11:40 AM EDT, 09/20/2017 (MT Newswires) -- Jaguar Mining (JAG.TO) on Wednesday jumped 18.9% to $0.31 apiece as "further positive results" came out of its three deep drill holes, which were part of its growth exploration program targeting the down-plunge continuity of the principal mineralized Banded Iron Formation Orebodies at Pilar Gold Mine in Minas Gerais, Brazil.

In a statement, the company said drill results include "high-grade gold mineralization and in places visible gold, not recently seen, down-plunge from current resources." Key intercepts at Pilar include 15.9 g/t Au over 11.8 m, 25.3 g/t Au over 6.0 m and 5.3 g/t Au over 49.3 m and "confirm the thick, high grade intercepts from earlier holes."

At the Turmalina Gold Mine, three diamond drill rigs are currently focused on growth exploration drilling, targeting projected down-plunge extensions, below current mining levels and infrastructure, on both Orebody A and Orebody C. To date, a total of six holes, totaling over 2,795 m, have been completed with initial results expected to be reported during Q4 2017.

Chief Executive Officer Rod Lamond said: "These additional drill results continue to expand the overall size of the high-grade Banded Iron Formation Orebodies at Pilar and confirm the down-plunge continuity of high-grade mineralized structures well beyond current mine plans. The fact we are intersecting impressive visible gold mineralization with increasing grade and thickness at depth supports our view there is strong potential to add significant new resources and extend mine life at Pilar."

Lamond added: "Today's results are extremely encouraging and we are becoming increasingly confident in the resource upside of Pilar, which could rival Turmalina, and the mine's ability to have a very positive impact on the company's future."