---
Ore Body BFII 707 4.66 106
------------- --- ---- ---
Ore Body LFW 30 3.44 3
------------ --- ---- ---
Ore Body LPA 7 4.00 1
------------ --- ---- ---
Total 2P Reserves 1,220 4.39 172 488 2.70 42 150% 63% 310%
----------------- ----- ---- --- --- ---- --- --- --- ---
M&I Mineral Resources
---------------------
Ore Body BA 467 4.66 70
----------- --- ---- ---
Ore Body BF 1,035 4.69 156
----------- ----- ---- ---
Ore Body BFII 878 5.11 145
------------- --- ---- ---
Ore Body C 451 4.62 67
---------- --- ---- ---
Ore Body LFW 243 4.10 32
------------ --- ---- ---
Ore Body LHW 12 3.61 1
------------ --- ---- ---
Ore Body LPA 56 3.99 7
------------ --- ---- ---
Ore Body SW 338 3.28 36
----------- --- ---- ---
Total M&I
Resources 3,479 4.59 514 1,817 5.64 329 91% -19% 56%
---------- ----- ---- --- ----- ---- --- --- --- ---
Inferred Mineral
Resources 1,208 5.45 212 1,011 5.65 184 19% -4% 15%
---------------- ----- ---- --- ----- ---- --- --- --- ---
1) Pilar
Mineral
Resources
as at
December
31, 2014
reported
were
calculated
using the
historical
technical
reports,
depleting
ounces
mined until
2014. The
new model
developed
in 2015 has
reserves
and
resources
by Ore
Bodies as
listed
above. 2014
analysis by
similar Ore
Bodies was
not carried
out due to
the new
modelling
techniques;
hence the
information
for 2014 is
presented
on a
consolidated
basis only.
-- Pilar Mineral Reserves increased 310% to 172,000 ounces of gold
after 2015 depletion, while also exceeding reserve replacement
targets as a result of the increased gold presence encountered
on the BF and BFII Ore Bodies which comprise 91% of Pilar's
underground Mineral Reserves. Pilar Mineral Reserves average
grade increased 63% to 4.39 g/t Au. In 2014, Mineral Reserves
included 42,000 ounces (488,000 tonnes at an average grade of
2.70 g/t Au). (See Press Release dated March 4, 2015)
-- The large increase in Mineral Reserves at Pilar supports a
significant increase in mine life with sufficient Mineral
Reserves for four years based on the current production profile
at Pilar.
-- Recent drill programs at Pilar have encountered wider
mineralized structures at depth, particularly on the BF and
BFII formations, resulting in a significant increase in the
number of ounces per vertical metre.
-- A drill program consisting of 10,725 metres is planned for 2016
to explore and infill drill the down-plunge extensions of the
BA, BF, and BFII zones to build and strengthen our mine model
for future development.
-- M&I Mineral Resources increased 56% to 514,000 ounces of gold
grading 4.59 g/t Au. Pilar's current mining front, the BA, BF,
and BFII Ore Bodies, host M&I Mineral Resources containing
371,000 ounces of gold grading 4.85 g/t Au. Recent drilling
results from the BF and BFII zones confirm the down-plunge
potential to expand defined Mineral Resources. The BF and BFII
zone drilling results also confirm increasing grade at depth,
while also remaining open at depth below current active mining
fronts.
-- For the December 31, 2015 Pilar estimates, a new geological and
block model was built under the supervision of Roscoe Postle
Associates Inc. ("RPA"). Previous annual Mineral Resource
estimates were internally reviewed. The previous technical
report was filed in 2010. The 2015 Mineral Resources estimates
for Pilar will be filed on SEDAR 45 days from the press release
distributed on March 4, 2015.
-- Estimates were prepared based on a cut-off date of August 31,
2015, including 984 drill holes and 16,445 channel samples.
