Jaguar Mining Reports Exploration Success at Turmalina and Pilar; Drilling Continues To Intersect Significant Mineralization, Confirms Extensions Of Principal Orebodies
NEWS RELEASE
February 26, 2018 TSX: JAG
FOR IMMEDIATE RELEASE
Jaguar Mining Reports Exploration Success at Turmalina and Pilar; Drilling Continues To
Intersect Significant Mineralization, Confirms Extensions Of Principal Orebodies
Toronto, Canada, February 26, 2018 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG)
today announced growth exploration drill results from 14 underground holes at Tur malina Gold Mine
(“Turmalina”) and three infill drill holes at Pilar Gold Mine (“Pilar”) in Minas Gerais, Brazil. At Turmalina, drilling
targeted the down -plunge continuity of the principal Orebodies A and C (see press release November 28,
2017). Updated mineral resources and ore reserves for Pilar and mineral resources for Turmalina are planned
to be published in March 2018.
Turmalina Key Highlights
● Additional high-grade intercepts confirm deep extensions of primary orebodies and increases confidence
in delivering improved near -term production. Infill drilling demonstrates significant increases in the Grade -
Thickness (gram -metre) when drill spacing is decreased to convert and upgrade mineral resources to
mineral reserves.
● Orebody A g rowth exploration drilling confirms down plunge lower extensions approximately 300m
vertically below current operations and previously reported resources . Grades and tonnages per vertical
metre are consistent with historical levels.
● Orebody A key intercepts in clude 4.96g/t Au over 19.90m (ETW 7.20m), 4.02g/t Au over 16.10m (ETW
8.20m), and 8.34g/t Au over 6.30m (ETW 3.70m), (see Table 1 and Appendix 1).
● Orebody A infill drilling increases confidence in near term performance expectations. Drill results confirm
and enhance the wide, high grad e ore shoots between level s 11 and 12 targeted by ramp development,
currently at level 11 sub level 1. Results demonstrate the potential for increasing grade, tonna ge and
ounces per vertical metre at depth.
● Orebody C drilling confirms continuity of mineralization at depth. Key intercepts from drilling completed
since November 2017 include:11.40g/t Au over 2.10m (ETW 2.10m), 7.89g/t Au over6.25m (ETW
6.25m) and 3.56g/t Au over 5.30m (ETW 5.30m), (see Figure 2, Table 2 and Appendix 1).
● Ongoing g rowth exploration drilling remains focused on d efining extensions to Orebody C near cu rrent
operations.
Pilar Key Highlights
• At Pilar, growth exploration drilling completed in late 2017 continued to confirm the down plunge grade
continuity of the principal Banded Iron Formation Orebodies previously reported and include the following
significant intercepts:17.00g/t Au over 16.20m (ETW 4.95m), 4.27g/t Au over 9.60m (ETW 4.32m),
6.28g/t Au over 15.30m (ETW 9.85m), 8.22g/t Au over 4.37m (ETW 2.24m), and 27.13g/t Au over
8.30m (ETW 4.88m).
Definitions: ETW – estimated true width g/t Au – grams per tonne gold m – metres
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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
Rodney Lamond, President and Chief Executive Officer, Jaguar Mining commented “The results released
today are significant and include additional high -grade intercepts from drilling focused on targeting down -
plunge extensions to the high -grade Orebody A at depth, while also targeting extensions of Orebody C at
shallower depths. Turmalina results continue to confirm significant wide, high -grade gold mineralization within
the primary orebodies providing us with increased confidence in the potential to add cons iderable mineral
resources and upgrade to mineral reserves. In addition, i nfill-drilling results are impressive as they
demonstrate significant increases in the Grade -Thickness when drill spacing is decreased to convert and
upgrade mineral resources to mineral reserves. At Pilar, the Compa ny was successful in utilizing directional
drilling techniques underground to target the down -plunge extension and to infill the deep drilling result s
previously reported. These additional high-grade intercepts confirm dee p extensions of primary orebodies and
strengthen our confidence in delivering improved near-term production.”
“We are committed to continued investment in growth exploration . Our results to date support our belief that
these are long life assets. In particular, we are encouraged by the increasing grade and width of drill intercepts
which demonstrate the potential to substantially increase our ounce -per-vertical-metre profile. We look forward
to reporting updated mineral resources and mineral reserves in March 2018 that will reflect these excellent
results.”
