All Drill Holes to Date Have Encountered Gold Mineralization

Ranchero Gold Corp. (TSX.V:RNCH) is pleased to announce additional drill results from its ongoing drill program at the Maíz Azul prospect which is part of its 100%-owned Santa Daniela gold project located in Sonora, Mexico.

Highlights of the Drill Results:

• All drill holes from the Company’s ongoing drill program at Maíz Azul have encountered gold mineralization.
• Additional drilling at the La Colmena target intersected 1.2 g/t gold over 21.2 meters and 1.1 g/t gold over 13.2 meters – demonstrating near surface mineralization approximately 50 meters in depth.
• Mineralization at La Colmena extended along strike by 150 meters from previous drilling which intersected 4.0 g/t gold over 31.5 meters (press release dated January 18, 2022).
• Current drilling seeks to further extend mineralization at the La Colmena target by more than 100 meters along strike eastward.
• All five drill holes at the La Cascada target encountered horizons of gold mineralization.
• Broad zones of zinc mineralization have been found at La Cascada and provide an opportunity to further refine the Company’s three-dimension geological model.

Maíz Azul is the Company’s most advanced prospect at the broader Santa Daniela gold project which consists of a land package in excess of 22,300 hectares. Maíz Azul is currently comprised of three drill targets: 1) La Colmena; 2) La Cascada; and 3) X Structure (Figure 1). The drill holes reported in this press release tested the La Colmena and La Cascada targets where all drill holes have encountered gold mineralization. The Company is also actively exploring the remainder of its large land package to develop new prospects.

Bill Pincus, Chief Executive Officer of Ranchero stated: “The continued success of our Phase 1 drill program at Santa Daniela demonstrates the viability of our exploration model. We are also very excited that every drill hole has so far intersected gold mineralization at Maíz Azul which is a significant achievement. We also intersected areas of significantly higher-grade gold mineralization and this continues to help us build on our understanding of this evolving deposit. The wealth of new data that we have collected from our ongoing drill program has enhanced our ability to visualize the controls on gold mineralization. This will allow us to prioritize future drill holes to achieve continued exploration success at Santa Daniela.”

Drill Results at La Colmena Target Area

Drilling at La Colmena has further confirmed gold mineralization in this important structural zone. Drill hole MA 21-013 intersected 1.11 g/t gold over 13.15 meters and drill hole MA 21-14 intersected 1.18 g/t gold over 21.15 meters – demonstrating near surface mineralization approximately 50 meters in depth (Figure 2). These drill holes demonstrate the continuity of mineralization at La Colmena as they are located along strike from drill hole MA 21-10 which previously intersected 4.00 g/t gold over 31.50 meters (refer to the press release dated January 18, 2022).

Ranchero geologists initially collected samples based on visual criteria. Subsequent review of the assay data showed that that further sampling is required both above and below the collected samples in both drill holes MA 21-13 and MA 21-14. These results will be reported shortly.

Drill holes MA 21-15 and MA 21-16, also in the La Colmena target, encountered gold mineralization on its westward extension. These holes were drilled west of a cross-cutting fault zone which may imply a displacement of the main mineralized horizon and will be tested with future drilling.

Drill Results at La Cascada Target Area

A total of five drill holes have now been completed at the La Cascada target where all drill holes encountered gold mineralization. A preliminary interpretation is that drilling at La Cascada has encountered a higher level of gold mineralization as reflected by extensive propylitic alteration and various horizons of low-grade mineralization. If correct, then feeder structures, similar to what is now found at La Colmena may also be found below the dispersed gold horizons intersected in the drilling.

Drill holes along the eastern edge of the La Cascada target returned broad areas of zinc mineralization. In particular, MA 21-20 intersected 0.63% zinc over 78 meters. The occurrence of base metal mineralization provides an additional opportunity to refine the three-dimensional model through mineral/alteration vectoring. This modelling is now underway which will also incorporate structural, lithological, and other geochemical information. This will allow Ranchero to more effectively plan its future drill locations.

Progress on Phase 1 Drill Program

Drilling is ongoing at Maíz Azul where the Company continues to expect the completion of its Phase 1, 3000-meter drill program in the first quarter of 2022. The current drilling is designed to extend known La Colmena gold mineralization further along strike on the Company’s land concessions as well as to test gold continuity and structural controls in the main La Colmena target area.

Figure 1: Drill Hole Location Map at Maíz Azul

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Figure 2: Cross Section for Drill Holes MA 21-13 and MA 21-14

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Table 1: Drill Hole Interval

Notes

1. Intersections presented herein may not necessarily represent true width of mineralization. Reported drill intercepts were based on a minimum grade of 0.1 ppm Au over 1.5 meters. Intervals are weight-average by sample length. Assay values are uncut.
2. Ranchero has a Quality Assurance and Quality Control (“QA/QC”) program that conforms to industry best practices. Samples are delivered to ALS Global Labs in Hermosillo, Sonora, Mexico for preparation and analysis.  The analytical method for gold is a 30-gram fire assay with atomic adsorption finish. Samples over 10 ppm are re-assayed by fire assay with a gravimetric finish. Strict sampling and QA/QC protocol are followed, including the insertion of standards, blanks, and duplicates on a routine basis. Results of these QC samples are tracked and failures are re-analyzed. Sample intervals are usually 1.5m but may be less. All exploration diamond drill cores are split in half by core sawing and sampled at appropriate intervals for assay. The remaining core, coarse reject and pulps are stored on-site in a secure location.
3. Drill Hole MA 21-13 encountered a 1.4-meter natural void in the rock during drilling. This occurred within a mineralized interval from 25.25 meters to 42.95 meters. For purposes of proper representation, the interval has been divided into two segments – one above and one below the void.

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 Gold

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 22,300 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. Maíz Azul is the Company’s most advanced prospect where a drill program is underway.