Jaguar Mining Reports Updated Mineral Reserves and Mineral Resources for its MTL Complex Including Faina and Pitangui Projects
Jaguar Mining Reports Updated Mineral Reserves and Mineral
Resources for its MTL Complex Including Faina and Pitangui
Projects
TORONTO, ON / ACCESSWIRE / December 18, 2023 / Jaguar Mining Inc. ("Jaguar" or
the "Company") (TSX:JAG)(OTCQX:JAGGF) is pleased to announce updated Mineral
Reserves and Mineral Resources (MRMR) for its MTL Complex, a group of mineral deposits
with the potential to provide feed to the Turmalina processing plant. The MTL Complex mineral
deposits includes the Turmalina Mine, the Faina Project, the Pontal deposits, the Zona Basal
open pit deposit and the Pitangui Project - São Sebastião Mineral Resource, acquired as part of
Jaguar´s recent acquisition of IAMGOLD's Brazilian assets (see press release dated August 2,
2023).
Mineral Reserves and Mineral Resources for the MTL Complex are reported net of depletion by
the Turmalina Mine as of July 31, 2023.
Please refer to Figures 1 and 2 for the relative locations of the Mineral Reserves and Mineral
Resources reported attributable to the MTL Complex.
An updated NI 43-101 Technical Report for the MTL Complex will be published on SEDAR
within 45 days of this press release.
HIGHLIGHTS
• Consolidated Proven and Probable Mineral Reserves for the MTL Complex are
reported as 324 koz (2,472 kt @ 4.08 g/t Au).
• Consolidated Measured and Indicated Mineral Resources for the MTL Complex are
reported as 1,155 koz (8,495 kt @ 4.23 g/t Au).
• Inferred Mineral Resources for MTL Complex are reported as 881 koz (7,644 kt @
3.58 g/t Au).
• Probable Mineral Reserves for the Faina Project are reported as 132 koz (787 kt @
5.22 g/t Au).
• Indicated Mineral Resources for the recently acquired Pitangui Project added 448
koz, (3,423 kt @ 4.07 g/t Au) to the Company's inventory.
• Inferred Mineral Resources for the recently acquired Pitangui Project added 379
koz, (3,343 kt @ 3.53 g/t Au) to the Company's inventory.
Vern Baker, President and CEO of Jaguar stated, "We are pleased to provide this updated
MRMR for the MTL Complex which incorporates the work we have completed to access the
Faina Mineral Resource area and our recently acquired Pitangui Project - São Sebastião Mineral
Resource. We expect this new mineral resource base to provide the foundation for increasing
production rates at the MTL Complex with additional long-term potential. By year-end we
expect to have completed approximately 1,800 meters of access drift to reach the Faina area. In
2024, we expect to begin developing within the gold-bearing structures as well as continuing
infrastructure development, and by the second half of 2024, we expect to start some test stoping.
We are confident in our ability to grow the Faina mineral resource both to depth and along trend
towards Pontal.
At our Pitangui Project, work has already begun to continue the permitting process started by
IAMGOLD. In this updated MRMR, the São Sebastião Mineral Resource (the basis for the
Pitangui Project) is included in our portfolio of Mineral Resources and is being included in our
long-term Life-of-Mine planning. We believe underground development could potentially start
within two years and with processing capacity available at the Turmalina plant, we are optimistic
about the opportunity to develop this new project at low capital costs."
Figure 1. Location of Jaguar's Operations and Exploration Projects in the Iron
Quadrangle Area, Minas Gerais, Brasil
Figure 2. Location of Jaguar´s MTL Complex showing the relative location of the
Turmalina Mine and Plant, the Faina Project, the Pitangui Project - São Sebastião Mineral
Resource, the Pontal Mineral Resource and the Zona Basal Mineral Resource
Figure 3. Long section showing the relative location of the Turmalina Mine, the Faina
Project, and Pontal Mineral Resource areas
2023 CONSOLIDATED MTL COMPLEX MINERAL RESERVES AND MINERAL
RESOURCES
Mineral Resources and Mineral Reserves are reported for the MTL Complex as of July 31, 2023
and are net of mined depletion for the Turmalina Mine, include the first disclosure of Mineral
Reserves, and restated Mineral Resources for the Faina Project, the first disclosure of Mineral
Resources for the Pitangui Project - São Sebastião Deposit, updated Mineral Resources for the
Pontal Deposits and restated Mineral Resources for the Zona Basal Deposit.
The consolidated Mineral Reserves and Mineral Resources reported for the MTL Complex are
supported by a NI 43-101 Technical Report which will be published on SEDAR within 45 days of
this press-release.
Mineral Reserves
Consolidated Proven and Probable (2P) Mineral Reserves for the MTL Complex are reported as
324 koz (2,472 kt @ 4.08 g/t Au).
The above Mineral Reserves contain a net addition of 111 koz over the prior disclosure
(December 31, 2022) reflecting the addition of 132 koz of Probable Mineral Reserves from the
Faina Project offset by mined depletion (to July 31, 2023) of 21 koz from the Turmalina Mine.
As of July 31, 2023, Proven and Probable (2P) Mineral Reserves for the Turmalina Mine are
reported as 192 koz, (1,685 kt @ 3.55 g/t Au).
At the Turmalina Mine, 2P Mineral Reserves can be divided between Orebody A (53 koz, 377 kt
@ 4.37 g/t Au), Orebody B (34 koz, 321 kt @ 3.34 g/t Au) and Orebody C (105 koz, 988 kt @
3.30 g/t Au).
