Ranchero Gold Provides Exploration and Corporate Update
VANCOUVER, Oct. 28, 2022 - Ranchero Gold Corp. ("Ranchero" or the "Company") (TSX.V: RNCH) is pleased to provide an update of exploration efforts underway at its 100%-owned Santa Daniela gold project as well as an update of corporate activities.
Highlights:
- Completion of its regional reconnaissance program at Santa Daniela
- Identification of five priority targets for follow-up exploration including detailed mapping, systematic sampling, and drone-based magnetic surveys
- Appointment of Jesus Noriega and Omar Gonzalez as Interim Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), respectively
Exploration Update
Ranchero announces that it has completed its review of the nine priority targets that were previously identified at its highly prospective Santa Daniela gold project (refer to Press Release dated May 25, 2022). Initial field work of these nine targets consisted of first level mapping (1:5000 Scale) and initial geochemical sampling.
Five of the targets investigated have shown evidence of gold mineralization, related alteration and lithologies known to host significant gold deposits in the district. The exploration team at Ranchero believes that the San Francisco, Carboneras Sur, Carboneras Este, Rincón and Moritas Este targets are of particular interest and demonstrate excellent exploration potential (Figure 1).
Subsequent field efforts currently underway will include detailed mapping, systematic sampling and drone-based magnetic surveys designed to identify potential mineralized host rocks below surface.
Figure 1: Priority Targets at the Santa Daniela Gold Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e92daca-7b7a-46db-a85c-298cd75856ee
Management and Board Changes
Ranchero announces that William Pincus has resigned as CEO and Director and Reena Sall has resigned as CFO, replacing them will be Jesus Noriega as Interim CEO and Omar Gonzalez as CFO. William Pincus will remain with the Company as an advisor as part of the Technical Advisory Team that was formed earlier in 2022. Chris Bradbrook has resigned from the Board of Directors.
The date of resignation of both the CEO and CFO as well as the date the replacements were appointed was October 14, 2022. Chris Bradbrook's resignation date was on October 25, 2022.
Mr. Noriega is based in Hermosillo, Sonora, Mexico. He is the General Manager of Ranchero's wholly owned subsidiary in Mexico. Mr. Noriega is an operations manager with over ten years of experience managing service companies in the mining industry. He is an industrial engineer with Master's Degrees in Business Management and Organizational Management from the Universidad del Valle de Mexico.
Mr. Gonzalez has over 20 years of experience in audit and assurance in South America, including five years of public and private audit practice, financial analysis, and corporate development in Canada. He is bilingual in English and Spanish and has led many assurance and non-assurance engagements for companies in the energy, mining and natural resources, real estate, manufacturing, and consumer business sector. He is a Chartered Professional Accountant in Ontario and Venezuela and holds a Bachelor's Degree with major in Accounting from the Santa Maria University.
Share Issuance
Ranchero announces that it will issue 194,367 shares as debt settlement with two vendors as follows:
- MI3 Communication Financière Inc. - 67,200 shares for investor relations services; and
- EAS Advisors LLC - 127,167 shares for capital markets services.
Ranchero will also issue Mr. Pincus 330,769 shares in accordance with his employment agreement. The total shares issued will be 525,136 and are subject to approval by the TSX Venture Exchange.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by William Pincus, CPG, who is a "qualified person" as defined by NI 43-101.
About Ranchero
Ranchero is a gold exploration and development company currently focused on its 100%-owned Santa Daniela project located in Sonora, Mexico. The Santa Daniela project consist of a large land package in excess of 22,200 hectares within Mexico's Sierra Madre Occidental - a newly emerging gold belt. The Santa Daniela project is also near a number of major gold mining operations in the region. Maiz Azul is the Company's most advanced prospect where exploration efforts are underway.
On behalf of the Board of Directors of the Company:
Jesus Noriega
Interim Chief Executive Officer
+52 1 662 437 8520
info@rancherogold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements contained in this news release include, but are not limited to, the final acceptance of the TSXV to the Transaction.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. These risks and uncertainties include but are not limited to: risks related to regulatory approval, including the approval of the TSXV. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipate in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.