TSX-V: JAG
TORONTO, April 7, 2016 /CNW/ - 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 Roça 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.
Roça 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
|
Roça
Grande
|
217
|
2.17
|
15
|
1,014
|
2.95
|
96
|
1,231
|
2.81
|
111
|
Total M&I
Mineral
Resources
|
2,161
|
4.59
|
319
|
5,289
|
4.40
|
749
|
7,449
|
4.45
|
1,067
|
- 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 Roça 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 -
Northern Brazil
|
-
|
-
|
-
|
63,757
|
1.14
|
2,328
|
63,757
|
1.14
|
2,328
|
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 São Luis, the capital city of the state of Maranhão,
and 350 kilometres southeast of the city of Belém, the capital city
of the state of Pará, 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
Complex2
|
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
|
Pilar3
|
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
|
Roça
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/m3 for Ore Body A and B, and 2.95
t/m3 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/m3 for iron-formation poor domains or 3.05
t/m3 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
Complex2
|
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
|
Pilar3
|
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
|
Roça
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/m3 for iron-formation poor domains or 3.05
t/m3 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/m3 for iron-formation poor domains or 3.05
t/m3 for iron-formation rich domains;
|
4.
|
Caeté - Roça
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/m3 for RG1, RG2, RG3, and RG6, and 2.75
t/m3 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 Roça 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 Roça 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 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,
Minas Gerais or at the SGS Geosol Laboratory in Vespasiano, Minas
Gerais. 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.
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 ("Mineração 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.