Estimates were generated from a block model constrained by
three dimensional (3D) wireframe models. A capping value
varying from 10 to 60 g/t Au was applied for all eight "Ore
Bodies". The wireframe models of the mineralization and
excavated material for Pilar were constructed by Jaguar and
reviewed by RPA. A separate wireframe was built for each "Ore
Body" and was used to constrain the grade estimates into the
block model.
Turmalina Gold Complex Mineral Reserves and Mineral Resources Summary
December 31, 2015 December 31, 2014 2015 vs. 2014 % Change
----------------- ----------------- ----------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------
2P Mineral Reserves
-------------------
Ore Body A 827 5.82 155 899 6.23 180 -8% -7% -14%
---------- --- ---- --- --- ---- --- --- --- ---
Ore Body C 253 3.66 30 367 3.14 37 -31% 17% -19%
---------- --- ---- --- --- ---- --- --- --- ---
Total 2P Reserves 1,080 5.31 185 1,266 5.33 217 -15% 0% -15%
----------------- ----- ---- --- ----- ---- --- --- --- ---
M&I Mineral Resources
---------------------
Ore Body A 855 7.01 193 904 7.70 224 -5% -9% -14%
---------- --- ---- --- --- ---- --- --- --- ---
Ore Body B 511 3.56 58 581 3.11 58 -12% 14% 0%
---------- --- ---- --- --- ---- --- --- --- ---
Ore Body C 702 3.14 71 697 2.86 64 1% 10% 11%
---------- --- ---- --- --- ---- --- --- --- ---
Faina 261 6.87 58 261 6.87 58 0% 0% 0%
----- --- ---- --- --- ---- --- --- --- ---
Pontal 410 4.72 62 410 4.72 62 0% 0% 0%
------ --- ---- --- --- ---- --- --- --- ---
Total M&I Resources 2,739 5.01 442 2,853 5.08 466 -4% -1% -5%
------------------- ----- ---- --- ----- ---- --- --- --- ---
Inferred Mineral Resources 3,057 6.30 619 3,268 6.40 673 -6% -2% -8%
-------------------------- ----- ---- --- ----- ---- --- --- --- ---
-- Turmalina Mine Mineral Reserves declined 15% to 185,000 ounces
of gold, due to depletion, while average grade remained
consistent at 5.31 g/t Au. Ore Body C Mineral Reserves grade
achieved a 17% increase to 3.66 g/t Au compared to the prior
year, following a decision to selectively mine higher-grade
ore, having the net effect of lower tonnes.
-- M&I Mineral Resources of 442,000 ounces of gold (2,739,000
tonnes grading 5.01 g/t Au) decreased 5% compared to 466,000
ounces of gold (2,853,000 tonnes grading 5.08 g/t Au) in 2014
mainly due to depletion.
-- 2016 drilling programs of the Ore Body A and Ore Body C
down-dip continuities will focus on replacing ounces mined
during the year.
-- The 2015 Mineral Resources estimates for Turmalina will be
filed on SEDAR 45 days from the date of this press release.
Roca Grande Mineral Resources Summary
December 31, 2015 December 31, 2014(1) 2015 vs. 2014 % Change
----------------- ------------------- ----------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------
M&I Mineral
Resources 1,231 2.81 111 8,421 3.47 940 -85% -19% -88%
----------- ----- ---- --- ----- ---- --- --- --- ---
Inferred 1,759 3.48 197 2,335 3.90 293 -25% -11% -33%
----- ---- --- ----- ---- --- --- --- ---
Mineral Resources
-----------------
1) RG Mineral Resources as at
December 31, 2014 reported
were calculated using the
historical technical reports,
depleting ounces mined until
2014.
-- Exploration and development commenced during Q1 2016 at RG to
rebuild the Mineral Resources as 2015 M&I Minerals Resources
declined to 111,000 ounces grading 2.81 g/t Au compared to
940,000 ounces grading 3.47 g/t Au in 2014.
-- Compared to the prior year, 2015 M&I Mineral Resources of
111,000 ounces declined 88% due to 829,000 ounces from RG that
were not included in the 2015 Mineral Resources due to the
revision of estimation parameters and geological modeling
assessment.
