Jaguar Mining Expands Resource Potential at Turmalina and Pilar Mines, Brazil

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Topic:

Company Update

In-Mine High-Grade Intercepts Include

Turmalina: Orebody C-SE, 9.22g/ Au over 15.3m (ETW 4.94m)

Orebody C-Central 5.98g/t Au over 12.1m (ETW 11.5m)

Pilar: Orebody BF2, 29.07 g/t Au over 4.00m (ETW 3.50m),

Orebody SW 12.39 g/t Au over 8.4m (ETW 7.68m)

Definitions: ETW - estimated true width g/t Au - grams per tonne gold m - metres

TORONTO, ON / ACCESSWIRE / September 10, 2020 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG) today announced drill results from underground diamond drill hole programs conducted at Turmalina Gold Mine ("Turmalina") and at Pilar Gold Mine ("Pilar") both located in Minas Gerais, Brazil. Drilling continues to confirm expanding resource potential with high-grade intersections from both mines, highlighting significant extensions at depth and laterally across the vertical extents of the mines. These drill campaigns were completed subsequent to the most recent Mineral Resources and Mineral Reserves ("MRMR") update at Turmalina (as at December 31, 2019 - see press-release dated 20, April, 2020) and at Pilar (as at May 30, 2020 - see press-release dated August 18, 2020).

At Turmalina, drilling has focused on targeting the down-plunge and lateral continuity of the structure hosting the C-SE and C-Central ore shoots at shallow levels while drilling at Pilar drilling has focused on evaluation of the lateral extensions of the banded iron formation ("BIF") hosted mineralization (SW-Sao Jorge-BIF, BIF2, BA, LFW, LPA and BA Orezones) close to underground development throughout the entire vertical extent of the mine.

Turmalina Highlights

Orebody C-Central drilling focused on tracing the structurally controlled high-grade mineralization discovered in March 2019 down plunge and beyond the current mineral resources and mineral reserves limits, at shallow levels between level 3 and level 6;
Drilling and geological mapping on the Orebody C-Central structure has delineated four higher-grade mineralized zones within the overall host rock package. These zones are separated by lower grade or waste intervals, which, are currently being assessed for geotechnical characteristics. (See figures 1 and 2);
Orebody C-Central high-grade continuity has been demonstrated by recent drilling with a series of eight intercepts with grade X thickness (GT) intervals of >25, Intercepts include: (See figures 1 and 2, table 1 and appendix 1)
- 5.98 g/t Au over 12.1m (ETW 11.5m), 39.85 g/t Au over 1.6m (ETW 1.54m), and 10.55 g/t Au over 4.25m (ETW 4.12m).
Drilling on Orebody C-SE focused on improving the definition of the high-grade plunging mineralisation currently being mined on level 5 to below levels 8 where access development recently intersected this orebody. Intercepts include: (See figure 3 and table 1.)
- 9.22 g/t Au over 15.29m (ETW 4.94m) and 10.36 g/t Au over 2.76m (ETW 2.55m).
Ongoing in-mine drilling remains focused on defining near surface and down plunge depth extensions to the structures hosting the A, B and C mineralization targeting additional mineral resource inventory and ounce per vertical meter profile.

Pilar Highlights

Drilling remains focused on defining extensions to the various structurally controlled, BIF hosted mineralization at shallow levels in the mine and down plunge beyond the current mineral resources and mineral reserves limits;
Recent drilling intercepted high-grade intervals with grade x thickness (GT) values > 25 in some 20 holes targeting the SW, BF, BF2, BA, LPA, and LFW structures, below are selected best intercepts: See figures 4 and 5, table 2 and appendix 2);
- SW Orebody: 12.39 g/t Au over 8.40m (ETW 7.68m) and 7.05 g/t Au over 10.95m (ETW 9.03m);
- BF2 Orebody: 29.07 g/t Au over 4.00m (ETW 3.5m);
- BF Orebody: 6.88 g/t Au over 33.35m (ETW 4.12m);
- BA Orebody: 7.42 g/t Au over 9.00m (ETW 6.94m);
- Orebody LPA: 10.66 g/t Au over 6.00m (ETW 3.40m); and
- Orebody LFW: 5.57 g/t Au over 8.50m (ETW 7.60m).
Ongoing in-mine drilling remains focused on defining near surface, lateral and down plunge depth extensions to the structures hosting the various mineralized zones targeting additional mineral resource inventory and ounce per vertical meter profile.

Vernon Baker, Chief Executive Officer of Jaguar Mining commented, "The significant results released today from on-going in-mine drilling at our operations continue to support sustained MRMR growth beyond recently reported limits. Of particular interest are results from the high-grade, wide intersections from Pilar's shallow level SW Orebody. This Orebody is becoming a significant contributor to that mine´s MRMR inventory and adds operational flexibility due to its shallow position and closeness to existing infrastructure in the mine. Similarly, at the Orebody C structure at Turmalina, increased high-grade intercepts and ounce per vertical meter at shallow depths continue to enhance sustainable operational flexibility. We are committed to investing in growth exploration at our core assets as results to date continue to support our belief that both Pilar and Turmalina are important long-life assets for Jaguar's future."

Jon Hill, Expert Advisor, Geology and Exploration, to the Jaguar Mining Management Committee commented: "These drilling results again highlight the long-term upside endowment potential both within and contiguous to our main operating assets. In-Mine Exploration continues to deliver very positive results which are not only important to Jaguar's future but will underpin plans to ramp up exploration over the coming months to test the next generation of growth exploration targets within our strategic tenement portfolio."

Figure 1

Figure 1 shows the relative location of diamond drill holes reported since the last MRMR report at Turmalina Mine (December 31, 2019) note focus on C-Central at shallow levels.