Jaguar Mining (TSX: JAG; US-OTC: JAGGF) says gold production at the company’s underground Pilar gold mine in Minas Gerais, 50 km east of Belo Horizonte, Brazil, will nearly double over the next three years to 60,000 oz. gold per year. Overall gold production estimates from its mines for 2018 have not changed, however, and still sit at 105,000 oz. gold.
“If you turn back the clock a little over two years, the mine itself had no less than 50,000 ounces in reserves and little to no mineral resource runway in front of it,” Jaguar CEO Rodney Lamond says in a telephone interview with The Northern Miner.
Jaguar then began exploring the downward plunging extension of its known orebody at Pilar. Its work led to a 227% increase in its measured resource and a 104% increase in its inferred resource. As of December 2017, Pilar contains 974,000 proven and probable tonnes grading 3.99 grams gold per tonne for 125,000 oz. gold. It also contains 3.7 million measured and indicated tonnes grading 4.37 grams gold for 532,000 oz. gold with another 2.3 million inferred tonnes grading 5.69 grams gold for 433,000 oz. gold.
The increase in production is offset by the company’s decision to put its Roca Grande underground gold mine on care and maintenance.
Continue reading at The Northern Miner.