Jon Hill, Expert Advisor, Geology and Exploration, to the Jaguar Mining Management Committee commented:
“Exploration programs continue to deliver positive results that have the potential to add ma terially to the
company’s growing long-term mineral resources. I mportantly, these results demonstrate confidence in the
geological models being developed by the team. Our key focus going forward will be on converting and
upgrading added resources to reserves and refining plans to test the next generation of growth exploration
targets within Jaguars strategic tenement portfolio.”
Drill Results and Intercepts –Turmalina
Drill results reported are for the final 8 holes of a 24-hole, 7,658m drill program on Orebody A, and 6 holes
targeting Orebody C.
To date 16 holes have been completed on Orebody C representing 40% of the planned program. Results from
6 holes reported follow the initial 4 drill holes previously reported in the p ress release issued November 22,
2017. Two diamond drill rigs are currently working to complete the remaining 26 holes (5,559m) of this
program.
Infill drill ing (Appendix 3 and 4) clearly demonstrate s significant increases in the Grade -Thickness (gram -
metre) when drill spacing is decreased to convert and upgrade resource to reserve.
Drill results reported below and in Appendices 1 and 2 have been included in an updated geology /resource
model for Orebody A. These added resources will be included in updated reso urces for Turmalina planned to
be reported on in March 2018:
Orebody A
– FTS1439 intercepted 4.96g/t Au over 19.90m (ETW 7.20m)
– FTS1446 intercepted 4.02g/t Au over 16.10m (ETW 8.20m)
– FTS1522 intercepted 8.34g/t Au over 6.30m (ETW 3.70m)
Orebody C
– FTS1475 intercepted 11.40g/t Au over 2.10m (ETW 2.10m)
– FTS1476 intercepted 7.89g/t Au over 6.25m (ETW 6.25m)
– FTS1477 intercepted 3.56g/t Au over 5.30m (ETW 5.30m)
Please see Tables 1 and 2, Figures 1 and 2, and Appendices 1, 3 and 4 for more details.
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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
● Orebody A drilling was undertaken from a hanging wall development drive specifically prepared and
completed for this program on levels 10-1. This drilling w as designed to intersect th e orebody between
Levels 12 to 16, up to 300m vertically below the current development (see Figures 1 and 2).
● Orebody C drilling is being undertaken from development located on levels 5 and 8 and is targeting
projected down-plunge extensions that would initially allow access for mining from existing infrastructure
between levels 4 through 10 and below level 10 in the medium term (see Figure 2).
● Further updates on progress along with results from the ongoing Orebody C drilling will be released over
the coming months prior to report ing updated Mineral Resources for this orebody in the second half of
2018.
*Reduced ETW estimates for deeper drill intercepts are a function of sub -optimal intersection angles , which
become more acute with depth as can be seen in Figure 1.
Orebody A Drilling Summary
• Orebody A infill and grade control drilling between levels 11 and 12 confirms and enhances the wide, high
grade ore shoot targeted by ramp development, which is currently at level 11 sub level 1. The marked
increase in grades observed – once close spaced infill drilling and channel sampling of primary ore -
development has been included in the modelling process – has been a consistent occurrence in Orebody
A. This supports confidence for potential increases in grade, tonnage and ounces -per-vertical-metre with
depth over and above current modelling based on wide spaced first phase growth exploration drilling.
• Results from infill drilling completed by Jaguar in the areas contiguous and accessible from current
primary ramp development are tabulated in Appendix 3 and presented as a grade th ickness (GT) plot on
Figure 1 and Appendix 4.
Orebody C Drilling Summary
• Growth exploration drilling focused on defining extensions to Orebody C near current operations on level s
3 and 4 with two diamond rigs in operation.
• The initial drilling below le vel 4 on Orebody C continues to demonstrate the presence, orientation and
continuity of this mineralized structure with depth. The mineralized structure can be defined, in a broad
sense – based on current knowledge available from ore development on level 3 – as being part of a district
scale transcurrent/transform shear zone which is manifested and focused within a 4 –20m wide package of
mineralized, variably silicified, iron rich volcano -metasediments and graphitic schists. The metamorphic
grade is amphibolite facies. Mineralization (disseminated, fine - grained, pyrite-arsenopyrite and pyrrhotite)
occurs in conjunction with foliation parallel mm -cm scale quartz stringers consistently along the entire
structure. Grades and thicknesses do vary along strike acco rding to the compartmentalized
(compressional – extensional) structural domains present along and within the shear zone. Drilling to date
has defined an overall average plunge to mineralization with azimuth of 35º and dip of 55º.
