VANCOUVER, British Columbia, Nov. 21, 2023 — Ranchero Gold Corp. (“Ranchero” or the “Company”) (TSX.V: RNCH) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Recharge Resources Ltd. (“Recharge”) whereby Ranchero can earn a 100% interest in the Pinchi Lake Nickel Project (the “Pinchi Project”), consisting of six mineral claims totaling 3,917 hectares, situated approximately 15 to 30 km northwest of Fort St. James and 120 km northwest of Prince George in central British Columbia.
The Pinchi Project is a prospective nickel exploration project containing awaruite (Ni2Fe-Ni3Fe), a naturally-occurring alloy of nickel and iron which is approximately 75% nickel, 25% iron and 0% sulfur. A prior property holder completed a 1055 linekilometre helicopter-borne high resolution survey on the Pinchi Project in 2011, as well as a geochemical sampling program. Recharge conducted further geochemical sampling in 2021. The Pinchi Project is subject to a pre-existing 2% net smelter returns royalty payable to a third party.
The key terms of the Option Agreement are that Ranchero may earn a 100% interest in the Pinchi Project, subject to a 1% net smelter returns royalty to be granted to Recharge, by:
• issuing 835,000 common shares in the capital of Ranchero to Recharge within five business days of Ranchero obtaining the approval of the TSX Venture Exchange to the Agreement;
• making cash payments to Recharge of $25,000 by the first anniversary date of the Agreement; $2,000,000 by the second anniversary of the Agreement; and $3,000,000 by the third anniversary date of the Agreement; and
• funding exploration and development work on the property of a total of $1,200,000 before November 30, 2026, of which at least $40,000 is required before June 30, 2024; a further $60,000 is required before November 30, 2024; and a further $100,000 is required before November 30, 2025.
QUALIFIED PERSON
ABOUT RANCHERO
On behalf of the Board of Directors of the Company:
Jesús Noriega
Interim Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT
Jesús Noriega
Interim Chief Executive Officer and Director
+52 1 (662) 437 8520
info@rancherogold.com
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.