TSX-V: JAG
TORONTO, March 23, 2016 /CNW/ - Jaguar Mining Inc.
("Jaguar" or the "Company") (TSX-V: JAG) is pleased to announce
it has acquired a new, highly strategic Mineral Exploration License
area adjacent to its 100% owned Pilar Mining Concession Block
("Pilar Concession" or the "Concession") where the Company is
currently producing gold from its Pilar Gold Mine ("Pilar" or
"Pilar Mine") in Brazil.
Highlights
- A new concession, totalling 1,237 hectares, expands the
Company's existing Pilar Concession by 79% by adding to the
previous staked area of 1,561 hectares. The new concession is
located in a prospective position adjacent to the Pilar Concession
and contains high priority gold exploration targets on the Pilar
Mine orebodies.
- The new concession, adjacent to the northeast portion of the
Pilar Concession, ensures the security of the down-plunge
continuity of the high priority Pacheca gold target and the Cubas
gold target which is located in the immediate southern continuity
of the Pilar Mine (see Figures #1 and #2).
- The expanded land position adds significant value to the
current Concession as it is proximal to Córrego do Sítio I and
Córrego do Sítio II (Sao Bento) AngloGold Ashanti's multi-million
ounce gold deposits in the Iron Quadrangle in Minas Gerais.
- Following the successful exploration results and a significant
increase in Mineral Reserves and Mineral Resources previously
announced at Pilar Mine (refer to the Company's news release dated
March 4, 2016), new exploration
programs on the Pacheca and Cubas gold targets are expected to
potentially extend the current Pilar Mine Mineral Resource
laterally.
Rodney Lamond, President and CEO
of Jaguar stated, "The award of this new concession is an
outstanding achievement by the operations team that further
consolidates and increases our land position at Pilar in the Minas
Gerais district. This expanded land position is an important
milestone for the future of Pilar Gold Mine and a key step in
adding significant value to the property given the proximity to a
multi-million ounce gold producer, such as the Sao Bento Mine
(AngloGold Ashanti), that has been traced plunging towards Pilar
less than 10 kilometres away."
"With this new concession adjacent to our current land
holdings, on the northeast and southwest portions of the Pilar
Concession, we will continue the exploration of two high priority
gold targets, Pacheca and Cuba,
that could potentially add to the mine life of Pilar. Furthermore,
we will continue to actively review and identify any new target
areas within our land positions that have the potential to host
additional gold mineralization near our existing
resources."
The Concession, staked in February 2,
2016, was stated as a Mineral Exploration License in the
Brazilian Official Gazette on March 17,
2016 under number 830.402/2016, by the Departamento Nacional
de Produção Mineral ("DNPM").
Pilar Concession 2016 Exploration Program
By way of
this acquisition, the Company has identified two major exploration
targets in the Pilar Concession; the Pacheca gold target
("Pacheca"), situated in the northeast portion of the Concession
and the Cubas target ("Cubas") located in the immediate southern
continuity of the Pilar Mine (see Figure #2 below).
Pacheca is positioned on the northeast continuity of the Pilar
Mine ore bodies including SW, BA, BF, BFII (see Figures #1 and #2
below). It is characterized by numerous, hundred-metre open-pit
excavations, which are attributed to early Portuguese miners and
explorers who searched for precious metals and gems in the Iron
Quadrangle region in the 17th and 18th
centuries. The Company has carried out several exploration
campaigns, which have resulted in a series of soil geochemistry and
electromagnetic geophysical anomalies, some of which relate
directly to the historical Pacheca excavations described above.
Cubas is located in the immediate southern continuity of the
Pilar Mine (see Figures #1 and #2 below). The Cubas anomaly was
discovered by using an induced polarization and 3-D electrical
imaging survey carried out in 2014. Cubas is a "blind" target
constituted by several continuous conductors situated from 200m to
600m depth along the Pilar Mine shear zone.
Additional geological and structural mapping and topographic
surveying are currently in progress and will be integrated with the
existing Pilar Mine 3-D geological models which will be used for an
exploration drilling campaign scheduled for the second quarter of
2016.
Following the recent progress made to the geological model of
the Pilar Mine (refer to the Company's news release dated
March 4, 2016), the planned
exploration campaigns for Cubas and Pacheca are expected to
laterally extend the current Pilar Mine mineral resource.
Qualified Person
Scientific and technical information
contained in this press release has been reviewed and approved by
Marcos Dias Alvim, BSc Geo., MAusIMM (CP), Project Development
Manager, who is an employee of Jaguar Mining Inc., and is a
'qualified person' as defined by National Instrument 43-101-
Standards of Disclosure for Mineral Projects ("NI43-101").
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 191,000 hectares. The Company's
principle operating assets are located in a prolific greenstone
belt in the state of Minas Gerais and include the Turmalina Gold
Mine Complex ("Mineração Turmalina Ltda" or "MTL") and Caeté Gold
Mine Complex ("Mineracao Serras do Oeste Ltda" or "MSOL") which
combined produce more than 90,000 ounces of gold annually. 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.
FORWARD-LOOKING STATEMENTS
Certain statements in
this news release constitute "forward-looking information" within
the meaning of applicable Canadian securities legislation.
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", "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. This news release contains
forward-looking information regarding the expansion and development
of the Pilar Gold Mine and anticipated gold production. The
Company has made numerous assumptions with respect to
forward-looking information contained herein, including, among
other things, assumptions about the availability of financing for
exploration and development activities; the estimated timeline for
the development of the Pilar Gold Mine; the supply and demand for,
and the level and volatility of the price of, gold; the receipt of
necessary permits; market competition; ongoing relations with
employees and impacted communities; and general business and
economic conditions. Forward-looking information involve a number
of known and unknown risks and uncertainties, including among
others the uncertainties with respect to the price of gold, labor
disruptions, mechanical failures, increase in costs, environmental
compliance and change in environmental legislation and regulation,
procurement and delivery of parts and supplies to the operations,
uncertainties inherent to capital markets in general 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. 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.sedar.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
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.
Neither the TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Jaguar Mining Inc.