Jaguar Mining Reports on Ongoing Exploration Drilling at the BA Zone of the Pilar Gold Mine, Brazil
1
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Jaguar Mining Reports on Ongoing Exploration Drilling at the BA Zone of
the Pilar Gold Mine, Brazil
- Drilling supports down-plunge continuity of the BA mineralization and confirms multiple high-
grade intercepts
__________________________________________________________________________________________
TORONTO, Ontario – March 02, 2026 – Jaguar Mining Inc. (“Jaguar” or the “Company”) (TSX: JAG, OTC:
JAGGF) today reported results from its ongoing drilling at the BA Zone, an area within the Pilar Mine in Minas
Gerais, Brazil. The results support the down-plunge continuity of gold mineralization and include multiple high-
grade intercepts.
Jaguar has advanced its drilling program at the BA Zone (Pilar Mine) since the publication of its last results (see
press release dated August 5, 2025). The latest results further validate continuity of the BA Zone along plunge
and demonstrate continued grade and thickness consistent with Jaguar’s geological interpretation. Results are
summarized below, highlighting select intercepts (see Figure 1). Table 1 provides the main intercepts.
• PPL1205 – 2.50 m @ 12.05 g/t Au (GT: 30)
• PPL1206 – 4.50 m @ 26.20 g/t Au (GT: 118)
• PPL1158 – 5.60 m @ 4.13 g/t Au (GT: 23)
• PPL1176 – 6.50 m @ 3.67 g/t Au (GT: 24)
• PPL1178 – 1.70 m @ 13.41 g/t Au (GT: 23)
• PPL1179 – 2.00 m @ 5.84 g/t Au (GT: 12) from 200.90 m to 205.90 m, and 7.00 m @ 10.84 g/t Au (GT:
76) from 216.75 m to 233.90 m, including 2.80 m @ 23.17 g/t Au (GT: 65) from 220.75 m to 227.60 m.
Figure 1: Section illustrating the drill holes completed in the BA Zone during the second half of 2025 (since the
last press release dated August 5, 2025).
2
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
“The results demonstrate both the geometric and grade continuity of the BA Zone along the down-plunge
direction at depth, enabling consistent and sustainable long-term exploration and mine planning,” commented
Armando Massucatto, Exploration General Manager. “The 2025 results support the decision to undertake a
directional drilling program, scheduled to commence in Q2 2026, which is designed to test and potentially expand
the down-plunge extent of BA Zone and support the Company’s previously outlined exploration of investigating
and defining a projected endowment of over 500,000 ounces of gold. (see November 3, 2025 news release). This
work reinforces the long-term potential of the Pilar mine.”
“The ongoing exploration drilling at the Pilar mine reflects Jaguar’s focus on disciplined exploration to support
mine planning, extend visibility on mineralized continuity, and advance organic growth opportunities consistent
with our five-year exploration plan,” commented Luis Albano Tondo, CEO of Jaguar Mining.
A total of 9,493.50 meters was drilled, distributed as follows: 3,618.60 meters for grade control, 3,696.00 meters
for infill, and 2,178.90 meters for exploration. The complete results of the drill holes are presented in the table
below (see Figure 2 and Table 1).
Figure 2: Pierce points of all drill holes completed in the BA Zone during the second half of 2025.
The new resource estimate for the BA Zone (Pilar Mine) is in the final stages of review and is expected to be
disclosed in a Technical Report targeted in the first quarter of 2026.
The results of 2025 drilling activities at the BA Zone highlight the opportunity for a directional drilling campaign to
more effectively test extensions at depth and improve targeting efficiency. Jaguar is in the final stages of
contracting a drilling company and is expected to commence the campaign during Q2 2026 (see Figure 3).
3
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 3: Long drill holes projected to test the BA Zone in depth.
Table 1: Diamond drill hole collars in BA Zone in the second half of 2025.
