JAGUAR MINING PROVIDES UPDATE ON BA ZONE DEVELOPMENT AND EXPLORATION PROGRESS DIAMOND DRILLING INTERCEPTS HIGH GRADE AT LEVEL 18 EXPANDING POTENTIAL AT DEPTH 9.35 g/t Au over an estimated true width of 7.5m (including 33.1 g/t over an estimated true
JAGUAR MINING PROVIDES UPDATE ON BA ZONE DEVELOPMENT AND EXPLORATION
PROGRESS
DIAMOND DRILLING INTERCEPTS HIGH GRADE AT LEVEL 18 EXPANDING POTENTIAL AT DEPTH
9.35 g/t Au over an estimated true width of 7.5m (including 33.1 g/t over an estimated true
width of 1.25m) in hole PPL1102
FIVE ACCESS SUB-LEVEL HEADINGS PROGRESSING TO PROVIDE ROBUST FUTURE
PRODUCTION PLATFORM
_________________________________________________________________________________________
Toronto, September 5, 2024 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG, OTCQX: JAGGF)
is pleased to announce it has progressed access development on five sub -levels on its newly defined high -grade
BA zone at the Pilar mine in Brazil. In the second quarter (see press release dated August 7, 2024), the Company
reported that its Pilar mine had begun to benefit from higher grades and incremental production contribut ed from
this new BA zone, a trend that is expected to continue going forward . It should be noted that the adjacent Torre
zone is generally narrower with more variable grades and more geotechnical challenges , however, it is a future
opportunity for incremental ore once the necessary evaluation has been completed to safely mine this material.
To date in 2024, cumulative access development of approximately 374 m has been completed on five sub -levels.
This development has generated 30,547 tonnes of run-of-mine ore feed at an average grade of 4.64 g/t producing
4,032 ounces of Au in the first half of 2024. In parallel with this development, approximately 3,985 metres of diamond
drilling has been completed to date, while two diamond drill rigs remain focused on definition and expansion of the
mineralized zone both up and down -plunge from the initial discovery holes on level 15. For the second half of the
year, the Company expects to mine between 50-60,000 tonnes grading approximately 4.14 g/t from the BA zone.
Vern Baker, President and CEO of Jaguar Mining stated “We have continued to make good progress access ing
the BA zone with lateral development on five separate sub -levels since March. The higher grades seen from BA
development ore, along with positive step-out diamond drilling results and geological mapping are confirming
structural continuity . The headline drill intercept on level 18 indicates the potential for a vertical panel of
mineralization down to level 18, all of which supports our goal of achieving consistent production from this area
going forward. We expect the overall contribution from the BA zone to increase over the next few quarters to a point
where approximately 50% of mined production at Pilar in the second half of 2025 will be sourced from this new
zone once fully accessed and developed.”
Highlights from diamond drilling completed since Q1 2024 include:
• 8.80 g/t Au over an estimated true width of 5.00m - (Hole PPL1066)
• 9.30 g/t Au over an estimated true width of 4.70m - (Hole PPL1065)
• 9.35 g/t Au over an estimated true width of 7.50m - (Hole PPL1102) (including 33.1 g/t over an estimated true
width of 1.25m)
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 1 – Long Section showing the Pilar mine underground layout and the position of the BA zone relative
to the other main orebodies. The location of the ongoing BA zone sub-level access development on level
15 and level 17 are highlighted at the bottom right corner of the figure.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 2 – Long sectional view showing the location of access development to evaluate the BA zone, and
the best diamond drill mineralized intersections reported in this press release and previously in the press
release dated February 28, 2024 (original holes in white and yellow background boxes/recent and current
holes shown with pink - background text boxes).
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Table 1 – Diamond drilling intersections with grade x thickness (GT) > 2 0 between level 14 and level 17
targeting the BA zone.
