A ranging signal and a reference signal are generated. The reference signal has a lower frequency than the ranging signal. The reference signal is transmitted through a geological formation to be received by a ranging tool in a ranging well while the ranging signal is launched down a target well. The reference signal is reconstructed in the ranging well and a signal that is a combination of the ranging signal launched from the target well and noise are received in the ranging well. The received signal may be in the form of magnetic or electric field values or changes in these fields. The reconstructed reference signal, in combination with the received signal, is used to produce a filtered ranging signal. A relative location of the target well can then be determined in relation to the ranging well based on the filtered ranging signal. The location information can be used to direct drilling operations.