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In September 2023, Jaguar acquired the Onças de Pitangui project from IAMGOLD. The project is located approximately 110 kilometres northwest of the city of Belo Horizonte in Minas Gerais State, Brazil, and it comprises mineral exploration licenses and license applications covering the Archean-aged Pitangui greenstone belt, located near the Company’s Turmalina Complex in the Iron Quadrangle.
Gold mineralization is hosted by a series of parallel and complexly-folded horizons of banded iron formation (BIF) separated by mafic volcanic and minor sedimentary units within the lower greenstone belt stratigraphy. Within the iron formations, gold mineralization is associated with sulphide replacement of primary magnetite bands, characterized by the presence of pyrrhotite and lesser amounts of arsenopyrite, pyrite, and chalcopyrite. Drilling to date has identified two main mineralized horizons, referred to as “Biquinho” and “Pimentao”, which occur approximately 100 metres apart vertically.