Jaguar Mining Announces High Grade Drilling Intercepts at Pilar Mine and Catita Target New Growth Opportunities Added Drilling Highlights include (over estimated true width): 20.93 g/t Au over 10.0m including 42.3 g/t Au over 3.2m in BA Structure
February 21, 2023 NEWS RELEASE
FOR IMMEDIATE RELEASE TSX: JAG
OTCQX: JAGGF
Jaguar Mining Announces High Grade Drilling Intercepts at Pilar Mine and Catita Target
New Growth Opportunities Added
Drilling Highlights include (over estimated true width):
20.93 g/t Au over 10.0m including 42.3 g/t Au over 3.2m in BA Structure
24.01 g/t Au over 5.0m in LPA Structure
9.72 g/t Au over 9.0m in SW Structure
9.51 g/t Au over 5.9m* including 15.24 g/t Au over 3.2m at Catita Target
* (Drilled width – true width unknown)
Toronto, Canada, February 21, 202 3 – Jaguar Mining Inc. ("Jaguar" or the "Company") ( TSX:JAG;
OTCQX:JAGGF) is pleased to announce positive results from recent in-mine diamond drilling at its Pilar mine
complex and exploration drilling at its Catita target, located in the Iron Quadrangle in the state of Minas Gerais,
Brazil.
In the fourth quarter of 2022, the Company successfully advanced several high priority diamond drill campaigns
focused on identifying or extending high grade mineralization at its Pilar mine. This diamond drilling focused on
various new targets including holes testing the projected fold hinge within the BA – TORRE structure, the LPA
structure, and extensions of a higher grade mineralized trend within the SW structure (press release dated
September 13, 2022).
Results from this recent drilling at Pilar has been particularly encouraging with a number of exceptional
intersections reporting grade x thickness (GT) intervals greater than 100-gram meters on the BA – Torre and
LPA structures on level 16. These intercepts again demonstrate potential down plunge extensions within these
structures. The identification of down plunge potential within the BA structure is of particular importance given
that this structure was the main historically producing ore zone at Pilar mine at shallower levels. (refer to Table
1 and Figures 1 and 2)
The Company will publish updated Mineral Reserves and Mineral Resources along with its AIF in March 2023.
At Jaguar´s Catita Project diamond drilling is targeting potential mineralized extensions to the previously mined
Catita open pit. Catita is part of the emerging Córrego Brandão – Catita Mineralized Trend 5km from the
Company’s CCA plant at Caete. The high-grade intercept reported here provides support for additional
exploration focus on this target in 2023.
Vern Baker, President, and CEO of Jaguar Mining stated: “The results reported today include intersections with
excellent grade and width, especially in new target areas . This supports our belief that there are still various
exciting opportunities that exist throughout the mine. Our geol ogists continue to refine structural – geological
targets that justify ongoing drilling activities. Furthermore, t he high-grade intercept reported at Catita
demonstrates the clear potential of this target trend which is quickly becoming one of our most prospective target
areas within our exploration and growth portfolio”.
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Pilar Mine Drilling
At Pilar, drilling in the later part of 2022 and into 2023 has been focused on the further delineation and expansion
of higher-grade mineralization throughout the mine. Drill testing has generally targeted the projected plunge
positions of fold hinges associated w ith the folded Banded Iron Formation s and associated Schists which
generally host higher-grade mineralization in previously exploited and or current mining production areas. This
tactic is successfully expanding known higher - grade areas and importantly highlighting further potential in new
areas. (press release dated September 13, 2022).
Of particular interest is the exceptional intersection in hole PPL850 which reported 42.35 g/t Au (uncut) over an
estimated true width of 3.2m within a broader zone grading 20.93 g/t Au over an estimated true width of 10.0m
within the BA Structure on 16 level. This intercept opens a new area for exploration close to existing mine
development on this level. Figure 3 shows a schematic view aimed at representing the projected BA -Torre
Structure fold hinge intersected in hole PPL850 while Figure 4 presents the individual samples contributing to
this high-grade intersection.
