Jaguar Mining Reports Updated Mineral Reserves and Mineral Resources Consolidated Proven and Probable (2P) Mineral Reserves increased to 507koz (net of mine depletion) Company well positioned to advance growth project portfolio
March 31, 2022 NEWS RELEASE FOR
IMMEDIATE RELEASE TSX:JAG, OTCQX:JAGGF
Jaguar Mining Reports Updated Mineral Reserves and Mineral
Resources
Consolidated Proven and Probable (2P) Mineral Reserves increased to 507koz
(net of mine depletion)
Company well positioned to advance growth project portfolio
__________________________________________________________________________________
Toronto, March 31 , 2022 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG,
OTCQX:JAGGF) herein provides its updated consolidated Mineral Reserve and Mineral Resource
estimates as of December 31, 2021, in support of its fourth quarter and full year 2021 financi al results.
Jaguar Mining’s Annual Information Form (AIF) will be uploaded to SEDAR on the 31st of March 2022
and updated NI43-101 technical reports for both the Turmalina (MTL) and Caete (CCA) Complexes will
be uploaded to SEDAR on or about the 1st of May 2022.
HIGHLIGHTS
Mineral Reserves Replacement : Jaguar grew its consolidated Mineral Reserves to 507koz (2021 –
478koz) net of mined depletion. The Pilar Mine increased Mineral Reserves in 2021 by 41koz to 251koz.
Turmalina mining depleted 42koz ounces from the Mineral Reserve in 2021 offset by a gain of 30koz
ounces with a net decrease of 12koz to 256koz.
Life of Mine: The Life of Mine plans, based on the Mineral Reserves, schedules the production into
2027 for both Turmalina and Pilar mines.
Mineral Resources Replacement : Jaguar maintained its cons olidated measured – Indicated and
Inferred Mineral Resource inventories consistent with previously published levels. Mined Resource
depletion was matched by Mineral Resource additions with a 1% reduction in year-on-year total Mineral
Resources. Category mo vement between Measured, Indicated and Inferred Mineral Resource
inventories ascribed to Mineral Resource to Mineral Reserve conversion is complimented by additions
to the consolidated inferred Mineral Resource inventory.
Exploration Success: Growth exploration added an initial inferred Mineral Resource at the early-stage
Córrego Brandão Project. At Pilar drilling extended the high-grade BF, BF2, BF3 and LPA orebodies to
depth below the lowermost mining levels and inferred Mineral Resources i n the SW orebody were
increased throughout the mine. Re -evaluation of the Faina, Pontal and Roca Grande orebodies is
ongoing as part of the company´s growth initiatives, using updated and revised economic and technical
assumptions.
Figure 1. Location of Jaguar Mining Operations
Vern Baker, CEO of Jaguar Mining stated, “The team has once again replaced and added to our Mineral
Reserves. We continue to have a solid Mineral Resource base underpinning the company´s Mineral
Reserves inventory and our work has identified some significant opportunities to convert existing
Mineral Resources to new Mineral Reserves across the company. To support our stated organic growth
initiatives, we look forward to expanding our Mineral Resource base and Mineral Reserve inventory and
to grow our company through successful drilling and continued solid mining practices ”.
2017 – 2022: MINERAL RESERVES AND MINERAL RESOURCES GROWTH
Since 2017 Jaguar has embarked on a long -term organic growth exploration programme focused on
the consolidation and extension of the Mineral Resources, Mineral Reserves, LOM (Life of Mine) and
production profiles of its two primary operations at Turmalina and Pilar and its currently dormant CPA
Plant. Over this period the LOM of both mines has increased from less than 2 years to close to 5 years
on a sustained basis assuming current production rates. Over this period the company has also seen
significant increases in its Mineral Resource inventories which now represents >10 years of potential
mine life across the organisation.
Throughout this period, exploration drilling has continued to add material value to the company through
the resulting Mineral Re source additions that through the Mineral Resource to Mineral Reserve
conversion process has resulted in increased Mineral Reserves, production and mine life and the
concomitant identification of a portfolio of high potential exploration targets across the portfolio.
