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Jaguar Mining Inc. (JAGGF) is a Canadian gold mining company with investments and operations in Brazil. Committed to generating value for shareholders, employees, and the community, we operate based on solid values of safety, ethics, environment, and social responsibility.
During 2023, the company completed exploration activities over three new target trends in Brazil, including Carrancas, Rio do Peixe, and Paciência. High-grade drilling and sampling programs defined mineralized strikes and gold anomalies, showcasing potential for future discoveries.
Exploration VP Jon Hill highlighted the success of exploring high-potential targets within their portfolio and reported significant results from the Rocinha - Carrancas - Carneiro trend, Rio do Peixe trend, and Paciência trend.
Jaguar Mining has announced significant progress in its Faina Project, part of the MTL Mining Complex in Minas Gerais, Brazil. Recent diamond drilling and channel sampling have intersected high-grade gold mineralization. Key drilling results include 20.17 g/t Au over 6.62m and 8.54 g/t Au over 4.72m in the J lens, and 14.42 g/t Au over 6.75m and 13.31 g/t Au over 6.40m in the H lens. The company plans further development and production ramp-up through 2024, aiming for production by 2025. Jaguar has invested $15 million in Faina since 2022. As of the latest update, Faina has Probable Mineral Reserves of 132 koz, Measured and Indicated Mineral Resources of 233 koz, and Inferred Mineral Resources of 232 koz. The ongoing exploration aims to expand resources and upgrade classifications, with mined material to be processed at the MTL mill.
Jaguar Mining Inc. reported financial results for Q1 2024, showing 16,177 ounces of gold produced, revenue of $32.6 million, net income of $2.8 million, and a cash position of $26.4 million. Despite lower production and sales, the company managed to increase cash position and working capital. The President and CEO expressed satisfaction with progress in advancing mining projects despite production challenges and a Dengue epidemic.
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