Similarly hole PPL929 intersected 9.72 g/t Au over an estimated true width of 9.0m within the SW structure again
opening the opportunity of adding to the ounce per vertical meter profile on this structure below level 12.
High grade mineralization intercepts with grade x thickness (GT) > 20 (gram per tonne meter) are tabulated
below in table 1.
Figure 1 – Pilar Mine Long Section showing 2022 drilling intersections with grade x thickness (GT) > 20
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Figure 2 – Schematic Plan View Image showing relative location of the Pilar Mine Mineralized Zones
and Structural framework on 16 level
Figure 3 – Schematic Plan View image of Pilar Mine Level 16 showing the location of recent higher grade
drill intercepts
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Table 1 - Best Drilling Intersections Pilar Mine with grade x width > 20
Summary of Diamond Drill Intersections
Pilar Mine - Best Intersections
Hole ID From
(m)
To
(m)
DownHol
e Interval
(m)
Estimate
d True
Width
(m)
Gold
Grade
(g/t Au)
GT
(ETW) Orebody
FSB1025 39.8 55.1 15.3 6.0 5.14 31 BF
PPL823 54.3 65.3 11.1 5.0 6.76 34 SJ?
PPL823 110.3 114.8 4.6 2.5 16.55 41 SW
PPL842 149.0 157.7 8.7 5.0 24.01 120 LPA?
PPL844 335.9 343.9 8.0 7.0 6.43 45 LPA
PPL850 367.1 381.0 13.9 10.0 20.93 209 BA
Including 367.1 373.2 6.1 3.2 42.35 136 BA
PPL852 178.1 187.2 9.1 6.1 6.55 40 BA
PPL852 214.3 229.9 15.6 9.5 4.53 43 TORRE
PPL929 80.1 90.9 10.8 9.0 3.35 30 SW
PPL929 119.1 130.0 11.0 9.0 9.72 87 SW
PPL984 155.5 172.0 16.5 10.5 3.93 41 BF/BFII
PPL984 231.4 239.1 7.7 5.2 4.90 25 BFII
PPL985 127.2 130.8 3.6 3.2 6.46 21 BFII
PPL985 140.4 146.6 6.2 5.5 6.15 34 BFII
PPL986 150.5 169.0 18.5 11.0 4.12 45 BFII
Including 155.5 159.9 4.4 2.6 8.16 21 BFII
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Figure 4 – Image of drill core intercepted in hole PPL850 with individual sample assay results highlighted
Catita Project Drilling
During 2021 and 2022 Jaguar has been exploring the emerging Córrego Brandão – Catita trend close to its CCA
Plant facility near Caete. This trend is defined by an approximately 1.5km northwest – southeast trending
structural corridor connecting a major antiformal fold structure centred on the Catita target in the west and a
major synformal fold structure centred on the Córrego Brandão target in the east. A strong Au-As in soil anomaly
extends along the entire trend.
Exploration in 2 021 was largely focused on the Córrego Brandão section of the structure where the initial
discovery was made, and which lead to the publication of a maiden Inferred Mineral Resource of some 51koz
@ 1.48 g/t Au.
Exploration during 2022 was aimed at expand ing exploration along the trend which include d commencing a
thorough re-evaluation of historical geological and mining data over the Catita target. Geological mapping and
resulting structural modelling at Catita is highlighting several priority drill targe ts within this complex geological
setting. Some early success with initial drill testing is being reported here where hole FCAT045 reporting an
intersection grading 9.51 g/t Au over a drilled width of 5.9m.
6
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Figure 5 – Catita – Córrego Brandão Trend
Table 2 – Best Drilling Intersections – Catita Structure
Summary of Diamond Drill Intersections
Catita - Córrego Brandão Trend
Hole ID From (m) To (m) DownHole
Interval (m)
Gold Grade
(g/t Au)
GT*
(Grade x
Thickness)
Orebody
FCAT045 25.9 28.35 2.5 3.6 9 CATITA
FCAT045 53.85 59.7 5.9 9.51 56 CATITA
Including 56.55 59.7 3.2 15.24 48 CATITA
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Quality Control
All sampling and samples utilized at Jaguar for Mineral Resource and or Mineral Reserves estimation uses a
quality-control program that includes insertion of blanks and commercial standards in order to ensure best
practice in sampling and analysis.
