Business
Jaguar Mining Reports Second Quarter 2023 Production Results
TORONTO, ON / ACCESSWIRE / July 11, 2023 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JA...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Second Quarter 2023 Production ResultsTORONTO, ON / ACCESSWIRE / July 11, 2023 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTCQX:JAGGF) today announced preliminary production results for the second quarter of 2023. Full financial results for the quarter will be reported and filed on SEDAR on or before August 15, 2023. All figures are in US Dollars, unless otherwise expressed.Second Quarter Operating HighlightsConsolidated gold production decreased 24% to 16,750 ounces compared to 22,028 ounces in the second quarter of 2022. Tonnes milled decreased to 203,000 tonnes compared to 228,000 in the second quarter of 2022.Pilar gold production decreased 33% to 8,876 ounces compared to 13,212 ounces in the second quarter of 2022.Turmalina gold production decreased 11% to 7,874 ounces compared to 8,816 ounces in the second quarter of 2022.Total development meters completed for the quarter were 3,193 metres an increase of 12% compared to 2,848 metres in the same period of 2022.Total definition, infill and exploration drilling for the quarter was 10,419 metres, a decrease of 66% compared to 30,605 metres in the same period of 2022 when a major infill drilling program on the Faina Resources was conducted.The Company ended the quarter with cash of $23.9 million, a decrease from its first quarter cash position of $25.8 million.Second Quarter Operating ResultsQuarterly SummaryQ2 2023Q2 2022TurmalinaPilarTotalTurmalinaPilarTotalTonnes milled (t)100,000103,000203,000101,000127,000228,000Average head grade (g/t)2.803.042.923.103.733.45Recovery (%)878888888787Gold ounces Produced (oz)7,8748,87616,7508,81613,21222,028Sold (oz)7,6619,25616,9177,64312,83920,482Development Primary (m)1,0095431,552576155731Secondary (m)5476911,2386955261,221Exploration Development (m)403-403361535896Definition, infill and exploration drilling (m)4,8625,55710,41920,7909,81530,605Vern Baker, President and CEO of Jaguar Mining stated: \"The Company faced another difficult quarter as both mines encountered issues with dynamic orebodies leading to lower grades and tonnes than was expected in the areas we mined.At the Pilar Mine, the primary orebodies showed a change in geometry that no longer fit our current mining method in portions of the orebody. This created both dilution and extraction issues leading to the loss of some planned m...