Southern Brazil, Operating Mines Proven & Probable Mineral Reserves at December 31, 2015
Proven Reserves Probable Reserves Proven and Probable
Reserves
--------------- ----------------- --------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------ ------ ----- ------
Turmalina 460 5.19 77 620 5.40 108 1,080 5.31 185
--------- --- ---- --- --- ---- --- ----- ---- ---
Pilar 164 3.15 17 1,056 4.58 156 1,220 4.39 172
----- --- ---- --- ----- ---- --- ----- ---- ---
Total Mineral
Reserves 624 4.65 94 1,676 4.89 264 2,300 4.82 357
------------- --- ---- --- ----- ---- --- ----- ---- ---
-- Consolidated Proven and Probable Mineral Reserves increased 34%
to 357,000 ounces based on a 23% increase in tonnes to
2,300,000 tonnes and a 9% increase in average grade to 4.82 g/t
Au, mainly due to a significant increase in Mineral Reserves at
the Pilar Mine.
-- Total Mineral Reserves at Pilar increased by 310% to 172,000
ounces in 2015 at a cost of $6/ounce.
Southern Brazil, Operating Mines Measured & Indicated Mineral Resources at December 31, 2015
Measured Resources Indicated Resources Total M&I Mineral Resources
------------------ ------------------- ---------------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------ ------ ----- ------
Turmalina 1,235 5.21 207 1,505 4.88 236 2,739 5.01 442
--------- ----- ---- --- ----- ---- --- ----- ---- ---
Pilar 709 4.25 97 2,770 4.68 417 3,479 4.59 514
----- --- ---- --- ----- ---- --- ----- ---- ---
Roca Grande 217 2.17 15 1,014 2.95 96 1,231 2.81 111
----------- --- ---- --- ----- ---- --- ----- ---- ---
Total M&I Mineral 2,161 4.59 319 5,289 4.40 749 7,449 4.45 1,067
Resources
---------
-- Consolidated M&I Mineral Resources for the operating mines
remain strong at 1.1 million ounces (7,449,000 tonnes grading
4.45 g/t Au). An improving average grade profile, due to a
higher tonnage contribution from Pilar and lower tonnes from
Roà§a Grande, drove a 3% increase in M&I Mineral Resource grade
to 4.45 g/t Au from 4.30 g/t Au in 2014.
-- Compared to the prior year, 2015 M&I Mineral Resources of 1.1
million ounces declined 49% due to 829,000 ounces from RG that
were not included in the 2015 Mineral Resources due to the
revision of estimation parameters and geological modeling
assessment. Total tonnes decreased 51% to 7,449,000 compared to
the prior year, also due to lower tonnes at RG.
Northern Brazil Mineral Reserves and Mineral Resources Review
Northern Brazil, Mineral Reserves at December 31, 2015
Proven Reserves Probable Reserves Proven and Probable Reserves
--------------- ----------------- ----------------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------ ------ ----- ------
Gurupi Project (Open-Pit)
------------------------
Cipoeiro - - - 45,044 1.20 1,735 45,044 1.20 1,735
-------- --- --- --- ------ ---- ----- ------ ---- -----
Chega Tudo - - - 18,713 0.99 593 18,713 0.99 593
---------- --- --- --- ------ ---- --- ------ ---- ---
Total Mineral Reserves - - - - 63,757 1.14 2,328 63,757 1.14 2,328
Northern Brazil
--------------- ---
Northern Brazil, Mineral Resources at December 31, 2015
Measured Resources Indicated Resources M&I Mineral Resources Inferred Resources
------------------ ------------------- --------------------- ------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
Gurupi Project (Open-Pit)
------------------------
Cipoeiro 25,734 0.78 640 58,494 0.87 1,633 84,229 0.84 2,273 7,041 0.67 152
-------- ------ ---- --- ------ ---- ----- ------ ---- ----- ----- ---- ---
Chega Tudo 20,923 0.66 440 37,484 0.67 805 58,408 0.66 1,246 678 0.62 13
---------- ------ ---- --- ------ ---- --- ------ ---- ----- --- ---- ---
Total Mineral 46,657 0.72 1,080 95,979 0.79 2,438 142,636 0.77 3,519 7,719 0.66 165
------ ---- ----- ------ ---- ----- ------- ---- ----- ----- ---- ---
Resources -
Northern Brazil
---------------
-- Northern Brazil Mineral Reserves and Mineral Resources,
comprised of the Gurupi Development Project remain unchanged
from 2014 with Proven and Probable Mineral Reserves of 2.3
million ounces of gold (63,757,000 tonnes grading 1.14 g/t Au)
included in M&I Mineral Resources of 3.5 million ounces of gold
(142,636,000 tonnes grading 0.77 g/t Au).