Table 1. MTL Complex Consolidated Mineral Reserves as of July 31, 2023
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 2.32
g/t Au. Mineral Reserves at Faina were estimated at a cut-off grade of 4.00 g/t Au.
4. Mineral Reserves at Turmalina include all drill hole and channel sample data as of
September 13, 2022, and are depleted using mining excavations as of July 31, 2023.
Mineral Reserves at Faina includes drill hole information as of September 9, 2022.
Mineral Resources at the Zona Basal deposit include drill hole information current
as of August 25, 2022. Mineral Resources at the São Sebastião deposit include drill
hole information current as of July 29, 2019.
5. Mineral Reserves are estimated using an average long-term gold price of $1,650 per
ounce and a US$/BRL$ exchange rate of 5.20 at both mines.
6. A minimum mining width of 3.50 m was used at Turmalina and 3.00 m at Faina.
7. Numbers may not add due to rounding.
8. There are no known environmental, permitting, legal, title, socio-economic, political,
or other risk factors that could materially affect the Mineral Reserve estimates.
Figure 4. Graph showing consolidated MTL Complex Proven and Probable (2P) Mineral
Reserves year-on-year changes from 2015 to 2023
Figure 5. Long Section showing changes in the Turmalina Mine Mineral Reserves as of
2022 vs 2023 (mined depletion 21 koz)
Figure 6. Long Section showing Faina Project Mineral Reserves as of November 30, 2023
Mineral Resources
Consolidated MTL Complex Mineral Resources are reported for the Turmalina Mine (net of
mined depletion), restated Mineral Resources for the Faina Project, newly included Mineral
Resources for the Pitangui Project - São Sebastião Deposit, updated Mineral Resources for the
Pontal Deposits and restated Mineral Resources for the Zona Basal deposit.
As of November 30, 2023, consolidated Measured and Indicated Mineral Resources
(Underground) for the MTL Complex are reported as 1,155 koz (8,495 kt @ 4.23 g/t Au).
Consolidated Measured and Indicated Mineral Resources reported above, reflect a net addition of
377 koz with respect to prior reporting (December 31, 2022). The net addition is attributable to
the addition of 448 koz Indicated Mineral Resources from the Pitangui Project - São Sebastião
Mineral Resource offset by mined depletion at the Turmalina Mine, and a reduction in reported
Mineral Resources for the Pontal Deposits resulting from remodelling, changes to grade
estimation parameters and a change to the reporting cut-off grade for these deposits.
As of November 30, 2023, Inferred Mineral Resources for the MTL Complex are reported as 881
koz (7,644 kt @ 3.59 g/t Au) which reflects a 387 koz net increase from prior reporting
(December 31, 2022) mainly attributable to the addition of 379 koz Inferred Mineral Resources
from the Pitangui Project - São Sebastião Mineral Resource
The Pitangui Project - São Sebastião Mineral Resource block model was completed by SRK in
2019 and was modified by SLR for current reporting in accordance with CIM Estimation of
Mineral Resource and Mineral Reserve Best Practices Guidelines. The Mineral Resources
endorsed by SLR in Table 2 have been reported within panels measuring 5m x 5m x 2m, based
on a 2.25 g/t Au cut-off grade, satisfying the reasonable prospects for eventual economic
extraction by reporting within a potentially mineable shape.
Table 2. Consolidated MTL Complex Mineral Resources as of July 31, 2023
Notes:
1. CIM (2014) definitions were followed for the classification of Mineral Resources.
2. Mineral Resources are inclusive of the Mineral Reserves at Turmalina. No Mineral
Reserves are currently present at the Pontal, Zona Basal, or São Sebastião.
3. Mineral Resources are estimated at a cut-off grade of 1.79 g/t Au at Turmalina, 2.65
g/t Au at Faina, 3.0 g/t Au at Pontal and Pontal South, 0.75 g/t Au at Zona Basal and
2.25 g/t Au at São Sebastião.
4. Mineral Resources at Turmalina include all drill hole and channel sample data as of
September 13, 2022, and are depleted using mining excavations as of July 31, 2023.
Mineral Resources at the Faina and Pontal deposits include drill hole information as
of September 9, 2022. Mineral Resources at the Zona Basal deposit include drill hole
information current as of August 25, 2022. Mineral Resources at the São Sebastião
deposit include drill hole information current as of July 29, 2019.
5. Mineral Resources are estimated using a long-term gold price of US$1,800/oz Au for
the Turmalina, Faina, Pontal, and Zona Basal deposits and US$1,500/oz Au for the
São Sebastião deposit.
6. Mineral Resources are estimated using an average long term exchange rate of
R$5.20 : US$1.00 for the Turmalina, Faina, Pontal, and Zona Basal deposits.
7. A minimum mining width of 2.0 m was used for Turmalina. Minimum widths of
approximately 2.0 m were used for Faina, Pontal, and Zona Basal. A minimum
height of 2 m was applied to São Sebastião using reporting panels.
8. Gold grades are estimated by the OK interpolation algorithm using capped
composite samples.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
10. Numbers may not add due to rounding.
Figure 7. Graph showing consolidated MTL Complex Mineral Resources (koz) year on
year changes 2015 to July 31, 2023
Underground Mineral Resources
• Turmalina Mine Measured and Indicated Mineral Resources are reported as 445 koz
(3379 kt @ 4.10 g/t Au).