VANCOUVER, British Columbia, Feb. 28, 2025 (GLOBE NEWSWIRE) -- 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 Homegold Resources Ltd. ("Homegold") whereby Ranchero can earn a 100% interest in the Sandspit Gold Project (the "Sandspit Project"), consisting of five mineral claims totaling 398.66 hectares, situated immediately south of Sandspit, Haida Gwaii, British Columbia.
The Sandspit Project is a prospective epithermal gold exploration project lying along the Sandspit fault approximately 40km south of the Harmony Gold project1. Historical work on the Sandspit Project consists of a number of drill programs totaling approximately 1,350 meters; trenching and geochemical survey; and a geophysical (IP, magnetic & resistivity) survey.
The key terms of the Option Agreement are that Ranchero may earn a 100% interest in the Sandspit Project by making cash payments to Homegold of $6,000 on signing, an additional $6,000 by the first anniversary date of the Agreement and a remaining $100,000 on the second anniversary date of the Agreement. The Sandspit Project will be subject to a 3% net smelter returns royalty to be granted to Homegold following the exercise of the option with a right for Ranchero to repurchase half of the royalty for the cash payment of $1,500,000. All figures are in Canadian dollars.
The Company further announces that it has informed Recharge Resources that it does not intend to pursue its option over the Pinchi Lake Nickel Project as announced on November 21, 2023 and has agreed to mutually terminate the option agreement with Recharge Resources Ltd.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Martyn Buttenshaw, a director of Ranchero, who is a "qualified person" as defined by NI 43-101.
About Ranchero Gold
Ranchero is an exploration and development company currently focused on the early-stage gold exploration. Ranchero has the option to earn a 100% interest in the Sandspit gold project, consisting of five mineral claims totaling 399 hectares, situated immediately south of Sandspit, Haida Gwaii, off the coast of British Columbia, Canada. The Company continues to look for additional projects to add to its portfolio.
On behalf of the Board of Directors of the Company:
Jesus Noriega
Interim Chief Executive Officer and Director
For further information, please contact:
Jesus Noriega
Interim Chief Executive Officer and Director
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), or that are not statements of historical fact, may be "forward-looking statements". Forward-looking statements contained in this news release include, but are not limited to, statements regarding the potential exercise of the option to acquire the Sandspit Project.
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: risks inherent in exploration activities; the impact of exploration competition; unexpected geological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. 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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1 See the press release of Taseko Mines Limited dated July 12, 2021.