-- The open-pit Gurupi Project is comprised of two deposits:
Cipoeiro and Chega Tudo, which are approximately eight
kilometres from each other. Both deposits are located 500
kilometres southwest of the city of Sà£o Luis, the capital city
of the state of Maranhà£o, and 350 kilometres southeast of the
city of Belém, the capital city of the state of Parà¡, in
northeastern Brazil.
-- Gurupi Project estimates as at December 31, 2015 are based on
the Technomine Feasibility Study Technical Report filed on
SEDAR on January 31, 2011 and have not been re-estimated for
this press release.
Table 1 - Summary of Mineral Reserves as at December 31, 2015
Proven Reserves Probable Reserves Proven and Probable
Reserves
--------------- ----------------- --------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------ ------ ----- ------
Southern Brazil
---------------
Turmalina Gold Complex(2)
------------------------
Ore Body A 387 5.70 71 440 5.92 84 827 5.82 155
---------- --- ---- --- --- ---- --- --- ---- ---
Ore Body C 73 2.51 6 180 4.13 24 253 3.66 30
---------- --- ---- --- --- ---- --- --- ---- ---
Total -
Turmalina 460 5.19 77 620 5.40 108 1,080 5.31 185
---------- --- ---- --- --- ---- --- ----- ---- ---
Caeté Gold Complex
------------------
Pilar(3)
-------
Ore Body BA 69 3.20 7 - - - 69 3.20 7
----------- --- ---- --- --- --- --- --- ---- ---
Ore Body BF 64 2.95 6 343 4.44 49 407 4.20 55
----------- --- ---- --- --- ---- --- --- ---- ---
Ore Body BFII - - - 707 4.66 106 707 4.66 106
------------- --- --- --- --- ---- --- --- ---- ---
Ore Body LFW 30 3.44 3 - - - 30 3.44 3
------------ --- ---- --- --- --- --- --- ---- ---
Ore Body LPA 1 3.19 0 6 4.15 1 7 4.00 1
------------ --- ---- --- --- ---- --- --- ---- ---
Total - Pilar 164 3.15 17 1,056 4.58 156 1,220 4.39 172
------------- --- ---- --- ----- ---- --- ----- ---- ---
Roca Grande - - - - - - - - -
----------- --- --- --- --- --- --- --- --- ---
Total - Caeté 164 3.15 17 1,056 4.58 156 1,220 4.39 172
------------- --- ---- --- ----- ---- --- ----- ---- ---
Total -
Southern
Brazil 624 4.65 94 1,676 4.89 264 2,300 4.82 357
--------- --- ---- --- ----- ---- --- ----- ---- ---
Northern Brazil
---------------
Gurupi Project4
---------------
Cipoeiro - - - 45,044 1.20 1,735 45,044 1.20 1,735
-------- --- --- --- ------ ---- ----- ------ ---- -----
Chega Tudo - - - 18,713 0.99 593 18,713 0.99 593
---------- --- --- --- ------ ---- --- ------ ---- ---
Total -
Northern
Brazil - - - 63,757 1.14 2,328 63,757 1.14 2,328
--------- --- --- --- ------ ---- ----- ------ ---- -----
Total -2P
Mineral 624 4.65 94 65,433 1.23 2,592 66,057 1.26 2,685
--- ---- --- ------ ---- ----- ------ ---- -----
Reserves
--------
Notes to Table 1:
1. CIM definitions are
followed for Mineral
Reserves;
2. Turmalina
(a) Mineral
Reserves are
estimated
using a
break-even
cut-off
grade of
2.57 g/t
Au. Some
stopes were
