Ranchero Gold Further Extends Gold Mineralization by 170 Meters Along Strike With Near Surface Drilling

VANCOUVER, Feb. 23, 2022 - Ranchero Gold Corp. ("Ranchero" or the "Company") (TSX.V:RNCH) is pleased to announce the final drill results from its recently completed Phase I drill program at the Ma?z Azul prospect which is part of its 100%-owned Santa Daniela gold project located in Sonora, Mexico.

Highlights of the Drill Results:

• Ranchero has completed its Phase I drill program with total diamond core drilling of 3,112 meters exceeding the Company's original planned drilling due to continued exploration success at the Ma?z Azul prospect.
• All 16 completed drill holes have intersected gold mineralization.
• Additional drilling at the La Colmena target intersected 1.2 g/t gold over 15.6 meters (MA 22-25) along strike from 4.0 g/t gold over 31.5 meters (MA 21-10) which was previously reported (press release January 18, 2022).
• Drilling designed to test the eastward extension of La Colmena successfully extended near surface gold mineralization over 260 meters along strike where it remains open.
• The Company will update its geologic mapping of Ma?z Azul with the goal of using the volcanic-stratigraphic column to further identify new structures that control mineralization. This will greatly enhance the Company's ability to develop new targets at and in close proximity to Ma?z Azul.
• The Phase II drill program, planned for later this year, will focus on both expanding the newly discovered gold mineralization as well as testing additional targets including the X-Structure.

Ma?z 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.

Bill Pincus, Chief Executive Officer of Ranchero stated: "We are extremely pleased with the results from our first ever drill program at Santa Daniela. We have demonstrated the presence of gold mineralization in all of the targets that were drill tested including intersecting 4.0 g/t gold over 31.5 meters in drill hole MA 21-10. The recent step-out hole (MA 22-22) demonstrated the presence of gold mineralization for over 260 meters where it remains open eastward at the La Colmena zone.

"We will now take a pause in drilling to update our geologic mapping and three-dimensional models. Continued exploration efforts at Ma?z Azul has led to a greater understanding of the stratigraphic column which in turn has led to a better understanding of the major faulting that controls the gold deposition. This will guide our future drilling at Ma?z Azul as well as our on-going reconnaissance work in the greater project area at Santa Daniela."

Phase I Drill Program

The Phase I drill program was designed to test two principal targets at Ma?z Azul: La Colmena and La Cascada (Figure 1). Drilling at La Colmena intersected gold in both high-grade hydrothermal breccia zones and lower-grade veinlet zones. Step-out drill hole MA-22-22 extended the La Colmena zone eastward a further 170 meters (Figure 2). There was minimal surface geochemical signature and this hole was based on structural trends visible on satellite images. This confirms the importance of structural interpretation in the discovery of new gold mineralization. Drilling at La Cascada generally encountered broader lower grade veinlet-hosted mineralization with only occasional hydrothermal breccias. Ranchero geologists note that this is, according to published reports, similar to the occurrence of gold mineralization at nearby mines which are and have been successfully mined by both open pit and underground methods.

It is also evident from the recent work that the Ma?z Azul area has been heavily influenced by both high-angle and low-angle faulting. In some cases, displacement may be as much as 100 to 200 meters. This is evidenced by the missing layers of the volcanic-stratigraphic section identified by field observations and core logging. The discovery of widespread gold mineralization at Ma?z Azul together with a greater understanding of the regional and local geology provides confirmation that the Phase I drill program was highly successful.

Ranchero also reports that further sampling of drill holes MA 21-13 and MA 21-14 (as discussed in the press release dated January 26, 2022) has resulted in a slight expansion of a mineralized intercept of MA 21-13. Complete assay results are reported in Table 1.

Future Work and Regional Exploration

Ranchero geologists are currently engaged on several fronts at both Ma?z Azul and on the reconnaissance of the greater Santa Daniela concession block.

The primary focus at Ma?z Azul is on updating and expanding the mapped area. This will provide an enhanced understanding of the structural (fault) controls on the gold mineralization and will be an essential guide for the design of the upcoming Phase II drill program.

Reconnaissance efforts will be focused on those areas close to Ma?z Azul that have been identified by remote sensing or other methods. Ranchero, working with GoldSpot Discoveries, is acquiring WaveView 3 satellite data to better identify new potential prospects.

Several areas have already been investigated via field visits. The completed field work in conjunction with newly identified areas, will be prioritized for follow-up sampling, mapping and possibly geophysical surveys. The identification of new drill targets will continue throughout the course of 2022 and beyond.

Figure 1: Drill Hole Location Map at Ma?z Azul is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f28399c-c63f-4d58-ae57-91f48c12adcf

Figure 2: Cross Section for Drill Holes MA 21-22 and MA 21-23 - La Colmena Extension is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dfd37cdf-a276-484d-83d9-502fb8299b6a

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. Intervals less than 3 meters are not included.
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. Ma?z Azul is the Company's most advanced prospect where exploration efforts are underway.

On behalf of the Board of Directors of the Company:

William Pincus
Chief Executive Officer and Director
+1 303 589 3734

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.

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