HQ, 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. Rock channel
sampling of the underground development follows the same standard intervals as for the drill core.
Half of the sawed sample is forwarded to the a nalytical laboratory for analysis while the remaining half of the
core is stored in a secure location. The drill core and rock chip samples for resource -reserve conversion and
grade control samples are transported for physical preparation and analysis in s ecurely sealed bags to the
Jaguar in-house laboratory located at the company´s Caeté Complex, Caeté, Minas Gerais. Growth exploration
samples are sent to the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano,
Minas Gerais, Brazil. The analysis of these exploration samples is conducted at ALS Global’s respective facilities
(fire assay is conducted by ALS Global in Lima, Peru, and multi-elementary analysis is conducted by ALS Global
in Vancouver, Canada). ALS has accreditation in a global management system that meets all requirements of
international standards ISO/IEC 17025:2005 and ISO 9001:2015. All major ALS geochemistry analytical
laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.
For a complete description of Jaguar’s sample preparation, analytical methods and QA/QC procedures, please
refer to “Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil ”, a copy of
which is available on the Company’s SEDAR profile at www.sedar.com.
The drilling results presented on this news release are from drill holes completed by contractors Major Drilling
and Jaguars own fleet of underground diamond drilling rigs.
For a complete description of Jaguar’s sample preparation, analytical methods and QA/QC procedures, please
refer to the “Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil ”, dated
August 17, 2020, a copy of which is available on the Company’s SEDAR profile at www.sedar.com.
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by
Jonathan Victor Hill, BSc (Hons) (Economic Geology - UCT), FAUSIMM, Vice President Geology and
Exploration, who is also an employee of Jaguar Mining Inc. , and is a "qualified person" as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
The Iron Quadrangle
The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in
1699–1701 of gold contaminated with iron and platinum -group metals in the southeastern corner of the Iron
Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world -
class multi-million-ounce gold depos its such as Morro Velho, Cuiabá, and São Bento. Jaguar holds the third
largest gold land position in the Iron Quadrangle with over 50,000 hectares.
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
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. The Company's principal operating assets are located in the Iron Quadrangle, a prolific
greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caeté Mining
Complex (Pilar and Roça Grande Mines, and Caeté Plant). The Company also owns the Paciência Gold Mine
Complex, which has been on care and maintenance since 2012. The Roça Grande Mine has been on temporary
care and maintenance since April 2019. Additional information is available on the Company's website
at www.jaguarmining.com.
For further information please contact:
Vernon Baker
Chief Executive Officer
Jaguar Mining Inc.
416-847-1854
Hashim Ahmed
Chief Financial Officer
Jaguar Mining Inc.
416-847-1854
Forward-Looking Statements
Certain statements in this news release constitute "forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward -looking statements and information are provided for the purpose of
providing information about management's expectations and plans relating to the future. All of the forward -
looking information made in this news release is qualified by the cautionary statements below and those made
in our other filings with the securities regul ators in Canada. 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. All statements, other than statements of historical fact, may b e
considered to be or include forward-looking information. This news release contains forward-looking information
regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates,
cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs
of production, capital expenditures, costs and timing of the development of projects and new deposits, success
of exploration, development and mining activities, currency fluctuations, capital requirements, project studies,
mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and
resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking
information contained herein, including, among other things, assumptions about the estimated timeline for the
development of its mineral properties; 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; political and legal developments in any jurisdiction in which the Company operates
being consistent with its current expectations including, without limitation, the impact of any potential power
rationing, tailings facility regulation, exploration and mine operating licenses and permits bei ng obtained and
renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general
business and economic conditions. Forward-looking information involves a number of known and unknown risks
and uncertainties, includi ng among others: the risk of Jaguar not meeting the forecast plans regarding its
operations and financial performance; uncertainties with respect to the price of gold, labour disruptions,