Jaguar Mining released an exploration update from its strategic Iron Quadrangle joint venture with IAMGOLD Corp., noting the identification of five new high-potential trends over a 50 kilometer strike length in the mineral-rich region of Brazil.
Jon Hill, vice president of geology and exploration at Jaguar Mining, said that the exploration team had made exceptional progress over the past year. “These positive exploration results, which include the identification of a previously unrecognized, but clearly significant extension of the richly endowed Rio das Velhas Greenstone Belt, encompassing over 50 strike [kilometers] of prospective, gold bearing structural trends. This highlights an important geological area and positions us well as we progress our priority targets to the drilling stage.”
Within the newly defined prospective trends, six priority targets have been generated based on geophysical, geochemical and structural targeting criteria. A 4,000-meter diamond drilling campaign is scheduled to commence in September to test the target areas.
The Rio das Velhas Greenstone Belt, noted the miner, hosts several of the largest, highest-grade active and historically producing gold mines in the Iron Quadrangle area, including Jaguar´s recently announced Córrego Brandão discovery.
Jaguar is the operator of the Iron Quadrangle joint venture and may earn a 60% equity position in the project by incurring exploration expenditures of US$6 million over a four-year period.
Source: Jaguar Mining