Jaguar Mining - Drilling Along the Paciencia Trend Exploration Targets Connects Areas of Known Mineralization, Potentially Defining a Broader Gold District, Minas Gerais, Brazil
Jaguar’s Paciencia drilling confirmed wide low-grade gold mineralisation that lacks the grade punch to re-rate the deposit.
Jaguar Mining Inc. (JAG) released results from 17 diamond drill holes totaling 3,764 metres along the 15 km Paciencia trend. The drilling tested the Chamé and Santa Isabel/Marzagão targets near the Santa Isabel mine, which is currently being prepared for restart.
At the Chamé target, eight holes were drilled. FCM003 returned 32.21 m @ 0.37 g/t Au (including 6.71 m @ 1.15 g/t) and a deeper 5.90 m @ 2.16 g/t Au (including 1.50 m @ 8.10 g/t). FCM004 returned 34.30 m @ 0.39 g/t Au (including 1.00 m @ 2.37 g/t).
At the Santa Isabel/Marzagão target, nine holes were drilled. FCM008 cut 7.85 m @ 2.03 g/t Au (including 2.00 m @ 3.17 g/t). FSIEXP009 returned 2.11 m @ 3.10 g/t Au (including 1.11 m @ 4.62 g/t).
The release claims physical continuity of mineralized structures over 1 km beyond the Santa Isabel workings and suggests a district-scale system with a parallel hanging-wall structure.
Jaguar Mining Inc. (JAG) is a small producer with an annual guidance range of 50,000 to 60,000 ounces and a market capitalization of approximately $450 million. The Paciencia Complex is currently a restart project, and the recent exploration holes represent early-stage work that is far from resource definition.
The results do not add to the resource base nor do they demonstrate economic open-pit grades. Earlier trenching hype has not been matched by drilling results. The stock has been in a downtrend from $7.84, reflecting prior disappointment from the Chamé project. The market reaction today, prior to the open, is likely to be muted.
The February 2026 Chame update already showed low-grade results of 0.44 g/t over 15 meters. These new holes are consistent with that pattern, presenting neither a new negative surprise nor a positive catalyst.
Jaguar Mining Inc. is a Canadian-listed gold producer and explorer with all assets located in Brazil’s Iron Quadrangle. The company holds a 46,000-hectare land package, the second-largest in the region. Its current producing assets are the Pilar mine, part of the Caeté Complex, and the recently restarted Turmalina mine, part of the MTL Complex. Past production totaled 40,254 oz in 2025, all from Pilar after the suspension of Turmalina. The company has provided 2026 guidance of 50,000-60,000 oz.
The company also owns the Paciencia Complex, which includes the Santa Isabel mine on care-and-maintenance and targeted for restart in Q4 2026, as well as the Onças de Pitangui development project. Its consolidated mineral reserves are 858,000 oz of gold; measured and indicated resources total 1.8 moz, and inferred resources total 1.7 moz. Major shareholder Eric Sprott owns approximately 48% of the company.