Jaguar's Pilar mine achieves record production

The company's operations are in Minas Gerais, Brazil. Image by Jaguar Mining.

Jaguar Mining (TSX: JAG) announced on Monday that it had its best production quarter in Q1 2020 since the end of 2017.

The company reported consolidated production of 21,008 ounces of gold compared to 16,365 ounces in Q1 2019, an increase of 28%, in a fourth consecutive quarter of sustainable production.

The Pilar gold mine in Minas Gerais, Brazil, set a new production record with 11,521 ounces, an increase of 30% compared to 8,840 ounces in Q1 2019.

The Turmalina underground mine, also in Minas Gerais, had gold production of 9,486 ounces, an increase of 26% compared to 7,525 ounces in Q1 2019.

"In this quarter, as the mines improved production, we began seeing improvements in grade, Jaguar CEO Vern Baker said in a media release.

The company also implemented a covid-19 action plan to eliminate unnecessary travel as well as work from home protocols wherever possible.

"We operated for most of March under our action plan, which is currently allowing us to move forward with the majority of our 2020 plans intact," Baker said.

Midday Tuesday, Jaguar's stock was down 2% on the TSX. The company has a C$173 million market capitalization.