Ranchero Gold Provides Exploration and Corporate Update
October 28 2022 - 5:00PM
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
Projecthttps://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 NoriegaInterim Chief Executive Officer+52
1 662 437 8520info@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.
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