Drill Results
Jaguar Mining Provides Update on Geologic Interpretation at the Chame Gold Exploration Target, Brazil
Jaguar Mining unlocks near-term exploration potential at Chamé while advancing Turmalina restart and Pilar growth plans
Executive Summary
- The most recent release (2026-02-24) reports initial assay results from the Chamé exploration target in Minas Gerais, Brazil (Chapé target within the CPA Project corridor). Initial holes FCM001 and FCM002 intersected 15.35 m at 0.44 g/t Au and 4.09 m at 0.33 g/t Au, respectively, with five diamond holes completed to date (1,531.85 m). Additional samples from holes FCM003–FCM005 (939.55 m) are still awaiting results. The company plans to drill about 1,000 m more in Chamé, consider 25–50 m step-outs, twin holes to verify historical Morro Velho results, and investigate a 840 m gap between Chamé and Santa Isabel, while refining the geological model and targeting strategy.
- Historical and near-term context across prior releases shows Jaguar’s broader strategic activity in Brazil: restarting and sustaining operations at pilars of Pilar (Pilar Mine) and the MTL Complex (Turmalina Mine) following regulatory actions (ANM) and remediation efforts; ongoing exploration across Chamé (Dec 2024–Feb 2026), and financing activity to fund restart and growth (private placements with Eric Sprott’ involvement; October 2025 buy-down; management changes). The Chamé update sits within a pattern of active exploration-driven growth alongside near-term restart catalysts.
- Earlier material moves include: ANM approval to restart MTL Complex in January 2026 (material - positive); formal management appointments (Jan 7, 2026); remediation updates and Satinoco pile-related progress (Dec 2025–Feb 2026); and a series of financing events (Oct 2025 bought deal with Sprott, etc.) aimed at funding Turmalina restart and exploration.
- The Chamé news reinforces Jaguar’s strategic emphasis on near-mine growth through expansion of Chamé and other Chamé-related targets, while the company continues to execute its broader plan to resume Turmalina and to grow Pilar through BA-Torre and related zones.
Material Impact
- Materiality of the latest Chamé update: Neutral to modestly positive in a longer-horizon exploration sense but not transformative near-term. The reported grades (0.33–0.44 g/t Au) are relatively low, and only the first two holes’ results are disclosed with remaining holes pending. The plan to twin holes, conduct step-outs, and investigate a regional gap could improve the geological model and potential resource continuity, but the data released so far do not indicate a near-term resource or reserve addition.
- In the context of Jaguar’s broader catalysts, Chamé complements ongoing restart and growth initiatives (MTL Complex restart pending NEA, Pilar optimization, and potential Santa Isabel resumption) rather than providing an immediate production uplift. The Chamé program could become material if subsequent drilling demonstrates a sizeable, economically viable open-pit or bulk-tonnage target adjacent to the CPA Complex.
- Overall takeaway: Chamé exploration remains a meaningful optionality within Jaguar’s growth runway, but the immediate stock impact from this release is likely limited absent a sequence of stronger drill results and resource delineation.
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Company Overview
- Jaguar Mining is a mid-tier gold producer focused in Brazil’s Iron Quadrangle (Minas Gerais), with Pilar as a principal production asset (Caeté Complex includes Pilar and Roca Grande) and the MTL Complex (Turmalina) as a significant growth/ restart target. Paciencia complex (Santa Isabel) and other targets (Oncas de Pitangui) are part of a broader growth and exploration program.
- Flagship projects and current stages:
- Pilar Mine (Caeté Complex): Production with ongoing development at BA/BF/LPA zones; BA-Torre area has been a key growth driver with notable drill intercepts and expansion potential.
- Turmalina Mine (MTL Complex): Restart planned for Q1 2026 following ANM/NEA clearances, with Satinoco facility remediation achieved partial progress and ongoing readiness.
- Santa Isabel Mine (Paciencia Complex): Care & maintenance with exploration and rehabilitation work planned for potential restart.
- Chamé Target (Chapé) near the CPA Complex: Exploration target with early drill results indicating near-surface mineralization; tests planned to refine the model and test continuity.
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Jul 27, 2026 · 07:00