- Proven and Probable Reserves Increased 46%Year-over-Year
Toronto, Canada, April 20, 2020 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) is pleased to report updated Mineral Resources and Mineral Reserves (“MRMR”) estimates as at December 31, 2019 for the Turmalina Gold Mine located in Minas Gerais, Brazil.

Highlights
•Turmalina Proven and Probable Mineral Reserves (“2P”) as at December 31st 2019 were 332,000 oz´s of gold contained within 2.40 Mt at a weighted average grade of 4.31 g/t Au. This reflects an ounce increase of 63% year on year before mined depletion and an increase of 46% year-over-year, net of 2019 mined depletion of 39,000 oz´s of gold. A gold price of $1300/oz and BRL$3.7:US$1 was used in both years.
•2P Mineral Reserves now support an estimated six years of production at current mining rates.
•Orebody C 2P Mineral Reserves increased by 72,000 ounces of gold over 2018 Mineral Reserves net of 2019 depletion. Targeted drilling down plunge of both the C-SE and C-Central payshoots was enabled by a more precise determination of the payshoot orientation.
•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 oz´s of gold at a weighted average grade of 4.88 g/t Au
•Probable Mineral Reserves increased 69% to 213,000 oz´s of gold at a weighted average grade of 4.04 g/t Au

Mineral Reserves and Resources have been prepared in accordance with CIM definitions (2014) as in National Instrument 43-101 (“NI 43-101”). Turmalina Mineral Reserves and Mineral Resources update will be reported in the company´s Annual Information Form (AIF) along with an updated Technical Report on the 29th April 2020.

Pilar Mineral Reserves and Mineral Resources are expected to be updated mid 2020, once geological data collected from infill drilling and development completed in 2019 and ongoing growth exploration drilling programmes have been incorporated into the Pilar Geological and Resource Models. Pilar Reserves and Resources as at December 31, 2019 reflecting depletion of the 2018 model with 2019 mined production, will be published in Jaguar´s Annual Information Form on 29th April 2020.

Vern Baker, CEO of Jaguar Mining stated; “Our geologic team did an excellent job in 2019. At Turmalina, the team focused on replacing reserves in the A Orebody, and then on understanding and delineating ore in our C Orebody. With very limited resources in 2019 the team was quite successful in both objectives. They maintained and even increased our reserve base in A orebody, and also significantly grew our reserve and resource base in C orebody. This is an outstanding achievement in a year where the Company faced multiple challenges. The hard work of our geologic team was rewarded with a significant increase in our overall ounce inventory, and they also provided Jaguar with some excellent targets to continue expanding our exploration success. 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. 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.”

Year- End 2019 Turmalina Gold Mine Mineral Reserves and Mineral Resources

Table 1
Turmalina Gold Mine Mineral Reserves Summary as at December 31, 2019, compared to December 31, 2018:
Turmalina Gold Mine - Change in Mineral Reserves
Gold Ounces (000's) Gold Grade (g/t)
As at December 2019 2018 Change (%) 2019 2018 Change (%)
Proven Reserves 118 102 16% 4.88 4.33 13%
Probable Reserves 213 126 69% 4.04 5.82 -31%
Total 332 228 46% 4.31 5.05 -15%

Table 2
Turmalina Gold Mine Mineral Reserves as at December 31, 2019, by Orebody:

Turmalina Gold Mine - Mineral Reserves, December 31, 2019
Ore Body Proven Reserves Probable Reserves Proven and Probable Reserves
ROM (t) Au Oz ROM (t) Au Oz ROM (t) Au Oz
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)

Orebody A 408 5.75 75 398 4.91 63 806 5.34 138
Orebody C 347 3.85 43 1244 3.77 151 1591 3.79 194
Total 755 4.88 118 1642 4.04 213 2397 4.31 332