• On levels 3 and 4 the hig h grade pay shoot currently being developed and mined appears to be defined in
the central area by structural complexity that can be ascribed to an extensional - pull apart feature which
appears to be part of the overall transcurrent /transform shear zone s ystem that defines this mineralized
structure.
• Based on the above data and ongoing structural geological observations , the closely spaced drilling
planned will enable the definition of discrete and consistent pay shoots defining higher grade and wider
zones of mineralization extending this orebody at to depth. This has been previously demonstrated on
levels 3 and 4.
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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
Drill Results and Intercepts – Pilar
Pilar successfully completed an infill drill hole drilled through a long deflection , utilizing directional drilling
techniques for the first time, underground in Brazil.
● Drilling intercepts reported below are from holes drilled subsequent to the Company’s press release
issued September 22, 2017.
– PPL451 intercepted 2.51g/t Au over 5.20m (ETW 4.10m)
– PPL451 intercepted 17.00g/t Au over 16.20m (ETW 4.95m)
– PPL457B intercepted 3.98g/t Au over 7.45m (ETW 6.89m)
– PPL457B intercepted 4.27g/t Au over 9.60m (ETW 4.32m)
– PPL457B intercepted 6.28g/t Au over 15.30m (ETW 9.85m)
– PPL443 intercepted 8.22g/t Au over 4.37m (ETW 2.24m)
– PPL443 intercepted 27.13g/t Au over 8.30m (ETW 4.88m)
– PPL443 intercepted 2.44g/t Au over 7.00m (ETW 4.15m)
– PPL443 intercepted 5.21g/t Au over 10.00m (ETW 6.71m)
● Drilling targeted mineralization associated with the principle Banded Iron Formation Orebodies between
Levels 11 through 16 up to 300 m vertically below current development and 250 m below previously
reported resources.
● Hole PPL443 was an infill hole drilled as a long deflection off mother hole PPL450 and utilized, for the first
time in Bra zil, directional drilling techniques in underground drilling to ensure the spatial separation and
resolution required for resource estimation and reporting.
Please see Table 3, Figure 3 and Appendix 2 for more details.
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), Senior Expert Advisor Ge ology and Exploration
to the Jaguar Mining Management Committee, 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”).
Quality Control
Jaguar continues to use 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 sel ected for analysis in
standard intervals according to geological characteristics such as lithology and hydrothermal alteration. All
diamond drill hole collars are accurately surveyed using a Total Station instrument and down -hole deviations
are surveyed us ing non-magnetic equipment (SPT Stockholm Precision Tools with GyroMaster™ Solid State
North Seeker).
Mean grades are calculated using a variable lower grade cut -off (generally 0.5g/t Au). No upper gold grade cut
has been applied to the data. However, the requirement for assay top cutting will be assessed during future
resource work.
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. The drill core samples ar e transported in securely sealed bags and sent for
physical preparation to the independent ALS Bra zil (subsidiary of ALS Global) laboratory located in
Vespasiano, Minas Gerais, Brazil. The analysis is conducted at ALS Global’s respective facilities (fire a ssay 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
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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
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 p rocedures, please
refer to the “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 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. Jaguar Mining is the
second largest operating gold c ompany tenement holder in the Iron Quadrangle, holding just over 25,000
hectares.
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 approximately 64,000 hectares. 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 Gold M ine Complex. 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.
