Mineral Reserves & Mineral Resources

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The tables below set forth mineral resource and reserve estimates for the Turmalina, Paciência and Caeté operations and the Gurupi Project as of December 31, 2015.

Summary of Mineral Resources as at December 31, 2015

 Measured ResourcesIndicated ResourcesTotal Measured &
Indicated Resources
Inferred Resources
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Southern Brazil
Turmalina Gold Complex2
Ore Body A9286.511942355.39411,1636.282352263.5926
Ore Body B3383.22351584.08214963.5156435.167
Ore Body C1643.19179143.081121,0783.721294965.3485
Faina727.39171896.66422616.87581,5427.26360
Pontal2515.00401594.28224104.72621305.0321
Total - Turmalina1,7535.383031,6554.472383,4084.935402,4376.37499
Caeté Gold Complex
Pilar3
Ore Body BA 2644.08351685.29294324.5563655.1311
Ore Body BF2174.32307494.731149664.641442936.7764
Ore Body BFII44.4618425.011338285.011331987.8950
Ore Body C804.24113714.73564504.64671405.1023
Ore Body LFW583.6871754.21242334.08311174.8718
Ore Body LHW---123.611123.61153.111
Ore Body LPA62.721503.986553.857---
Ore Body SW---3383.28363383.28363893.6045
Total - Pilar6284.14842,6874.623993,3154.534821,2075.54212
Roça Grande42072.17149372.95891,1442.801031,7593.48197
Total - Caeté 8353.65983,6254.184884,4604.085852,9664.29409
Total - Southern Brazil2,5884.824015,2804.277267,8684.451,1255,4035.23908
Northern Brazil
Gurupi Project5
Cipoeiro25,7340.7864058,4940.871,63384,2290.842,2737,0410.67152
Chega tudo20,9230.6644037,4840.6780558,4080.661,2466780.6213
Total - Northern Brazil46,6570.721,08095,9790.792,438142,6360.773,5197,7190.66165
Total - MineralResources49,2450.941,481101,2590.973,164150,5040.964,64413,1222.541,073

Notes to Mineral Resources:

  1. CIM definitions were followed for Mineral Resources.
  2. Gurupi Resources were approved by Leah Mach (SRK) as Qualified Person, as disclosed in the press release dated July 30, 2012 filed on SEDAR.
  3. Mineral Resources at the Turmalina Gold Complex include the Turmalina Mine, Faina deposit, and Pontal deposit.  Mineral Resources at Caeté are estimated by depletion of the 2015 year-end block model with 2016 excavations.
  4. Mineral Resources are estimated at a cut-off grade of 2.10 g/t Au at Turmalina, 3.8 g/t Au at Faina, and 2.9 g/t Au at Pontal. Mineral Resources are estimated at a cut-off grade of 1.46 g/t Au for the Roça Grande Mine and 1.93 g/t Au for the Pilar Mine.
  5. Mineral Resources at the Turmalina Mine include all drill hole and channel sample data and mining excavations as of December 31, 2016.
  6. Mineral Resources at the Faina and Pontal deposits remain unchanged from those stated as at December 31, 2015.
  7. Mineral Resources are estimated using a long-term gold price of US$1,500 for the Turmalina Mine and US$1,400 per ounce for the Faina and Pontal deposits and the Caeté deposits.
  8. Mineral Resources are estimated using an average long-term foreign exchange rate of 3.49 Brazilian Reais: 1 US Dollar for Turmalina and 2.5 Brazilian Reais: 1 US Dollar for Faina and Pontal. Mineral Resources are estimated using an average long- term foreign exchange rate of 2.5 Brazilian Reais:1 US Dollar for the Caeté deposits.
  9. A minimum mining width of approximately 2 m was used.
  10. Bulk density is 2.83 t/m3 for Orebodies A and B and 2.97 t/m3 for Orebody C at the Turmalina Mine.
  11. Gold grades are estimated by the inverse distance cubed interpolation algorithm using capped composite samples.
  12. Mineral Resources are inclusive of Mineral Reserves at Turmalina. No Mineral Reserves are currently present at the Roça Grande Mine. Mineral Resources are inclusive of Mineral Reserves for the Pilar Mine.
  13. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  14. Numbers may not add due to rounding.

Although Jaguar has carefully prepared and verified the Mineral Resource and Mineral Reserve figures presented herein, such figures are estimates, which are, in part, based on forward-looking information and no assurance can be given that the indicated amounts of gold will be produced. Estimated Mineral Reserves may have to be recalculated based on actual production experience. Market price fluctuations of gold as well as increased production costs or reduced recovery rates and other factors may render the present Proven and Probable Mineral Reserves unprofitable to develop at a particular site or sites for periods of time. See "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements "in the Company's most recently released Annual Information Form, available on SEDAR at www.sedar.com.