Notes:
1.CIM (2014) definitions were followed for Mineral Reserves
2.Mineral Reserves were estimated at a break-even cut-off grade of 2.5 g/t Au
3.Mineral Reserves are estimated using an average long-term gold price of US $1,300 per ounce
4.Mineral Reserves are estimated using an average long-term foreign exchange rate of 3.7 Brazilian Reais: 1 US Dollar
5.A minimum mining width of 2 m was used
6.Numbers may not add due to rounding
7.There are no known environmental, permitting, legal, title, socio-economic, political or other risk factors which could materially affect the Mineral Reserve estimates.
•For the December 31, 2019, estimates, the Company has prepared an updated geological and block model and a supporting Technical Report.
•For comparison purposes, Gold Price and Cut-Off Grade assumptions used in this press release are the same as those previously reported in Jaguar´s 43-101 Technical Report published in March 2019 (SEDAR).
•Infill Drilling and Secondary Development completed in 2019 successfully replaced 2019 mined depletion of 39,000 oz´s Au and added significantly to the Mineral Reserves which are now equivalent to more than six years of production at current production rates.
•Total 2P Mineral Reserves are 332,000 ounces of gold (2,40Mt at a weighted average grade of 4.31 g/t Au) (net of 2019 depletion of 39,000 ounces) which are 46% higher compared to 2P Reserves of 228,000 ounces at a weighted grade of 5.05 g/t Au as at December 31, 2018.
•Total Proven Mineral Reserves increased 16% to 118,000 oz´s of gold, at a weighted average grade of 4.88 g/t Au.
•Orebody A Proven Mineral Reserves increased 29% to 75,000 ounces of gold at a weighted average grade of 5.75 g/t Au which reflects a 10% increase in grade year on year.
•Orebody C Proven Mineral Reserves decreased 2% to 43,000 ounces of gold at a weighted average grade of 3.85 g/t Au which reflects a 9% increase in grade year on year.
•Total Probable Mineral Reserves increased 69% to 213,000 oz’s of gold, at a weighted average grade of 4.04 g/t Au which reflects a 31% decrease in weighted average grade year on year which is offset by an overall 143% increase in tonnage primarily added from Orebody C.
•Orebody A Probable Mineral Reserves increased 34% to 63,000 ounces of gold at a weighted average grade of 4.91 g/t Au which reflects a 15% decrease in grade year on year.
•Orebody C Probable Mineral Reserves increased 91%% to 151,000 ounces of gold at a weighted average grade of 3.77 g/t Au which reflects a 36% decrease in grade year on year offset by a 198% increase in additional tonnage year on year.
•Detailed mapping of primary and secondary underground development by Jaguar´s geological team has allowed detailed structural kinematic indicator measurements which defined a more precise orientation of both the C-Central and C-SE (southeast) mineralized payshoots.
•The more accurate plunge direction allowed the 2019 drilling program to target and trace these main payshoots down their structural plunge. The C Central and C-SE payshoots remain open down plunge and these depth extensions remain the primary target for ongoing drill programs.
•At C-Central, exploration drilling first defined the high grade payshoot in March 2019 which was followed by targeted drilling down plunge, resource definition and estimation and underground access development. Initial stoping activities commenced in September 2019. Inclusion of Orebody C-Central Mineral Reserve into inventory for the first time was completed by year end. C-Central provides a new production area for Turmalina.
•At C-SE the definition of a more precise mineralization plunge direction allowed targeted drilling down plunge, increasing the mineralized extension from level 5 to level 8.
•All orebodies remain open down plunge for future drilling targets.
•The database used to prepare the estimates, with a cut-off date of December 16th, 2019, comprises 4,218 drill holes and 17,282 samples. The estimate was generated from a block model constrained by three-dimensional (3D) wireframe models. A capping value of 50 g/t Au was applied for all three orebodies. The wireframe models of the mineralization, block model, and excavated material for Turmalina were constructed by Jaguar. Separate wireframes were built for each mineralized lens for each orebody and were used to constrain the grade estimates into the block model.
•The Mineral Resources and Mineral Reserves for 2019 will be presented in the companies AIF and Technical Reports to be published by the end of April 2020.

