- Jaguar Mining (TSX:JAG) has posted its Q1 2020 production update
- The company produced 21,000 ounces of gold for the quarter, up from 16,365 ounces in Q1 2019
- The Pilar Gold Mine had its highest quarter of production ever, pumping out 11,521 ounces
- Turmalina produced 9,486 ounces for the quarter, up from 7,525 in Q1 2019
- Jaguar Mining (TSX:JAG) is down 6 per cent, and trading at $0.23 per share with a C$165 million market cap
Jaguar Mining (TSX:JAG) has posted record production results from its Pilar Gold Mine in Minas Gerais, Brazil.
For the company’s first quarter in 2020, it reported 11,521 ounces.
The Toronto-based Brazilian gold miner achieved its highest production figures since 2017 across all mines.
Across both mines, production reached 21,000 ounces, up from 16,365 year on year.
The company achieved this through a 30 per cent production increase from the Pilar Gold Mine and a 26 per cent production increase at the Turmalina gold mine.
The Minas Gerais mines have increased production quarter-on-quarter.
At the Pilar Gold mine, improvements were made through implementing new grade control systems at the end of 2019. Jaguar believes that these new grade controls will help eliminate the fluctuations in Pilar’s production output.
Pilar’s output can range between 30,000 and 40,000 tonnes of throughput per month, as bottlenecks limit bulk tonnage production at the site.
At the Tumalina Gold mine, the company believes it has solved the issue of accessing several mining panels. As such, Jaguar expects ounces to increase at the site over the course of the year.
The company has also begun mining a higher grade section of the mine. This has resulted in a greater average grade of 4.37 grams per tonne of gold. Previous sections were returning 3.96 grams per tonne at the site.
Jaguar’s CEO, Vern Baker, expressed the company’s pleasure at its continued quarter on quarter improvement in production.
“Year-on-year performance showed significant improvement in our key measurements of ounces produced and metres developed.
“In this quarter, as the mines improved production, we began seeing improvement in grade.
“Jaguar’s performance across all operations year-on-year was stronger in almost all measurable outputs,” he said.
Jaguar Mining (TSX:JAG) is down 6 per cent, and trading at $0.23 per share at 11:23am EST.