Jaguar Mining Provides Update ON Faina Development and Drilling Activities High Grades and Mineralized Thicknesses IN Development and Diamond Drill Holes ON H-Lens Diamond Drilling – H Lens 8.95 G/T Au over an Estimated True Width of 14.29m IN Hole FH425LM07
1
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
JAGUAR MINING PROVIDES UPDATE ON FAINA DEVELOPMENT AND DRILLING ACTIVITIES
HIGH GRADES AND MINERALIZED THICKNESSES IN DEVELOPMENT AND DIAMOND DRILL HOLES
ON H-LENS
DIAMOND DRILLING – H LENS
8.95 g/t Au over an estimated true width of 14.29m in hole FH425LM07
5.44 g/t Au over an estimated true width of 18.23m in hole FH425LM09
5.17 g/t Au over an estimated true width of 17.96m in hole FH425LM12
__________________________________________________________________________________________
Toronto, August 29, 2024 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG, OTCQX: JAGGF) is
pleased to provide an update on mine development and drilling at its Faina deposit (“Faina”). Faina is a north-
western extension of the ore zones at the Turmalina mine, as part of the Company’s MTL mining complex located
in the state of Minas Gerais, Brazil, approximately 130 kilometers northwest of the city of Belo Horizonte.
During the second quarter (see press release dated August 7, 2024), Turmalina achieved a milestone with the first
tonnage from the Faina deposit being milled. Faina ore generated by access development was processed at the
Turmalina plant which produced 414 gold ounces. Continuing development and first stope production from the
Faina deposit are expected in the second half of 2024.
Probable Mineral Reserves at Faina (as at December 2023) are reported as 132 koz (787 kt @ 5.22 g/t Au) within
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) (see Press Release dated December 18, 2023) . Mineral Reserves and Mineral
Resources at Faina will be updated with 2024 metrics in the first quarter of 2025.
Since development of Faina commenced in 2022, approximately 4,439m of primary access development from the
Turmalina mine to the Faina deposit has been achieved , with approximately 1,158m of development completed
since the start of 2024, including approximately 155m of secondary productive development. To date, the Company
has invested approximately US$16 million in capital at Faina which has mainly been spent on infill diamond drilling,
metallurgical test work, access development and studies.
Vern Baker, President, and CEO of Jaguar Mining stated: “Progress at Faina on ramps and orebody access is
advancing better than expected. We are also pushing definition diamond drilling as development opens up positions
for diamond drilling. Currently , we have two drills working at Faina to define the ore zones that we will utilize for
preliminary production in 2024 and for planned production levels in 2025. High grade mineralization intersected in
recent development and drilling over good thicknesses continues to underpin our high confidence in this orebody.
Our development rates continue to be slightly above plan, and we expect to see some stope production over the
next several months. Our plan is focused on providing the sub -level accesses to grow production rapidly in 202 5.
The team at Faina is in the process of redefining the geological model with a focus on expanding the Mineral
Resources inventory and conversion of Inferred Mineral Resource s to higher-classification categories. We expect
2025 to be a year of strong growth at Faina while we position these orebodies to produce at +300,000 tonnes per
year from 2026 onwards while also increasing our inventory of resources within those orebodies.”
2
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 including the Faina deposit, relative to
Jaguar’s other operational areas in Minas Gerais, Brazil
Figure 2. Location of the Faina deposit as the north-western extension of zones at the Turmalina mine,
within Jaguar´s MTL mining complex
3
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 existing zones of the Turmalina
mine to the northwest and the Faina deposit
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). Recent
development and diamond drilling has focused on the H-Lens where high grade mineralization over true thicknesses
> 10m have been intersected. This infill drilling and access development is enabling the geological team at Faina
to refine the geological and structural model which is already informing the detailed designs for planned stope and
production areas in the second half of 2024 and into 2025.
4
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Faina Diamond Drilling and Channel Sampling Results
Resource definition diamond drilling has reported high grade intercepts with grade x thickness (GT) values greater
than 25 (GT) on H-Lens (Central) which are tabulated below in Table 1. A plan view showing the location of the
diamond drill impact results is presented below in Figure 4.
Table 1. Significant diamond drilling impacts with grade x thickness (GT) > 25
Figure 4A. Plan view showing the location of access development from Turmalina mine to Faina and recent
diamond drilling and channel sampling intersections on H-Lens
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
(RG or ALS)
Drilling
Company
FAI0029 58,06 62,78 4,72 4,34 7,38 32,02 May 3, 2024 Faina H Central RG JAGUAR
FAI0030 126,40 130,35 3,95 2,86 10,86 31,05 May 6, 2024 Faina H Central RG JAGUAR
FAI0060 36,34 44,63 8,29 6,45 5,31 34,27 August 19, 2024 Faina J RG JAGUAR
FAI0060 47,82 64,55 16,73 13,52 2,09 28,25 August 19, 2024 Faina J RG JAGUAR
FH425LM01 13,03 17,45 4,42 3,99 7,61 30,37 June 4, 2024 Faina H Central RG JAGUAR
FH425LM07 14,76 42,16 27,40 14,29 8,95 127,91 July 24, 2024 Faina H Central RG JAGUAR
FH425LM09 11,77 32,85 21,08 18,23 5,44 99,18 July 24, 2024 Faina H Central RG JAGUAR
FH425LM11 22,92 33,28 10,36 6,53 8,17 53,38 July 30, 2024 Faina H Central RG JAGUAR
FH425LM12 31,48 68,27 36,79 17,96 5,17 92,84 July 30, 2024 Faina H Central RG JAGUAR
Summary of Significant Intersections with grade x thickness (GT) > 25, Drilling Program
Jaguar Mining Inc. – Turmalina Mine-Faina
5
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 4B. Plan view showing the location of access development to Faina and recent diamond drilling and
channel sampling intersections on H-Lens
Figure 4C. Section view showing the location of recent diamond drilling intersections on H -Lens (Central)
6
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Faina Lens H Development Channel Sample Results
Positive channel sampling results have been intersected in access development on Lens H. An example of channel
sample results and geology over a 25m strike length in Lens H is presented below in Figure 5. The individual sample
results and composites are presented and tabulated in Appendix 1, Table 3.
Figure 5. Faina development gallery (Lens H – central), showing the channels with individual sample gold
assay results
7
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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.
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 MTL Mining Complex (Turmalina Mine and Plant) and Caeté Mining
Complex (Pilar and Roça Grande Mines, and Caeté Plant). The Company also owns the Paciência Mining 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
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
8
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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.
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.sedarplus.ca. 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.