Table 3.
Turmalina Gold Mine Mineral Resources Summary as at December 31, 2019, compared to December 31, 2018:
Turmalina Gold Mine Mineral Resources Summary as at December 31, 2019, compared to December 31, 2018:

Turmalina Gold Mine - Change in Mineral Resources
Gold Ounces (000's) Gold Grade (g/t)
As at December 31 2019 2018 Change (%) 2019 2018 Change (%)

Measured Resources 333 305 9% 5.14 5.37 -4%
Indicated Resources 331 272 22% 4.66 5.70 -18%
Total - M&I 664 577 15% 4.89 5.52 -11%
Inferred Resources 248 148 68% 4.23 4.31 -2%

Table 4.
Turmalina Gold Mine Mineral Resources Summary as at December 31, 2019, by Orebody:
Turmalina Gold Mine - Mineral Resources, December 31, 2019
Area Measured Resources Indicated Resources Total Measured & Indicated Resources
Inferred Resources
Tonnes Au Oz Tonnes Au Oz Tonnes Au Oz Tonnes Au Oz
(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t)
(000's)

Ore Body A 1,020 6.40 210 473 5.90 90 1,493 6.24 300 364 4.65 54
Ore Body B 353 3.34 38 192 4.26 26 545 3.66 64 18 6.46 4
Ore Body C 641 4.13 85 1,548 4.33 215 2,189 4.27 301 1,436 4.10 189
Total 2,014 5.14 333 2,213 4.66 331 4,227 4.89 664 1,818 4.23 248

Notes:
1.CIM (2014) definitions were followed for Mineral Resources.
2.Mineral Resources are estimated at a cut-off grade of 2.10 g/t Au.
3.Mineral Resources are estimated using a long-term gold price of $1,500 per ounce.
4.Mineral Resources are estimated using an average long-term foreign exchange rate of 3.70 Brazilian Reais: 1 US Dollar.
5.A minimum mining width of approximately 2 m was used.
6.Bulk density is 2.83 t/m3 for Orebodies A and B and 2.91 t/m3 for Orebody C.
7.Gold grades are estimated by the Ordinary Kriging (OK) interpolation algorithm using capped composite samples.
8.Mineral Resources are inclusive of Mineral Reserves.
9.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10.Numbers may not add due to rounding.
•Measured and Indicated Mineral Resources at Turmalina at a cut-off grade of 2.1 g/t Au comprise 4.23 Mt at a weighted average grade of 4.89 g/t Au - containing 664,000 oz. of gold.
•This reflects an increase of 15% in gold ounces year on year at 11% lower grade offset by a 30% increase in tonnage.
•The Inferred Mineral Resource at Turmalina is 1.82 Mt at an average grade of 4.23 g/t Au - containing 248,000 oz. of gold.
•Orebody A Measured Mineral Resources increased by 7% year on year to 210,000 ounces of gold at an average grade of 6.40 g/t Au, which reflects a decrease in grade of 7% offset by an increase in tonnage of 14%.
•Orebody A Indicated Mineral Resources increased by 8% year on year to 85,000 ounces of gold at an average grade of 5.90 g/t Au which reflects a decrease in grade of 22% offset by an increase in tonnage of 40%.
•Orebody A Inferred Mineral Resources decreased by 7% year on year to 54,000 ounces of gold at an average grade of 4.65 g/t Au.
•Orebody C Measured Mineral Resources increased by 21% year on year to 85,000 ounces of gold at a grade of 4.13 g/t Au which reflects a decrease in grade of 2% offset by an increase in tonnage by 23%.
•Orebody C Indicated Mineral Resources increased by 32% year on year to 215,000 ounces at an average grade of 4.33 g/t which reflects a 18% decrease in grade offset by a 62% increase in tonnage.
•Orebody C Inferred Mineral Resources increased by 120% year on year to 189,000 ounces of gold at an average grade of 4.10 g/t Au which reflects an increase in grade of 3% and an increase in tonnage of 112%.
•Orebody B Mineral Resources remained the same for all resource categories year on year.

Figure 1.
The distribution of Mineral Reserves at Turmalina Gold Mine as at December 31, 2019, (left) and December 31, 2018, (right) seen from the hanging wall looking towards the south west.

see & read more on
https://www.jaguarmining.com/en/investors/news-releases/2020/jaguar-mining-reports-updated-2019-mineral-reserves-and-mineral-resources-for-the-turmalina-mine-brazil/