Summary of Significant Intersections, Drilling Program
Jaguar Mining Inc. – Pilar Mine
HOLE ID From
(m) To (m) Down Hole
Interval (m)
Estimated
True Width
(m)
Gold Grade
(g/t Au)
GT
(ETW)
Date
(mm/dd/yyy) Orebody
Laboratory
(RG or
ALS)
Drilling
Company
PPL1060 94.4 100.5 6.2 5.2 5.62 29 07/06/2024 BA RG JAGUAR
PPL1065 83.6 90.6 7.0 4.7 9.3 43 16/04/2024 BA RG JAGUAR
PPL1066 40.4 48.4 8.0 5.0 8.8 44 29/05/2024 BA RG JAGUAR
PPL1067 96.0 107.5 11.6 6.4 3.9 25 14/06/2024 BA RG JAGUAR
PPL1102 265.9 269.6 3.7 2.3 9.6 22 22/08/2024 BA RG JAGUAR
PPL1102 302.9 319.3 16.4 7.5 9.4 70 22/08/2024 BA RG JAGUAR
Including 312.5 315.3 2.8 1.3 33.1 41 22/08/2024 BA RG JAGUAR
PPL1102 329.5 336.0 6.6 3.3 6.2 20 22/08/2024 BA RG JAGUAR
PPL1071 74.5 100.7 26.3 9.5 8.6 82 28/08/2024 BA RG JAGUAR
Including 94.9 100.0 5.1 1.8 35.5 65 28/08/2024 BA RG JAGUAR
Geological Description
The high-grade gold mineralization is hosted by a well-developed layer of BIF as outlined by d etailed geological
mapping of development faces e xposed in the access crosscuts. The BIF is comprised of both carbonate and
silicate facies, surrounded by undifferentiated metavolcanic and sedimentary schists. The highest grades are
associated with hydrothermal alteration (quartz-sericite-chlorite-carbonate) and 5-15% of semi -massive to
disseminated coarse subhedral grains of Arsenopyrite and subsidiary Pyrrhotite.
The BIF exposures show a succession of overturned folds (synform-antiform pairs), with fold axes plunging to the
south at medium to low angles.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 3 – Schematic Plan View of the Pilar mine geology as interpreted from initial drilling and geological
– structural projections on level 18 highlighting the location of the high -grade BA zone mineralized
structure intersected in recent diamond drill holes.
Mineral Resources per vertical meter – Comparison between historical and potential future production
Historically the BA zone was the main contributor to ounce production at Pilar in the upper levels of the mine
reaching a peak of some 1500 mineral resource ounces per vertical meter around level 3. Over time and with
increasing depth the mine saw a decrease in the ounce per vertical meter profile attributed to this orebody to sub -
economic levels in the vicinity of level 8. As commonly occurs with structurally controlled mineralized systems of
this nature the decreased ounces per vertical meter profile on the BA structure was accompanied by a concomitant
increase in the ounces per vertical meter profile attributed to the nearby BIF structures south along strike and since
2016 the mine has produced the majority of ounces from the BIF structures. The discovery of higher grades on the
BA structure in the vicinity of level 15 during late 2022 and subsequent exploration diamond drilling and access
development described in this, and previous press releases is highlighting increased ounce per vertical meter on
the BA structure now confirmed from levels 14 to levels 19 as presented in Figure 4 below.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 4 – Long section of Pilar mine showing the ounces-per-vertical-meter profile with depth. The graph
highlights the historically important contribution of ore from the BA zone to production at shallow levels
in the mine from level 1 to level 8, diminishing from level 9 to level 14 and now, with recent drilling and
exploration, demonstrating an increasing profile downwards from level 14 to level 19.
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 deposits such as Morro Velho, Cuiabá, and São Bento.
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 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.
7
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
For further information please contact:
Vernon Baker
Chief Executive Officer
Jaguar Mining Inc.
416-847-1854
Alfred Colas
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 regulators 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," "est imate,"
"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 be considere d to
be or includ e forward -looking information. This news release contains forward -looking information regarding, among other
things, the duration of the temporary suspension of the Company’s 2023 production guidance in ounces and costs, the expected
future release of new guidance for 2023, the anticipated impact of planned changes in mining systems and cost cutting initiatives
on the Company’s future performance and production results , information related to expected sales, production statistics, ore
grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estima ted
future production, costs of production, capital expenditures, costs and timing of th e 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; mar ket 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 being obtained and renewed and/o r
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, including among
others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties w ith
respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in
environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters,
power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in
general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other ri sks
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. In addition, there are risks and hazards associated with
the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures,
industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding,
chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to
obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.
8
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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 plus.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.