Mr. Roger Hendriksen reports
JAGUAR MINING INCREASES MEASURED AND INDICATED MINERAL RESOURCES AT GURUPI BY 30% TO MORE THAN 3 MILLION OUNCES
Jaguar Mining Inc. has increased its estimated measured and
indicated mineral resources at its Gurupi project to 3.2 million ounces
of gold based on analysis of recent drilling results. The resources,
stated at a cut-off grade of 0.33 gram per tonne gold, include 35.65 million tonnes
of measured resources at 0.86 g/t Au and 75.02 million tonnes of
indicated resources at 0.93 g/t.
Between the third quarter of 2011 and the second quarter of 2012, Jaguar
conducted a comprehensive diamond drilling campaign at the Chega Tudo
and Cipoeiro deposits within the Gurupi project. A total of 24,497
metres were drilled in 107 holes for 19,655 samples recovered. The
drill results confirmed the extension of the mineralization to a depth
of over 350 metres below surface at Chega Tudo and over 300 m depth at Cipoeiro. Previous drilling programs, which included a total
of 75,233 metres drilled in 543 holes, had confirmed the mineralization
only to depths of approximately 130 metres and 170 metres at Chega Tudo
and Cipoeiro, respectively. Gold mineralization at both the Chega Tudo
and Cipoeiro deposits remains open at depth.
GURUPI GOLD PROJECT MEASURED RESOURCES
Cipoeiro Chega Tudo Total
Cut- Cut- Cut-
off Avg off Avg off Avg
Au Au Au Au Au Au
g/t g/t Mt Moz g/t g/t Mt Moz g/t g/t Mt Moz
0.00 0.42 52.60 0.71 0.00 0.48 30.54 0.47 0.00 0.44 83.14 1.18
0.10 0.61 35.41 0.69 0.10 0.57 25.35 0.46 0.10 0.59 60.76 1.15
0.20 0.76 26.46 0.65 0.20 0.65 21.32 0.44 0.20 0.71 47.78 1.09
0.21 0.77 25.73 0.64 0.21 0.65 20.92 0.44 0.21 0.72 46.65 1.08
0.25 0.84 23.23 0.63 0.25 0.69 19.35 0.43 0.25 0.77 42.58 1.06
0.30 0.91 20.68 0.60 0.30 0.74 17.44 0.41 0.30 0.82 38.12 1.01
0.33 0.95 19.31 0.59 0.33 0.76 16.34 0.40 0.33 0.86 35.65 0.99
0.35 0.98 18.46 0.58 0.35 0.78 15.64 0.39 0.35 0.88 34.10 0.97
0.40 1.04 16.58 0.56 0.40 0.83 13.92 0.37 0.40 0.95 30.50 0.93
0.50 1.18 13.49 0.51 0.50 0.94 10.82 0.33 0.50 1.07 24.31 0.84
0.60 1.31 11.15 0.47 0.60 1.06 8.40 0.29 0.60 1.21 19.55 0.76
0.70 1.44 9.31 0.43 0.70 1.18 6.46 0.25 0.70 1.34 15.77 0.68
0.80 1.58 7.78 0.40 0.80 1.30 5.12 0.21 0.80 1.47 12.90 0.61
GURUPI GOLD PROJECT INDICATED RESOURCES
Cipoeiro Chega Tudo Total
Cut- Cut- Cut-
off Avg off Avg off Avg
Au Au Au Au Au Au
g/t g/t Mt Moz g/t g/t Mt Moz g/t g/t Mt Moz
0.00 0.47 116.82 1.78 0.00 0.50 52.71 0.85 0.00 0.48 169.53 2.63
0.10 0.68 78.49 1.73 0.10 0.59 44.49 0.84 0.10 0.65 122.98 2.57
0.20 0.85 59.87 1.64 0.20 0.66 38.15 0.81 0.20 0.78 98.02 2.45
0.21 0.87 58.49 1.63 0.21 0.67 37.48 0.81 0.21 0.79 95.97 2.44