For further information please contact:
Rodney Lamond
President & 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 manage ment's expectations and plans relating to the future. All of the
forward-looking information set forth in this news release is qualified by the cautionary statements below and
those made in our other filings with the securities regulators in Canada. Forwar d-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," "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 be
considered to be or include forward -looking information. These forward-looking statements are made as of the
date of this news release and the dates of technical reports, as applicable. This news release contains
forward-looking information regarding potential and, among other things, expec ted future mineral resources,
potential mineral production opportunities, geological and mineral exploration statistics, ore grades, current
and expected future assay results, and definition/delineation/exploration drilling at the Pilar Gold Mine and the
Turmalina Gold Mine in Brazil, as well as forward -looking information regarding costs of production, capital
expenditures, costs and timing of the development of projects and new deposits, success of exploration,
development and mining activities, capital r equirements, project studies, mine life extensions, and continuous
improvement initiatives. The Company has made numerous assumptions with respect to forward -looking
information contained herein, including, among other things, assumptions about the estimat ed timeline and for
the development of the drill program at the Pilar Gold Mine (and its expanded exploration footprint) and the
Turmalina Gold Mine; 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
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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
employees and impacted communities; and 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/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 uncerta inties, including among others: the risk of Jaguar not meeting its plans
regarding its operations and financial performance; uncertainties with respect to the price of gold, labor
disruptions, mechanical failures, increase in costs, environmental complianc e 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 risks inherent to the gold exploration, development and production industry,
which, if incorrect, may cause actual resu lts 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 without limitation environmental h azards, tailings dam failures,
industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures,
cave-ins, flooding, chemical spills, and gold bullion thefts and losses (and the risk of inadequate insurance, or
the inability to obtain insurance, to cover these risks). Although we have attempted to identify important factors
that could cause actual actions, events or results to differ materially from those described in forward -looking
statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated
or intended. There can be no assurance that forward -looking statements will prove to be accurate, as actual
results and future events could differ materially from those antici pated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information.
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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
Tabulation of the results from the final eight growth exploration holes targeting Orebody A. Hole location data
is tabulated in Appendices 1 and 2.
Please note assay results reported were analyzed at ALS.
Turmalina Gold Mine
Drill Results Orebody A Growth Exploration
Hole ID From To Downhole
Interval (m)
Estimated True
Width (m) Gold Grade (g/t) GT
(ETW)
FTS1438 322,9 336.80 13.90 6.50 2.74 17.82
FTS1439 334 353.90 19.90 7.20 4.96 35.71
FTS1446 268.55 284.65 16.10 8.20 4.02 32.95
FTS1447 315.8 322.05 6.25 2.70 0.17 0.46
FTS1448
232.25 236.30 4.05 2.00 2.27 4.54
242.25 248.95 6.70 3.00 2.59 7.77
261.8 270.35 8.55 3.30 2.57 8.48
FTS1508 287.75 297.90 10.15 4.40 0.73 3.23
FTS1521 344.2 352.80 8.60 2.50 0.41 1.02
FTS1522 287.35 293.65 6.30 3.70 8.34 30.86
Table 2
Tabulation of drilling results received to date from the Orebody C Growth Exploration Program.
Please note assay results reported were analyzed at ALS.
Turmalina Gold Mine
Drill Results from Orebody C Growth Exploration
Hole ID From
(m)
To
(m)
Downhole
Interval (m)
Estimated True
Width (m)
Gold Grade
(g/t)
GT
(ETW)
FTS1474 195.1 200.65 5.55 5.55 1.94 10.76
FTS1475 181.55 183.65 2.10 2.10 11.40 23.94
FTS1476 179.7 185.95 6.25 6.25 7.89 49.32
FTS1477 170.9 176.20 5.30 5.30 3.56 18.84
FTS1478 178.6 181.80 3.20 3.20 1.26 4.03
FTS1479 175.9 178.10 2.20 2.20 1.91 4.19
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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 3
Tabulation of drilling results from the Pilar Growth Exploration Program. Please note assay results reported
were analyzed at ALS.
Pilar Gold Mine
Drill Results
Hole ID From
(m) To (m) DownHoleInterva
l (m)
EstimatedTrueWidt
h (m)
Gold Grade
(g/t Au) GT (ETW)
PPL451 290.00 295.20 5.20 4.10 2.51 10.29
325.70 341.90 16.20 4.95 17.00 84.15
PPL457B
50.70 58.65 7.95 6.61 3.97 26.24
90.50 97.95 7.45 6.89 3.98 27.42
107.40 110.00 2.60 2.42 4.68 11.33
164.90 169.00 4.10 3.17 3.86 12.24
174.30 180.90 6.60 4.45 2.24 9.97
202.90 212.50 9.60 4.32 4.27 18.45
371.20 386.50 15.30 9.85 6.28 61.86
412.55 413.90 1.35 1.14 9.52 10.85
PPL443
168.77 173.14 4.37 2.24 8.22 18.41
232.70 241.00 8.30 4.88 27.13 132.39
293.00 300.00 7.00 4.15 2.44 10.13
391.00 401.00 10.00 6.71 5.21 34.96