Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2015drilling result▲ Good
Jaguar reported the final results of its 2015 Pilar Mine exploration program: 31 diamond holes totalling 6,541 m, with best intercepts of 13.74 g/t gold over 9.8 m and 9.48 g/t over 11.15 m, which the company says confirm depth extensions below level 7. The CEO says Pilar has lacked investment because of financial constraints and that a broader program will follow when further funding becomes available. This follows the April Pilar results, and no new resource figures are given.
Jaguar reported high-grade drill results at its 100%-owned Pilar Mine in the Caete complex, best being 18.22 g/t gold over 7.4 m (hole PPL307), from drilling since Q3 2014 below current workings. The CEO says it has restarted mine planning to consider restarting development at Caete, but any decision is deferred until exploration and costing are finished and economics look positive; the results are not yet a resource update.
This is an exhibit-only filing that attaches the Turmalina NI 43-101 technical report and the certificates and consents of qualified persons Jason Cox and Reno Pressacco. It contains no new figures beyond the report already announced.
Jaguar reported new definition drill results at Turmalina Orebody A, including 23.71 g/t gold over 14 m (with 41.27 g/t over 7.6 m), 23.62 g/t over 8.8 m and 20.15 g/t over 8.7 m. Holes were drilled between September 2014 and March 2015 within the indicated resource envelope. These results were not in the March 25 reserve and resource update, and their effect will only be known at a later model update, which the company says will be done later in the year.
Jaguar filed on SEDAR the independent NI 43-101 technical report on Turmalina, dated March 27, 2015 and prepared by RPA. It supports the March 25 reserve and resource increase and adds no new figures.
An independent estimate by RPA puts Turmalina's proven and probable reserves at 217,000 oz of gold (1,266,000 t at 5.33 g/t) at December 31, 2014, up 51% from 144,000 oz. This is the independent estimate that was due in Q1 2015. Orebody A reserves rose to 180,000 oz from 83,000 oz, while Orebody B has no reserves now. Total measured and indicated resources fell 40% to 466,000 oz because Faina and Pontal declined, though inferred resources rose. The CEO says the drill cut-off was June 30, 2014, and a 25,000 m drill program is planned for 2015.
Jaguar reported drill results below current workings at Turmalina's Orebody A, including 15.32 g/t gold over 19.0 m, and says an independent resource and reserve estimate is due in Q1 2015. George Bee is now CEO, and he refers to a debt restructuring and recapitalization in April 2014, which is the outcome of the CCAA process (the terms are not in this filing). The company now trades on the TSX-V, and its reported Turmalina December 2013 reserves are 83,140 oz. It also granted 675,000 stock options at $1.35 and 100,000 deferred share units.
Jaguar raised Gurupi's measured and indicated resources by 30% to 3.2 million oz of gold (35.65 Mt measured at 0.86 g/t and 75.02 Mt indicated at 0.93 g/t, at a 0.33 g/t cutoff), based on 24,497 m drilled in 107 holes. A revised feasibility study incorporating the new resource is now expected in Q4 2012, rather than the build decision timing set in 2011. Mineralization is still open at depth; the filing is signed by CFO James Roller.
Jaguar reported new Gurupi drill results from more than 24,000 m in 104 holes at the Chega Tudo and Cipoeiro ore bodies, including 53 m at 4.22 g/t gold. A deep hole suggests mineralization to about 400 m vertical depth versus 130-170 m previously drilled, and a full resource re-evaluation is expected in April 2012. This is the follow-on to the 30,000 m drill program started in 2011; the current resource is stated as 2.5 million oz.
Jaguar reported Q1 2011 exploration results, with high-grade drill intercepts at Turmalina, Paciencia (NW3, NW1) and the Pilar mine at Caete, and named Celso Frizzo as its new Chief Geologist. It said the 30,000 m Gurupi drill program (flagged in the February 2011 feasibility release) is just beginning, and that updated resource estimates for Turmalina, Paciencia and Caete are planned for early 2012. Some Turmalina drilling confirms Ore Bodies A and B at depth, following the earlier Ore Body A geo-mechanical problems.