0.25 0.93 53.47 1.59 0.25 0.70 34.95 0.79 0.25 0.84 88.42 2.38
0.30 1.00 48.07 1.55 0.30 0.74 31.79 0.76 0.30 0.90 79.86 2.31
0.33 1.05 45.11 1.52 0.33 0.77 29.91 0.74 0.33 0.94 75.02 2.26
0.35 1.07 43.27 1.50 0.35 0.79 28.66 0.73 0.35 0.96 71.93 2.23
0.40 1.15 38.93 1.44 0.40 0.84 25.68 0.69 0.40 1.03 64.61 2.13
0.50 1.31 31.96 1.34 0.50 0.94 20.19 0.61 0.50 1.16 52.15 1.95
0.60 1.46 26.65 1.25 0.60 1.05 15.74 0.53 0.60 1.31 42.39 1.78
0.70 1.61 22.45 1.16 0.70 1.17 12.20 0.46 0.70 1.45 34.65 1.62
0.80 1.75 19.23 1.08 0.80 1.29 9.52 0.39 0.80 1.59 28.75 1.4
GURUPI GOLD PROJECT MEASURED AND INDICATED RESOURCES
Cipoeiro Chega Tudo Total
Cut- Cut- Cut-
off Avg off Avg off Avg
Au Au Au Au Au Au
g/t g/t Mt Moz g/t g/t Mt Moz g/t g/t Mt Moz
0.00 0.46 169.42 2.50 0.00 0.49 83.25 1.32 0.00 0.47 252.67 3.82
0.10 0.66 113.90 2.42 0.10 0.58 69.84 1.30 0.10 0.63 183.74 3.72
0.20 0.82 86.33 2.29 0.20 0.66 59.47 1.25 0.20 0.76 145.80 3.54
0.21 0.84 84.23 2.27 0.21 0.66 58.41 1.25 0.21 0.77 142.64 3.52
0.25 0.90 76.71 2.22 0.25 0.70 54.30 1.22 0.25 0.82 131.01 3.44
0.30 0.97 68.76 2.15 0.30 0.74 49.22 1.17 0.30 0.88 117.98 3.32
0.33 1.02 64.42 2.10 0.33 0.77 46.25 1.14 0.33 0.91 110.67 3.24
0.35 1.05 61.73 2.07 0.35 0.79 44.31 1.12 0.35 0.94 106.04 3.19
0.40 1.12 55.52 2.00 0.40 0.84 39.61 1.06 0.40 1.00 95.13 3.06
0.50 1.27 45.46 1.86 0.50 0.94 31.02 0.94 0.50 1.14 76.48 2.80
0.60 1.42 37.80 1.72 0.60 1.05 24.15 0.82 0.60 1.28 61.95 2.54
0.70 1.56 31.77 1.59 0.70 1.17 18.66 0.70 0.70 1.41 50.43 2.29
0.80 1.70 27.01 1.48 0.80 1.29 14.64 0.61 0.80 1.56 41.65 2.09
Jaguar is continuing work on a revised feasibility study for the
development of the Gurupi project, which will incorporate the new drill
results and resource estimates. The feasibility study is expected to
be completed during the fourth quarter of 2012.
While the company has focused recent drilling and exploration on the
Chega Tudo and Cipoeiro deposits, the 100-per-cent-Jaguar-owned Gurupi
concession includes 12 additional, identified targets within the Gurupi
project in 34 contiguous mineral rights totalling 150,604 hectares.
These additional targets have not been included in any of the company's
mineral resource estimates or feasibility studies related to the Gurupi
project to date. These targets have been identified by favourable
geology, structures, old artisan mine works, soil and channel sampling
anomalies, and exploration drilling, and represent the potential for
further increases in mineral resources at Gurupi.
This press release has been reviewed and approved by Wilson Miola,
Jaguar's director of engineering, a qualified person under NI
43-101.
We seek Safe Harbor.
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