Ranchero Gold Corp. (formerly named Melior Resources Inc.) reports that it has now started trading its shares on the TSX Venture Exchange.
The company also takes pleasure in announcing that it has contracted Globexplore Drilling. Currently, a rig is being mobilized, which is expected to arrive on-site by the end of the week.
The start of trading is the result of a reverse takeover of Melior Resources and a C$$5,258,887 simultaneous financing. The drilling commencement represents a new phase for Ranchero as it starts to actively explore its Maíz Azul prospect inside its 22,000-hectare concession block.
As part of the first phase, approximately 3000 m of diamond core drilling will be executed. The aim of the drilling is to confirm and expand upon projects completed by the earlier project operator. This intersected several intercepts of gold mineralization. Ranchero seeks to continue drilling based on Phase 1 results.
The most recent exploration performed by Ranchero has intersected three primary target zones called Maíz Azul, La Cascada and X-Structure. These zones present strong surface gold anomalies, well-defined structural controls and rock alteration typical of low-sulfidation epithermal gold systems.
All three zones lie parallel to each other and include a combined strike length of about 1500 m. The width of the zones varies from 75 to 150 m. The map in the figure above illustrates the location of all three zones along with the proposed Phase-1 drill holes.
With our new listing and a full treasury we are ready to get to work. Our concessions are in the heart of the Sierra Madre Occidental gold-belt of Mexico. Gold mineralization at Maíz Azul, both on the surface and in previous drill core, tells us that this is an exciting prospect.
Bill Pincus, CEO, Ranchero Gold Corp.
“Our location, adjacent to Alamos Gold’s Mulatos gold mine and just kilometers away from Agnico Eagle’s La India gold mine, confirms we are in elephant country. It’s time to rock and roll,” added Pincus.