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Jaguar Mining (JAGGF) Announces Exploration Update From Iron Quadrangle Gold Deposits in Brazil; Shares Decline

Monday, August 30, 2021 12:16 PM | Kyle Depontes
Jaguar Mining (JAGGF) Announces Exploration Update From Iron Quadrangle Gold Deposits in Brazil; Shares Decline

What is going on with JAGGF?

Jaguar Mining Inc. (JAGGF) stock is lower today after the company announced it had identified significant greenstone belt extension in the Iron Quadrangle in Brazil, including five new potential trends found at over 50km in strike length.

Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes. It is the operator of a JV with IAMGOLD Corporation and may earn a 60% equity position in the project by incurring exploration expenditures of $6M over a four-year period.

Shares of JAGGF declined 1.16% to $3.5 as of 11:20am.

What does this mean for Jaguar Mining Inc?

Jaguar's most recent survey was conducted through a 150 square km UAV (Drone) high resolution magnetics survey, which is believed to be the largest survey ever attempted in South America with the technology. The magnetics assessment was also coupled with a thorough review of historical data, and focused on the ground geological mapping and geochemical soil programs.

As a result, a significant, >30 square km (3,000 Ha) previously unrecognized extension of the highly prospective Ouro Fino Formation of the Rio das Velhas Greenstone Belt has been defined.

Vern Baker, CEO, Jaguar Mining commented, " Our exploration program is positioned perfectly to mesh with our program of organic growth. The IAMGOLD JV is bringing in six exciting drill targets within short haulage distances of our CPA plant. We have a high level of confidence that our exploration effort can be successful and provide Jaguar with economic growth opportunity at any scale of resource identification."

Jaguar's exploration team also defined a series of five stratigraphic and structural trends within the JV Area which, collectively represent a prospective, previously under-explored strike length or more than 50km.

Short-Term Technical Rank - 21

JAGGF has a Short-Term Technical Rank of 21. Find out what this means to you and get the rest of the rankings on JAGGF!

Jaguar Mining Inc is a junior gold mining company. The company is engaged in the acquisition, exploration, development, and operation of gold producing properties in Brazil. Its principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caete Gold Mine Complex (Pilar and Roca Grande mines, and Caete Plant) which combined, produce more than 95,000 ounces of gold annually. The company also owns the Paciencia Gold Mine Complex.

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