Jaguar completed the Gurupi feasibility study: pre-operational capital US$278.0M (up from US$224.6M in the May 2010 pre-feasibility), 148,690 oz/yr over 13 years from 2013, and probable reserves of 2,327,930 oz. It will spend about US$12M on a 30,000 m drill program before deciding later in 2011 whether to build. For 2010, gold output fell 11% to 137,866 oz and cash operating cost rose 57% to US$732/oz, which the company attributes to Turmalina mining-method change and Ore Body A geo-mechanical issues, an idle Sabara mine, a stronger Brazilian real and Caete start-up issues. Turmalina produced 59,481 oz, down 28%.
AMEC's pre-feasibility study on Gurupi estimates probable reserves of 2,322,000 oz, taking Jaguar's total reserves to 4.3 million oz (up 115%). It projects 154,000 oz/yr over 13 years from 2013, pre-operational capital of US$224.6M and average cash cost of US$519/oz. The release says Jaguar completed buying MCT Mineracao (holder of the Gurupi licences) from a Kinross subsidiary in December 2009, which resolves the earlier unnamed-property talks only if that is the same deal (an inference; the filing does not link them). An internal two-phase plan would cut initial capital to US$156.3M and output to 118,000 oz/yr, and a feasibility study is planned for 2010.
Jaguar filed a technical report on the newly acquired Gurupi Project in Northern Brazil, showing indicated resources of 70,159,952 tonnes at 1.12 g/t (2,516,326 oz) plus 618,595 oz inferred. Adding this to its Minas Gerais resources lifts total measured and indicated gold to about 6,035,000 oz (up 72%) and inferred to about 1,744,000 oz (up 55%). A Gurupi feasibility study with AMEC is expected in Q1 2010. This builds on the Gurupi project named in the 2010 exploration budget; the release calls Gurupi 'newly acquired' but does not state the price or how it was paid.
Jaguar reported about 38,000 m drilled in the first ten months of 2009, with new intercepts near Turmalina (Zone D, Faina target), Paciencia (NW1, Bah target) and a target near Caete. It expects to spend US$10.3 million on exploration in 2009 and about US$14.7 million in 2010, of which about US$2.9 million is for the Gurupi and Pedra Branca projects in Northern Brazil. New Ore Body B resource estimates are promised for early 2010; the late-2008 deep drilling result at Ore Body A (about 800 m) is restated.
Jaguar reported about 48,000 m of drilling in 2008. Two of four deep holes at Turmalina Ore Body A hit the mineralized structure at roughly 800 m (about 7 g/t in a narrow zone), versus reported resources only to about 500 m. This follows the deep drilling program announced in September 2007. The company plans to update Turmalina's inferred resources, but has no plans for further deep drilling at Turmalina at this time. It also reported new oxide and sulfide intercepts at Ore Bodies B, C and D, a new Fazenda Experimental target, and Paciencia (NW01, Conglomerates) results. In 2009 it intends more underground exploration aimed at expanding Turmalina beyond the current 100,000 oz/yr plan.
Ahead of an April 9-11 analyst tour, Jaguar reported Q1 2008 progress: about 11,710 m drilled and 1,120 m of underground development. The new Paciencia plant entered commissioning in early April, with under 50,000 oz expected in 2008 and about 100,000 oz/yr at design rates. The Caete feasibility study is due for completion by end of April, and Turmalina is expected to rise from 1,350 to 1,800 tonnes per day in 2009 (107,000 oz/yr) using Satinoco ore. The company reiterates its plan to reach about 700,000 oz by 2014.
Jaguar filed a revised technical report on its Satinoco target, next to the Turmalina mine, bought from AngloGold Ashanti in September 2004. It now states measured and indicated resources of about 208,560 oz of gold (1,741,000 tonnes at 3.72 g/t) and inferred resources of about 64,750 oz, updating an October 22, 2007 report with results from a further 2007 drilling phase. The report recommends a feasibility study to expand Turmalina based on Satinoco, which follows the expansion plan announced in September 2007.
Jaguar's CEO presented at the Denver Gold Forum. The company announced a deep drilling program (holes up to 1,000 metres at Turmalina, Roca Grande and Pilar), a push to expand Turmalina to over 100,000 oz of gold by 2009 (about $8 million capital, completion expected Q3 2008), and a delay of the Caete Project: feasibility study now Q1 2008 and commissioning Q2 2009, because of delayed power supply. It also said it will terminate its gold hedge program, which it had put in place to obtain the Turmalina project financing, so shareholders get 100% of gold price upside.
