Welcome To The Jaguar Mining HUB On AGORACOM

Edit this title from the Fast Facts Section

Free
Message: Jaguar Mining May Test 52 Week Highs as Updates 2019 Mineral Reserves, Mineral Resources for Brazil's Turmalina Mine; Sees More Positive News in 2020

Jaguar Mining May Test 52 Week Highs as Updates 2019 Mineral Reserves, Mineral Resources for Brazil's Turmalina Mine; Sees More Positive News in 2020

posted on Apr 20, 2020 08:26AM
2020-04-20 08:13:33 AM ET (MT Newswires)
   
   

08:13 AM EDT, 04/20/2020 (MT Newswires) -- Jaguar Mining Inc. (JAG.TO) may test a 52 week high of $0.30 after it announced Monday its updated Mineral Resources and Mineral Reserves (MRMR) estimates at the end of last December for the Turmalina Gold Mine located in Minas Gerais, Brazil, adding that it expected to provide further "positive news" this year.

In a statement, the Canadian-based gold mining and exploration company said the update highlighted that Turmalina's Proven and Probable Mineral Reserves (2P) at Dec. 31 were 332,000 ounces of gold contained within 2.40 Mt at a weighted average grade of 4.31 g/t Au. It said this reflected an ounce increase of 63% year on year before mined depletion and an increase of 46% y/y, net of 2019 mined depletion of 39,000 ounces of gold. A gold price of $1,300/oz and a foreign exchange rate of 3.7 Brazilian Reais (BRL) to US$1 was used in both years.

In addition, Jaguar added 2P Mineral Reserves now support an estimated six years of production at current mining rates. Of note, Orebody C 2P Mineral Reserves increased by 72,000 ounces of gold over 2018 Mineral Reserves net of 2019 depletion; Orebody A 2P Mineral Reserves increased by 32,000 ounces of gold over 2018 Mineral Reserves net of 2019 depletion; Proven Mineral Reserves increased 16% to 118,000 ounces of gold at a weighted average grade of 4.88 g/t Au; and Probable Mineral Reserves increased 69% to 213,000 ounces of gold at a weighted average grade of 4.04 g/t Au.

 

"In 2020, with the addition of two contract diamond drills operating at our mines, we look forward to delivering more positive news from our operations," said Vern Baker, chief executive officer of Jaguar, in the statement. "At Pilar, we are currently limiting our update to a depletion calculation and expect to update the Pilar Mineral Reserves and Resources later this year now that work has been completed on Turmalina."

Mineral Reserves and Mineral Resources of Pilar, which is part of the Caete Mining Complex, are expected to be updated mid-2020, once geological data collected from infill drilling and development completed in 2019 and ongoing growth exploration drilling programs have been incorporated into the Pilar Geological and Resource Models, the company said.

Friday, shares closed 3.6% lower at $0.27 in a 52-week range of $0.07-$0.30.

Share
New Message
Please login to post a reply