included
using an
incremental
cut-off
grade of
1.38 g/t
Au;
(b) Bulk
densities
used were
2.76 t/m(3)
for Ore Body
A and B, and
2.95 t/m(3)
for Ore Body
C;
(c) Mineral
Reserves are
estimated
using an
average
long-term
foreign
exchange
rate of 3.8
Brazilian
Reais: 1 US
Dollar;
(d) Mineral
Reserves are
estimated
using a gold
price of
US$1,150 per
ounce for
the year of
2016 and
US$1,250 per
ounce for
the year of
2017 and
beyond;
(e) A minimum
mining width
of
approximately
2 m was
used.
3. Caeté - Pilar
(a) Mineral
Reserves
were
estimated
using a
break-even
cut-off
grade of 2.5
g/t Au;
(b) Bulk
densities
used were
2.89 t/m(3)
for iron-
formation
poor domains
or 3.05 t/
m(3) for
iron-
formation
rich
domains;
(c) Mineral
Reserves are
estimated
using an
average gold
price of
US$1,150 per
ounce;
(d) Mineral
Reserves are
estimated
using an
average
long-term
foreign
exchange
rate of 3.8
Brazilian
Reais: 1 US
Dollar;
(e) A minimum
mining width
of
approximately
2 m was
used.
4. Gurupi Reserves are
based on the
Technomine
Feasibility Study
Technical Report
filed on SEDAR on
January 31, 2011;
5. Numbers may not add
due to rounding.
Table 2 - Summary of Mineral Resources as at December 31, 2015
Measured Resources Indicated Resources Total Measured & Inferred Resources
------------------ ------------------- ------------------
Indicated Resources
-------------------
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
------ ----- ------- ------ ----- ------- ------ ----- ------- ------ ----- -------
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
------ ----- ------ ------ ----- ------ ------ ----- ------ ------ ----- ------
Southern Brazil
---------------
Turmalina Gold Complex(2)
------------------------
Ore Body A 478 6.75 104 378 7.33 89 855 7.01 193 564 6.50 118
---------- --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Ore Body B 352 3.38 38 158 3.95 20 511 3.56 58 46 5.45 8
---------- --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Ore Body C 82 2.88 8 621 3.17 63 702 3.14 71 775 4.51 112
---------- --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Faina 72 7.39 17 189 6.66 42 261 6.87 58 1,542 7.26 360
----- --- ---- --- --- ---- --- --- ---- --- ----- ---- ---
Pontal 251 5.00 40 159 4.28 22 410 4.72 62 130 5.03 21
------ --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Total - Turmalina 1,235 5.21 207 1,505 4.88 236 2,739 5.01 442 3,057 6.30 619
----------------- ----- ---- --- ----- ---- --- ----- ---- --- ----- ---- ---
Caeté Gold Complex
------------------
Pilar(3)
-------
Ore Body BA 293 4.09 39 174 5.58 31 467 4.66 70 65 5.13 11
----------- --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Ore Body BF 259 4.57 38 776 4.74 118 1,035 4.69 156 293 6.77 64
----------- --- ---- --- --- ---- --- ----- ---- --- --- ---- ---
Ore Body BFII 4 4.46 1 874 5.11 144 878 5.11 145 198 7.89 50