Recently the company announced its plan to increase investment, underpinned by its strong Mineral
Resource and Mineral Reserve (MRMR) inventory, towards organic growth initiatives aimed at
leveraging significant existing but underutilized additional plant capacity.
The continued increase in Mineral Resource inventories through organic growth exploration across
Jaguar´s large and well -endowed tenement package in Brazil’s prolific Iron Quadrangle will certainly
underpin the company’s stated growth objectives.
Jaguar´s MRMR inventory over the last seven years highlighting consistent MRMR growth over the past
five years is presented below.
Figure 2. Jaguar cumulative Mineral Reserve growth 2015 – 2022
YEAR-END MINERAL RESERVES AND MINERAL RESOURCES SUMMARY
Summary – Consolidated Jaguar Mineral Reserves and Mineral Resources
Mineral Reserves
During the year, the Company’s operations successfully replaced mined depletion. For 2021 the
Company reports 507koz´s of gold Mineral Reserves (2021 – 478koz) which represents year on year
Mineral Reserves growth net of mined depletion of 6%.
Table 1. Jaguar Consolidated Mineral Reserves as at 31 st December 2021
Notes:
1. CIM (2014) definitions are followed for Mineral Reserves.
2. Mineral Reserves reported are in-situ.
3. Mineral Reserves at Turmalina were estimated at a break -even cut -off grade of 2.13 g/t Au. Mineral
Reserves at Pilar were estimated at a cut-off grade of 2.11 g/t Au.
4. Mineral Reserves are estimated using an ave rage long -term gold price of $1,650 per ounce, and a
US$/BRL$ exchange rate of 5.50 at both mines.
5. A minimum mining width of 3.50 m was used at Turmalina and 2.00 m at Pilar.
6. Numbers may not add due to rounding.
7. There are no known environmental, permitting , legal, title, socio -economic, political or other risk factors
which could materially affect the Mineral Reserve estimates.
Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
Ore Body A 448 4.81 69 155 3.25 16 603 4.41 85
Ore Body B 183 2.88 17 138 3.83 17 321 3.29 34
Ore Body C 381 3.27 40 872 3.45 97 1253 3.40 137
Total - Turmalina 1012 3.88 126 1165 3.47 130 2177 3.66 256
Ore Body BA 119 3.64 14 118 3.41 13 237 3.52 27
Ore Body BF 365 4.20 49 133 4.05 17 498 4.16 67
Ore Body BFII 298 4.07 39 55 3.77 7 353 4.03 46
Ore Body BFIII 14 4.66 2 21 4.21 3 35 4.39 5
Ore Body Torre 30 3.00 3 138 3.25 14 167 3.20 17
Ore Body SW 178 3.44 20 338 3.60 39 516 3.55 59
Others 218 3.19 22 85 3.39 9 303 3.24 32
Total - Pilar 1221 3.80 149 887 3.60 102 2108 3.71 251
Total - Mineral Reserves 2233 3.84 275 2052 3.53 232 4285 3.68 507
Pilar
December 31, 2021
Proven Reserves Probable Reserves Proven & Probable Reserves
Turmalina Gold Complex
Caeté Gold Complex
Figure 3. Waterfall Graph showing Jaguar consolidated Mineral Reserves year on year changes
by operation 2020 – 2021
Mineral Resources
Indicated and measured Mineral Resources for year -end 2021 are reported as 1,233koz which are
86koz below the prior year.
Inferred Mineral Resources for 2021 are reported as 1058 which reflects a 54Koz net increase on the
prior year. Included in this number are initial inferred Mineral Resources for the new exploration project
at Córrego Brandão and Mineral Resources for the growth projects Faina, Pontal and Roca Grande.
The strong inventory of inferred Mineral Resources provides the pipeline for future conversion to Mineral
Reserves at existing operations and development projects and r epresents further growth opportunities
from the Company’s prospective exploration projects portfolio.