HOLE ID Easting (m) Northing
(m)
Elevation
(m)
Total
Depth
(m)
Collar
Dip (°)
Collar
Azimuth (°) Zone
FSB1364 7788013.5 663014.2 -349.0 125.3 32.64 180.39 BA
FSB1356 7788023.3 662959.2 -266.1 52.6 -3.96 16.71 BA
FSB1346 7788015.4 662960.5 -265.5 11.3 20.16 192.83 BA
FSB1345 7788006.9 662976.1 -267.7 26.7 21.31 190.16 BA
FSB1353 7788068.0 662925.8 -234.4 83.5 -9.95 96.25 BA
FSB1343 7787983.6 663006.6 -273.6 29.8 20.20 235.37 BA
FSB1337 7787998.4 662997.4 -272.0 33.7 -0.52 51.26 BA
FSB1344 7787996.3 662992.1 -270.6 29.4 21.22 190.57 BA
FSB1336 7788005.5 662986.1 -269.7 36.0 -0.15 23.04 BA
FSB1338 7787986.3 663010.5 -273.9 42.8 10.21 50.99 BA
FSB1361 7788013.3 663014.6 -350.0 124.9 13.94 164.91 BA
FSB1339 7787977.5 663023.9 -276.1 40.7 0.07 57.03 BA
FSB1352 7788068.7 662926.6 -233.2 88.9 21.80 76.00 BA
FSB1351 7788067.3 662925.6 -234.3 147.7 -4.95 126.66 BA
FSB1350 7788067.6 662925.7 -234.4 94.8 -6.97 116.79 BA
FSB1341 7787959.4 663032.6 -277.9 117.8 4.39 95.90 BA
PPL1205 7788014.2 663012.7 -349.1 155.5 32.32 225.29 BA
4
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
FSB1349 7788067.5 662925.8 -233.8 120.3 14.74 115.64 BA
FSB1335 7788012.5 662972.3 -267.6 54.2 0.35 18.74 BA
FSB1324 7788009.5 663015.2 -222.5 80.5 -0.07 75.21 BA
FSB1348 7788067.8 662926.2 -233.3 86.6 24.11 101.15 BA
FSB1334 7788076.4 662984.1 -227.8 26.5 10.38 49.76 BA
FSB1330 7788070.8 662979.2 -227.5 36.1 14.09 245.80 BA
FSB1332 7788041.2 662992.4 -224.5 23.5 10.43 47.91 BA
FSB1329 7788053.8 662981.8 -226.9 41.3 14.99 245.76 BA
FSB1333 7788056.5 662986.4 -227.2 19.9 9.93 47.09 BA
FSB1328 7788038.4 662988.4 -224.4 38.5 6.84 239.15 BA
FSB1340 7787961.0 663031.4 -277.9 53.4 0.56 60.63 BA
FSB1331 7788026.3 663000.6 -222.5 22.9 10.34 39.66 BA
FSB1323 7788009.5 663005.6 -223.2 37.9 -24.89 51.63 BA
PPL1203A 7788135.2 662949.8 -165.5 87.9 31.14 100.23 BA
FSB1325 7788004.7 663008.5 -222.3 23.4 9.97 151.33 BA
FSB1327 7788023.6 662995.9 -222.7 32.3 10.09 234.54 BA
FSB1326 7788006.8 663000.2 -222.5 20.5 5.77 205.58 BA
FSB1318 7788149.5 662949.6 -167.1 41.4 -31.95 346.22 BA
FSB1322 7788127.7 662947.8 -165.7 68.1 27.43 200.90 BA
FSB1321 7788133.8 662945.4 -167.4 72.6 -36.00 230.03 BA
FSB1320 7788134.0 662945.0 -165.6 49.9 32.79 245.54 BA
PPL1204 7788013.7 663015.8 -350.4 201.8 8.19 143.15 BA
PPL1203 7788134.5 662949.9 -165.3 4.4 31.44 101.33 BA
FSB1319 7788142.4 662946.5 -167.4 26.4 -43.05 281.19 BA
PPL1159A 7788014.0 663015.4 -351.2 269.4 -12.66 148.05 BA
PPL1200 7788071.0 662982.9 -165.1 92.3 -3.72 89.70 BA
PPL1159 7788014.0 663015.4 -351.2 93.4 -16.36 149.59 BA
FSB1304 7788056.1 662981.0 -165.3 16.9 -0.14 216.42 BA
FSB1306 7788062.0 662984.4 -165.4 59.4 -0.53 101.14 BA
FSB1303 7788070.3 662977.9 -165.1 25.7 0.17 225.06 BA
FSB1307A 7788078.0 662981.2 -165.0 11.4 0.89 81.37 BA
FSB1307 7788077.5 662981.8 -165.7 14.2 1.22 51.30 BA
FSB1302 7788080.1 662964.8 -165.9 44.1 -0.13 235.76 BA
FSB1308 7788087.4 662968.3 -165.8 20.3 -0.05 51.36 BA
FSB1301 7788091.4 662955.5 -166.5 17.0 -0.22 243.57 BA
FSB1309 7788107.7 662960.4 -166.8 20.1 2.01 76.47 BA
FSB1300 7788109.0 662953.4 -166.8 26.3 0.04 245.54 BA
PPL1158 7788014.0 663015.4 -351.2 299.5 -15.27 143.80 BA
PPL1157 7788014.0 663016.2 -350.3 221.5 9.74 128.97 BA
FSB1283 7787961.4 662941.5 -358.9 110.4 12.14 144.82 BA
PPL1179 7788013.8 663014.9 -351.3 293.5 -22.09 158.31 BA
PPL1178 7788013.9 663014.5 -351.3 335.7 -23.86 169.78 BA
PPL1177 7788013.8 663014.8 -351.4 332.7 -26.76 159.75 BA
5
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
FSB1281 7787960.7 662942.5 -359.1 108.8 9.89 154.59 BA
FSB1242 7788193.1 662950.4 -190.5 35.6 15.25 218.48 BA
FSB1240 7788161.6 662963.6 -185.1 39.8 8.95 273.18 BA
FSB1270 7788186.8 662961.4 -188.6 11.7 4.49 67.19 BA
FSB1268 7788210.7 662939.9 -163.4 44.5 -25.47 232.78 BA
FSB1267 7788210.5 662940.2 -161.5 25.1 38.94 216.74 BA
PPL1176 7788013.1 663015.2 -349.3 167.2 26.14 158.76 BA
FSB1266 7788199.0 662947.3 -161.7 26.0 39.33 225.08 BA
PPL1175 7788013.9 663014.2 -351.4 252.7 -27.84 176.21 BA
FSB1254 7788202.3 662936.3 -161.0 30.8 25.93 61.71 BA
FSB1253 7788202.1 662937.2 -163.2 43.9 -34.90 74.25 BA
FSB1251 7788181.9 662948.6 -160.6 54.7 21.90 138.94 BA
FSB1371 7788003.6 663009.3 -251.2 40.1 28.14 -0.46 BA
FSB1358 7788050.1 662944.3 -262.6 59.6 147.05 4.49 BA
FSB1365 7788013.4 663014.6 -348.9 62.9 171.65 33.61 BA
FSB1363 7788014.0 663011.0 -349.0 119.1 246.49 24.86 BA
PPL1207 7788013.8 663014.0 -351.3 269.4 177.70 -20.63 BA
Geological Context: Understanding the BA Zone Mineralization