------------- --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Ore Body C 80 4.24 11 371 4.73 56 451 4.62 67 140 5.10 23
---------- --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Ore Body LFW 68 3.82 8 175 4.22 24 243 4.10 32 117 4.87 18
------------ --- ---- --- --- ---- --- --- ---- --- --- ---- ---
Ore Body LHW - - - 12 3.61 1 12 3.61 1 5 3.11 1
------------ --- --- --- --- ---- --- --- ---- --- --- ---- ---
Ore Body LPA 6 2.72 1 50 3.99 6 56 3.99 7 - - -
------------ --- ---- --- --- ---- --- --- ---- --- --- --- ---
Ore Body SW - - - 338 3.28 36 338 3.28 36 389 3.60 45
----------- --- --- --- --- ---- --- --- ---- --- --- ---- ---
Total - Pilar 709 4.25 97 2,770 4.68 417 3,479 4.59 514 1,208 5.45 212
------------- --- ---- --- ----- ---- --- ----- ---- --- ----- ---- ---
Roca Grande4 217 2.17 15 1,014 2.95 96 1,231 2.81 111 1,759 3.48 197
------------ --- ---- --- ----- ---- --- ----- ---- --- ----- ---- ---
Total - Caeté 926 3.76 112 3,784 4.22 513 4,710 4.13 625 2,967 4.29 409
------------- --- ---- --- ----- ---- --- ----- ---- --- ----- ---- ---
Total -Southern
Brazil 2,161 4.59 319 5,289 4.40 749 7,449 4.45 1,067 6,024 5.31 1,028
--------------- ----- ---- --- ----- ---- --- ----- ---- ----- ----- ---- -----
Northern Brazil
---------------
Gurupi Project5
---------------
Cipoeiro 25,734 0.78 640 58,494 0.87 1,633 84,229 0.84 2,273 7,041 0.67 152
-------- ------ ---- --- ------ ---- ----- ------ ---- ----- ----- ---- ---
Chega Tudo 20,923 0.66 440 37,484 0.67 805 58,408 0.66 1,246 678 0.62 13
---------- ------ ---- --- ------ ---- --- ------ ---- ----- --- ---- ---
Total -Northern
Brazil 46,657 0.72 1,080 95,979 0.79 2,438 142,636 0.77 3,519 7,719 0.66 165
--------------- ------ ---- ----- ------ ---- ----- ------- ---- ----- ----- ---- ---
Total -Mineral
Resources 48,818 0.89 1,399 101,268 0.98 3,187 150,085 0.95 4,586 13,743 2.70 1,193
-------------- ------ ---- ----- ------- ---- ----- ------- ---- ----- ------ ---- -----
Notes to Table 1:
1. CIM definitions are
followed for
Mineral Reserves;
2. Turmalina
(a) Mineral
Resources
were
estimated
using a
cut-off
grade of
2.11 g/t
Au
(Turmalina);
3.8 g/t Au
(Faina);
and 2.9 g/
t Au
(Pontal);
(b) Bulk
densities
used were
2.89 t/
m(3) for
iron-
formation
poor
domains or
3.05 t/
m(3) for
iron-
formation
rich
domains;
3. Caeté - Pilar
(a) Mineral
Reserves
were
estimated
using a
break-even
cut-off
grade of
2.5 g/t
Au;
(b) Bulk
densities
used were
2.89 t/
m(3) for
iron-
formation
poor
domains or
3.05 t/
m(3) for
iron-
formation
rich
domains;
4. Caeté - Roca Grande
(a) Mineral
Resources
are
estimated
using a
cut-off
grade of
1.46 g/t
Au.;
(b) Bulk
densities
used were
2.87 t/
m(3) for
RG1, RG2,
RG3, and
RG6, and
2.75 t/
m(3) for
RG7;
5. Gurupi Reserves are
based on the
Technomine
Feasibility Study
Technical Report
filed on SEDAR on
January 31, 2011;
6. Numbers may not add
due to rounding.