Table 2. Jaguar Consolidated Mineral Resources as at 31 st December 2021
Notes:
1. CIM (2014) definitions were followed for Mineral Resources.
2. Mineral Resources at the Turmalina Gold Complex include the Turmalina Mine, the Faina deposit and the
Pontal deposit.
3. Mineral Resources at the Caete Gold Complex include the Pilar and Roça Grande underground mines
and the Córrego Brandão open pit deposit
4. Mineral Resources at Turmalina Complex are estimated at a cut -off grade of 1.49 g/t Au at Turmalina,
3.80 g/t Au at Faina and 2.90 g/t Au at Pontal. Mineral Resources at Caete Complex are estimated at a
cut-off grade of 1.66 g/t Au for Pilar an d 1.80 g/t for Roça Grande. For Córrego Brandão the resources
are defined by pit optimization using Lerchs-Grossmann algorithm.
5. Mineral Resources at the Faina and Pontal deposits remain unchanged from those stated as at December
31, 2015.
6. Mineral Resources are estimated using a long-term gold price of $1,800 per ounces at Turmalina, Pilar,
Roça Grande and Córrego Brandão. Mineral Resources for the Faina and Pontal deposits are estimated
using a long-term gold price of $ 1,800.
7. Mineral Resources are estimate d using an average long -term foreign exchange rate of 5.50 Brazilian
Reais: 1 US Dollar for Turmalina, Pilar, Roça Grande, Faina and Pontal.
8. A minimum mining width of 3.50 m was used at Turmalina and 2.00 m at Pilar. For Córrego Brandão are
used pit optimization using Lerchs-Grossmann algorithm.
9. Mineral Resources are inclusive of Mineral Reserves at Turmalina and Pilar mines. No Mineral Reserves
are currently present at Faina, Pontal, Roça Grande and Córrego Brandão.
10. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
11. Numbers may not add due to rounding.
Figure 4. Waterfall Graph showing Jaguar consolidated Mineral Resources (koz) year on year
changes by operation and project 2020 – 2021
Caete Complex (CCA)
Consolidated CCA Complex Mineral Reserves and Mineral Resources
• Proven and Probable Mineral Reserves (2P Reserves) for the CCA Complex are reported as
251koz.
• Measured and Indicated Mineral Resources for the CCA Complex are reported as 588koz.
• Inferred Mineral Resources for the CCA Complex are reported as 456koz.
Pilar Mine
• Mineral Reserves
Proven and probable Mineral Reserves (2P) at Pilar are reported as 251koz which is an increase after
mined depletion of some 41koz from the prior year. Most of the increase is attributed to additions from
the BIF package of Orebodies (BF, BIF2, BIF3 and LPA zones) where drilling and development has
demonstrated strong mineraliz ation extending down plunge to depth from the lowermost levels of the
mine with an ounce per vertical meter profile consistent with historical levels.
Figure 5. Long Section showing year on year changes in Pilar Mineral Reserves 2020 – 2021
• Mineral Resources
Measured and indicated Mineral Resources are reported as 467koz for 2021 which is a net decrease
of 50koz over the prior year. This decrease can mainly be attributed to mined depletion and
reclassification of a component of indicated Min eral Resources to inferred Mineral Resources at the
SW Orebody based on added geological information from drilling and development activities. Jaguar
has commenced a growth project targeting the SW Orebody at shallow levels in the mine and it is
expected the development and infill drilling plans attached to this project will result in the delineation of
further 2P Reserves in this area of the mine in 2022-2023.
Inferred Mineral Resources of 288koz are reported for 2021 which reflects a year-on-year net increase
of some 106koz. A large percentage of this increase in inferred Mineral Resources at Pilar can be
attributed to the SW Orebody (additions to the inferred mineral resources from exploration drilling and
a component of Mineral Resources previously cl assified as indicated now reclassified as inferred).
Inferred Mineral Resources additions also resulted from mineralization intersected by growth drilling at
depth. The overall increase in inferred Mineral resources at Pilar clearly underpins the potential of this
operation to add production and life going forward.
Figure 6. Long Section showing year on year changes in Pilar Mineral Resources 2020 – 2021