Jaguar Mining Provides Update ON Faina Access and Intersects High Grades IN Development and Diamond Drill Holes Development Channel Samples – H Lens
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
JAGUAR MINING PROVIDES UPDATE ON FAINA ACCESS AND
INTERSECTS HIGH GRADES IN DEVELOPMENT AND DIAMOND DRILL HOLES
DEVELOPMENT CHANNEL SAMPLES – H LENS
• 14.42 g/t Au over an estimated true channel width of 6.75m
• 13.31 g/t Au over an estimated true channel width of 6.40m
DIAMOND DRILLING – J LENS
• 20.17 g/t Au over an estimated true width of 6.62m in hole FAI0018
• 8.54 g/t Au over an estimated true width of 4.72m in hole FAI0020
• 6.46 g/t Au over an estimated true width of 9.66m in hole FAI0024
__________________________________________________________________________________________
Toronto, May 21, 2024 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG , OTCQX: JAGGF) is
pleased to provide an update and announce that access development and concomitant mineral resource
delineation diamond drilling has intersected high-grade mineralization at its Faina Project (“Faina”). Faina is part of
the Company’s MTL Mining Complex which also includes its Turmalina Mine, and is located in the state of Minas
Gerais, Brazil, approximately 130 kilometers northwest of the city of Belo Horizonte .
In December 2023, the Company released an NI 43-101 Technical Report (see Press Release dated December
18, 2023) announcing Probable Mineral Reserves for Faina of 132 koz (787 kt @ 5.22 g/t Au) , Measured and
Indicated Mineral Resources of 233 koz (1,427 kt @ 5.08 g/t Au) and Inferred Mineral Resources of 232 koz (1,420
kt @ 5.09 g/t Au).
Since development of the project commenced in 2022, approximately 3,760m of primary access development from
the Turmalina Mine to Faina has been achieved, and a further 1,700m of development is planned for 2024, including
approximately 560m of secondary productive development. To date, the Company has invested approximately
US$15 million in capital at Faina which has mainly been divided between infill resource definition drilling,
metallurgical testwork, access development and studies.
Vern Baker , President, and CEO of Jaguar Mining stated: “We are delighted to have reached high grade
mineralization in Faina access development and definition diamond drilling. Primary access development and infill
diamond drilling will continue to open and better define the mineralized areas through 2024 as the project ramps
up to planned production levels in 2025. Our initial plan is to feed mined material through our MTL mill while
continuing with focused metallurgical t estwork which will inform longer term processing options . Going forward
exploration will focus on expanding the Mineral Resources inventory at Faina as well as conversion of Inferred
Mineral Resources to higher classification categories.”
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 1. Location of the MTL Mining Complex, Turmalina Mine and Faina Project relative to Jaguar’s other
operational areas in Minas Gerais, Brazil
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 2. Location of the Faina Project relative to Jaguar´s MTL Mining Complex and Turmalina Mine
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 3. Long Section showing the location of access development from Turmalina Mine to Faina
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Faina Mineralization
Gold mineralization is hosted within a series of six separate structurally and stratigraphically controlled mineralized
lenses defined as lens E (undifferentiated chemical sediments), and lens F to lens J (meta-mafic rocks). These
mineralized lenses occur over several stratigraphic intervals within a mafic volcanic package ( amphibolite facies)
and are characterized by very fine to fine grained massive to disseminated sulfide rich zones which are both
conformable and unconformable with bedding , often accompanied by quartz veinlets and stringers . Sulfides are
generally 5-10% of the rock mass within the better mineralized zones with the dominant sulfide minerals being
arsenopyrite, pyrrhotite and at times courser grained 1-2cm crosscutting stringers of the antimony bearing minerals
stibnite and berthierite are observed. Individual lenses vary in width both along strike and down dip / plunge from
less than 1m to greater than 10m with the thicker and higher-grade lenses associated with fold hinges.
Faina Diamond Drilling and Channel Sampling Results
Resource definition diamond drilling successfully intersected the J lens, I lens and H lens as modelled. High grade
intercepts with grade x thickness (GT) values greater than 25 (GT) are tabulated below in Table 1. A plan view
showing the location of the target lens and diamond drill impact results is presented below in Figure 4.
Figure 4. Plan view showing the location of access development from Turmalina Mine to Faina and diamond
drilling intersections. Note that high grade mineralization has been intersected in preliminary development
on the H lens, see Figure 7 for detail.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Table 1. Significant diamond drilling impacts with grade x thickness (GT) > 25
Faina Lens H Development Channel Sample Results
Positive channel sampling results have been intersected in initial mineralized development on Lens H . The
individual sample results and composites are presented in Figure 7 below and tabulated in Appendix 2, Table 4.
Figure 5. Faina Lens H development. Plan showing the location and results of development face channel
sampling
Hole ID From
(m)
To
(m) DownHole Interval (m) Estimated True Width (m) Gold Grade (g/t Au) GT
(ETW)
Date
(mm/dd/yyyy) Orebody
Laboratory
(Internal or
ALS)
Drilling
Company
FAI0016 41.70 50.21 8.51 7.66 6.34 49 February 27, 2024 Faina-Lens H (Middle) Internal JAGUAR
FAI0018 85.02 93.02 8.00 6.62 20.17 134 April 5,2024 Faina-Lens H (Middle) Internal JAGUAR
FAI0020 90.80 95.57 4.77 4.72 8.54 40 April 5,2024 Faina-Lens J (HHW) Internal JAGUAR
FAI0022 48.97 56.11 7.14 6.07 8.93 54 April 5,2024 Faina-Lens H (Middle) Internal JAGUAR
71.24 73.75 2.51 1.58 1.82 3 April 22,2024 Faina-Lens I (HW) Internal JAGUAR
85.10 97.80 12.70 9.66 6.46 62 April 22,2024 Faina-Lens J (HHW) Internal JAGUAR
100.58 104.15 3.57 no lens 1.82 no lens April 22,2024 Faina-no lens Internal JAGUAR
Summary of Significant Intersections, Drilling Program
Jaguar Mining Inc. – Turmalina Mine-Faina
FAI0024
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 6. Lens H development. A = Faina’s sulphide-rich hydrothermalite Au ore exposed in gallery FH435.
Note multiple laminae of tiny arsenopyrite crystals aggregate. B = Faina’s footwall style of mineralization:
sulphide (pyrrhotite-rich) metachert. C = Faina rock chip sample from lens H with a grade of 17.99 g/t Au.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 7. Faina development gallery (intersecting H lens), showing the channels with individual sample
gold assay results. Detailed location, grade and sample data are presented in Appendix 2, Table 4.
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, Advisor Exploration and Geology to 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.