Jaguar Mining Inc. ('Jaguar' or the 'Company') (TSX: JAG)(OTCQX:JAGGF) is pleased to announce positive results from ongoing exploration and growth activities at its Turmalina Complex located in Minas Gerais, Brazil.
In the fourth quarter of 2022, the Company progressed several priority diamond drill campaigns focused on high grade extensions of mineralization discovered earlier in 2022. The most recent exploration diamond drilling focused on high grade mineralization in the C Structure at Turmalina, follow-up step-out drilling at its Pontal South Discovery (press release dated September 6, 2022), and high-grade targets within the B Structure (press release dated June 04, 2019) also at shallow levels in the mine.
Results from the drilling have been encouraging with continued high grades over mineable widths reported from various areas within the C and B Mineralized Structures including the identification of a new mineralized structure in the footwall of the C Structure.
Step out drilling at the Pontal South Discovery has demonstrated continuity of high-grade mineralization to depth down plunge.
At the Faina Growth Project, the Company completed approximately 15,359 meters (46 holes) of infill resource conversion drilling with the goal of converting the published Inferred Mineral Resource to an Indicated Mineral Resource. Infill drilling at Faina has confirmed the high-grade characteristics of this mineralization and continuity within the deposit. This drilling underpins the geological and grade model for this important growth project.
The Company will publish updated Mineral Reserves and Mineral Resources with its AIF in March 2023.
Vern Baker CEO Jaguar commented, 'I am very excited about the positive drill results reported today as they support the Company's organic growth plans and ultimately our future production profile. The high grades in the C and B Structures are at shallow levels and close to development in these sectors of the mine which justifies our plan to focus production in these areas and support ongoing underground access development towards the Faina Resource. The success of infill drilling at Faina and the continued definition of new mineralized areas along the main structural trend continue to demonstrate the upside potential of this trend.'
At Turmalina, drilling in the later part of 2022 and into 2023 focused on further delineation and expansion of higher-grade mineralization manifested within the C Structure at shallow depths and close to current mining access and production development Step out drill testing the projected plunge continuity is successfully expanding the higher-grade footprint in a series of structurally controlled zones. Similarly, exploratory work aimed at refining the geological-structural controls on higher grade mineralization within the B Structure, has recently recommenced, also at shallow levels close to existing underground mine development access. (Press releases dated September 6, 2022 and June 4, 2019).
Of note is the intersection of a newly identified structure in the footwall to the known mineralized zones within the C Structure. Hole FTS2165 intersected a mineralized interval grading 3.88 g/t Au over an estimated true thickness of 6.6m.
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
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.
JAGUAR MINING INC. 