The BA Zone's geological structure, observed in existing underground galleries, consists of a series of overturned
folds. The fold axes generally plunge southeast at moderate to low angles, while their axial surfaces dip eastward
at moderate to steep angles, mirroring the direction of Banded Iron Formation (BIF) bedding. Notably, hi gh-grade
gold is found within these well-developed BIF layers.
Gold-rich zones are marked by pronounced hydrothermal alteration and minerals like quartz and chlorite, as well
as sulfide mineralization dominated by pyrrhotite. Both pyrrhotite and pyrite appear regularly —filling the bedding
and edges of veins—and act as reliable indicators.
All these features, from stable structural controls to confirmation of folded mineralized zones deep underground
and distinctive mineral associations, increase confidence in the structural continuity of the mineralized system
along plunge. This predictability in structure and mineralogy supports ongoing exploration targeting and longer -
term planning for the BA Zone. From Level 1 to Level 6 the BA Zone supplied the majority of the production at the
Pilar Mine to date. From Level 4 onward, the Zone gradually narrowed as it became deeper, making it less
profitable until Level 12.
QAQC
For all drill holes the geological team takes photos of all core drill boxes to preserve a record. The grade control
drillholes (prefix FSB) are drilled using LTK diameter and all drill cores are submitted to the internal laboratory for
chemical assaying by the fire assay method. Infill and exploration drillholes (prefix PPL) are drilled in BQ
diameter, longitudinally sawn, and the entire half-core is submitted for analysis at the internal laboratory.
Additionally, the part of pulp generated from PPL drillhole assays is often sent to ALS Brazil, (laboratory with
international certificate practice, located in Vespasiano, Minas Gerais state, Brazil) for external check assaying.
The remaining unsampled half-core from PPL drillholes is retained and archived as permanent geological
reference material.
6
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by
Armando José Massucatto, PhD FAusIMM, Jaguar Mining General Manager of Exploration and a Qualified Person
as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The Iron Quadrangle
The Iron Quadrangle has been an area of active mineral exploration dating back to the 16th century. The
discovery in 1699–1701 of gold associated 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 holds the second
largest gold land position in the Iron Quadrangle with over 46,000 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. 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 complex (Turmalina mine and plant) and Caeté
complex (Pilar and Roça Grande mines, and Caeté plant). The Roça Grande mine has been on temporary care
and maintenance since April 2019. The Company also owns the Paciência complex (Santa Isabel mine and
plant), which had been on care and maintenance since 2012 and is under review to restart in 2026. Additional
information is available on the Company's website at www.jaguarmining.com.
For further information please contact:
Luis Albano Tondo
Chief Executive Officer
Jaguar Mining Inc.
Naomi Nemeth
Vice President Investor Relations
Jaguar Mining Inc.
+1 647 465 2470
or
+1 416 567 5151
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, drill results from the Pilar BA Zone, any information and statements related to expected growth, sales, production, results
7
JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
and achievements of the Company. the success of the Company’s exploration, development and mining activities. The Company
has made numerous assumptions with respect to forward -looking information contained herein, including, among other things,
the estimated timeline for the development of the Company’s 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 expec tations 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 i n 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 operat ions and financial performance; uncertainties with 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 uncer tain ability to raise new capital) and other risks 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 addi tion, 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.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 forwar d-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.