Summary of Mineral Reserves as at December 31, 2015

 Proven ReservesProbable ReservesProven and Probable Reserves
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Southern Brazil
Turmalina Gold Complex1
Ore Body A3305.86621964.66295265.4191
Ore Body C243.4735834.12776074.1080
Total - Turmalina3545.71657794.231061,1334.69171
Caeté Gold Complex
Pilar2
Ore Body BA112.311---112.131
Ore Body BF112.6612934.57433044.4844
Ore Body BFII---6464.65976464.6597
Ore Body LFW52.83----52.83-
Ore Body LPA---------
Total - Pilar272.4729394.621409664.56142
 Roça Grande---------
Total - Caeté 272.4729394.621409664.56142
Total - Southern Brazil3815.47671,7184.452642,0994.64313
Northern Brazil
Gurupi Project3
Cipoeiro---45,0441.201,73545,0441.201,735
Chega Tudo---18,7130.9959318,7130.99593
Total - Northern Brazil---63,7571.142,32863,7571.142,328
Total - P2 Mineral Reserves3815.476765,4751.222,57465,8561.252,641

Notes to Mineral Resources:

  1. CIM definitions are followed for Mineral Reserves;
  2. Mineral Reserves at Turmalina were estimated at a break-even cut-off grade of 2.5 g/t Au. Some stopes were included using an incremental cut-off grade of 1.2 g/t Au. Mineral Reserves at Pilar are estimated at a cut-off grade of 1.90 g/t Au.
  3. Mineral Reserves at Turmalina are estimated using an average long-term gold price of US$1,250 per ounce, and a US$/BRL$ exchange rate of 3.49. Mineral Reserves at Pilar are estimated using an average long-term gold price of US$1,150 and a US$/BRL$ exchange rate of 3.80.
  4. A minimum mining width of 3 m was used for Turmalina and 2 m was used for Pilar.
  5. Bulk density is 2.7 t/m3 at Turmalina and 2.89 t/m3 at Pilar in iron-formation poor domains and 3.05 t/m3 in iron-formation rich domains.
  6. Gurupi Reserves are based on the Technomine Feasibility Study Technical Report filed on SEDAR on January 31, 2011.
  7. Number may not add due to rounding.

Qualified Person

Mineral Reserves and Mineral Resources 2016 estimates for Turmalina Gold Mine were prepared by Jaguar Mining under the supervision of Jason Cox, P.Eng., and Reno Pressacco, P.Geo. of Roscoe Postle Associates Inc. (“RPA”). RPA is an independent mining consultant and each of Messrs. Cox and Pressacco are Qualified Persons within the meaning of NI 43-101. The effective date of these estimates is December 31, 2016. An independent technical report documenting the Mineral Resource estimates prepared in accordance with NI 43-101 will be filed on SEDAR.

Scientific and technical information contained in this press release has been reviewed and approved by Geraldo Guimarães Vieira dos Santos, BSc Geo., MAIG-3946 (CP), Geology Manager, who is an employee of Jaguar Mining Inc., and is a “qualified person” as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Control

Jaguar Mining has implemented a quality-control program that includes insertion of blanks, commercial standards, and duplicate core samples in order to ensure best practice in sampling and analysis.

NQ and BQ size drill core is sawn in half with a diamond saw. Samples are selected for analysis in standard intervals according to geological characteristics such as lithology and hydrothermal alteration contents. All diamond drill hole collars are accurately surveyed using a Total Stations instrument and down hole deviations are surveyed using optical Reflex Maribor.

Mean grades are calculated using a variable lower grade cut-off (generally 2 g/t Au). No top cutting has been applied to the data. However, the requirement for assay top cutting will be assessed during future resource work.

Half of the sawed sample is forwarded to the analytical laboratory for analysis while the remaining half of the core is stored in a secure location. The drill core samples are transported in securely sealed bags to the Jaguar in-house laboratory located at the Caeté Mine Complex in Minas Gerais. Some samples are also sent for check assaying to the independent SGS Geosol Laboratory located in Vespasiano, Minas Gerais. The preparation and analysis are all conducted at the respective facilities. The Caeté Mine Complex laboratory does not carry an ISO certification. The SGS Geosol Laboratory is ISO 9001 accredited. As part of in-house QA/QC, the Caeté Mine Complex laboratory inserts certified gold standards, blanks, and pulp duplicate samples.

For a complete description of Jaguar’s sample preparation, analytical methods, and QA/QC procedures, please refer to the Turmalina Technical Report filed on Jaguar’s profile at www.sedar.com