Jaguar Mining Inc. ('Jaguar' or the 'Company') (TSX: JAG) (OTCQX: JAGGF) is pleased to announce positive results from recent in-mine diamond drilling at its Pilar mine complex and exploration drilling at its Catita target, located in the Iron Quadrangle in the state of Minas Gerais, Brazil.
In the fourth quarter of 2022, the Company successfully advanced several high priority diamond drill campaigns focused on identifying or extending high grade mineralization at its Pilar mine. This diamond drilling focused on various new targets including holes testing the projected fold hinge within the BA - TORRE structure, the LPA structure, and extensions of a higher grade mineralized trend within the SW structure (press release dated September 13, 2022).
Results from this recent drilling at Pilar has been particularly encouraging with a number of exceptional intersections reporting grade x thickness (GT) intervals greater than 100-gram meters on the BA - Torre and LPA structures on level 16. These intercepts again demonstrate potential down plunge extensions within these structures. The identification of down plunge potential within the BA structure is of particular importance given that this structure was the main historically producing ore zone at Pilar mine at shallower levels.
The Company will publish updated Mineral Reserves and Mineral Resources along with its AIF in March 2023.
At Jaguar's Catita Project diamond drilling is targeting potential mineralized extensions to the previously mined Catita open pit. Catita is part of the emerging Corrego Brandao - Catita Mineralized Trend 5km from the Company's CCA plant at Caete. The high-grade intercept reported here provides support for additional exploration focus on this target in 2023.
Vern Baker, President, and CEO of Jaguar Mining stated: 'The results reported today include intersections with excellent grade and width, especially in new target areas. This supports our belief that there are still various exciting opportunities that exist throughout the mine. Our geologists continue to refine structural - geological targets that justify ongoing drilling activities. Furthermore, the high-grade intercept reported at Catita demonstrates the clear potential of this target trend which is quickly becoming one of our most prospective target areas within our exploration and growth portfolio'.
Pilar Mine Drilling
At Pilar, drilling in the later part of 2022 and into 2023 has been focused on the further delineation and expansion of higher-grade mineralization throughout the mine. Drill testing has generally targeted the projected plunge positions of fold hinges associated with the folded Banded Iron Formations and associated Schists which generally host higher-grade mineralization in previously exploited and or current mining production areas. This tactic is successfully expanding known higher - grade areas and importantly highlighting further potential in new areas. (press release dated September 13, 2022).
Of particular interest is the exceptional intersection in hole PPL850 which reported 42.35 g/t Au (uncut) over an estimated true width of 3.2m within a broader zone grading 20.93 g/t Au over an estimated true width of 10.0m within the BA Structure on 16 level.
Similarly hole PPL929 intersected 9.72 g/t Au over an estimated true width of 9.0m within the SW structure again opening the opportunity of adding to the ounce per vertical meter profile on this structure below level 12.
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 Turmalina Gold Mine Complex and Caete Mining Complex (Pilar and Roca Grande Mines, and Caete Plant). The Company also owns the Paciencia Gold Mine Complex, which has been on care and maintenance since 2012. The Roca Grande Mine has been on temporary care and maintenance since April 2019. Additional information is available on the Company's website at www.jaguarmining.com.
Contact:
Vernon Baker
Chief Executive Officer
Jaguar Mining Inc.
Tel: 416-847-1854
Email: vernon.baker@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 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,' '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. This news release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline for the development of 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 employees and impacted communities; 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 uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations 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 uncertain 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 addition, 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.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.
All sampling and samples utilized at Jaguar for Mineral Resource and or Mineral Reserves estimation uses 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 selected for analysis in standard intervals according to geological characteristics such as lithology and hydrothermal alteration. Rock channel sampling of the underground development follows the same standard intervals as for the drill core.
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 and rock chip samples for resource-reserve conversion and grade control samples are transported for physical preparation and analysis in securely sealed bags to the Jaguar in-house laboratory located at the company's Caete Complex, Caete, Minas Gerais. Growth exploration samples are sent to the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano, Minas Gerais, Brazil. The analysis of these exploration samples is conducted at ALS Global's respective facilities (fire assay 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 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 procedures, please refer to 'Technical Report on the Roca 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 drilling results presented on this news release are from drill holes completed by contractors Major Drilling and Jaguars own fleet of underground diamond drilling rigs.
For a complete description of Jaguar's sample preparation, analytical methods and QA/QC procedures, please refer to the 'Technical Report on the Roca Grande and Pilar Operations, Minas Gerais State, Brazil', dated August 17th 2020, a copy of which is available on the Company's SEDAR profile at www.sedar.com.
JAGUAR MINING INC. 