7. Mineral Resources
for Turmalina,
Pilar, and Roca
Grande are
estimated using an
average long-term
foreign exchange
rate of 2.5
Brazilian Reais: 1
US Dollar and
average long term
gold price of
$1,400 per ounce;
8. Mineral Resources
that are not
Mineral Reserves do
not have
demonstrated
economic viability;
9. Numbers may not add
due to rounding.
Qualified Persons
Mineral Reserves and Mineral Resources 2015 estimates for Southern Brazil were prepared by Jaguar Mining under the supervision of Jason Cox, P.Eng., and Reno Pressacco, P.Geo. of Roscoe Postle Associates Inc. ("RPA"). RPA is an independent mining consultant and each of Messrs. Cox and Pressacco are Qualified Persons within the meaning of NI 43-101. The effective date of these estimates is December 31, 2015. An independent technical report documenting the Mineral Resource estimates prepared in accordance with NI 43-101 will be filed on SEDAR.
In respect of Mineral Reserves and Mineral Resources 2015 estimates for Northern Brazil i.e. the Gurupi Project, (i) information up to January 31, 2011 is derived from the technical report titled "Gurupi Gold Project Cipoeiro e Chega Tudo Properties Feasibility Study", filed on Sedar on January 31, 2011 (with an effective date of January 31, 2011), (the "Gurupi Feasibility Study"). The Gurupi Feasibility Study was prepared by Ivan C. Machado, MSc. P.E., P.Eng. of TechnoMine; (ii) information on updated Measured & Indicated Resources dated July 30, 2012 for the Gurupi Project has been prepared by or under the supervision of Leah Mach. Gurupi Mineral Reserves and Mineral Resources 2015 estimated were reviewed by Marcos Dias Alvim, BSc Geo., MAusIMM (CP) as the Qualified Person.
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 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. 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. Rock channel sampling of the underground development follows the same standard intervals of the drill core. The drill core samples are transported in securely sealed bags to the Jaguar in-house laboratory located at the Roca Grande Mine, Caeté, Minas Gerais. Some samples are also sent for check assaying to the independent SGS Geosol laboratory located in Vespasiano, Minas Gerais. The rock chip samples are transported in securely sealed bags to the Roca Grande Mine Laboratory, Caeté, Minas Gerais. The preparation and analysis are all conducted at the respective facilities, either at the Roca Grande Mine Laboratory in Caeté, Minas Gerais or at the SGS Geosol Laboratory in Vespasiano, Minas Gerais. The Roca 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 Roca Grande Mine Laboratory inserts certified gold standards, blanks and pulp duplicate samples.
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 approximate 191,000 hectares. The Company's principle operating assets are located in a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex ("Mineracão Turmalina Ltda" or "MTL") and the Caeté Gold Mine Complex ("Mineracao Serras do Oeste Ltda" or "MSOL") which combined produce more than 90,000 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 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", "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. This news release contains forward-looking information regarding the development of the Pilar Gold Mine, the reserve and resource estimates for the Pilar Gold Mine and the assumptions and parameters related thereto, the expected mine life and anticipated gold production. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the availability of financing for exploration and development activities; the estimated timeline for the development of the Pilar Gold Mine; 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 general business and economic conditions. Forward-looking information involve a number of known and unknown risks and uncertainties, including among others the uncertainties with respect to the price of gold, labor disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, procurement and delivery of parts and supplies to the operations, uncertainties inherent to capital markets in general 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. Accordingly, readers should not place undue reliance on forward-looking information.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent annual information form and management's discussion and analysis, as well as other public disclosure documents that can be accessed under the issuer profile of "Jaguar Mining Inc." on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Jaguar Mining Inc.
Image with caption: "Figure 1 - Location Map of Operating Assets in Southern Brazil (CNW Group/Jaguar Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20160407_C6491_PHOTO_EN_659741.jpg
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SOURCE: Jaguar Mining Inc.
Rodney Lamond, President & CEO, Jaguar Mining Inc., rodney.lamond@jaguarmining.com,
416-628-9601
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