PALI Palisades Goldcorp Ltd

VANCOUVER, BC, March 21, 2023 /CNW/ - Palisades Goldcorp Ltd. (TSXV: PALI) ("Palisades" or the "Company") today announced that New Found Gold Corp. ("New Found"), a significant equity investee of Palisades within the meaning of applicable Canadian securities legislation, has released results from 11 diamond drill holes completed as part of a drill program on New Found's Keats West zone forming part of New Found's 100%-owned Queensway project in Newfoundland and Labrador.

As announced by New Found, the Keats West zone is a low-angle thrust fault located on the west side of the highly prospective Appleton Fault Zone. The high-grade interval reported in New Found's news release occurs just 65m from surface due to late faulting that has uplifted a portion of the Keats West structure and relocated it closer to surface. New Found has reported that step-out and infill drilling are ongoing at the Keats West zone.

For further details, including drilling highlights and drillhole details of the Keats West zone, and information of a technical nature with respect thereto, please see New Found's news release dated March 21, 2023, accessible on New Found's website at https://newfoundgold.ca/news/ and under New Found's profile on SEDAR at www.sedar.com.

Palisades Goldcorp Ltd. is a resource investment company focused on junior companies in the resource and mining sector. The Company seeks to acquire equity participation in pre-initial public offering and early stage public resource companies with undeveloped or undervalued high quality projects. The Company focuses on companies that are in need of financial resources to realize their full potential, are undervalued in capital markets and/or operate in jurisdictions with low to moderate local political risk. The Company expects to continue to make investments, pursuant to its dual investment strategy, to achieve broad sector exposure with upside in the event of appreciation in mineral commodities prices, while also providing the potential to realize appreciation in net asset values as a result of discoveries by issuers in which the Company holds larger positions. The Company is listed on the TSX Venture Exchange under the stock symbol "PALI". Palisades holds a diverse portfolio of securities and derivatives, among which it holds a 26.67% interest in New Found Gold Corp. (TSX-V: NFG).

On behalf of the Board of Directors

"Collin Kettell"

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

The material change report contains "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, the "forward-looking statements"). Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "will", "can", "may", "could", "expects", "plans", "anticipates" and similar expressions which, by their nature, refer to future events. Forward-looking statements included herein include statements with respect to New Found's plans for future exploration and drilling in the Keats West zone of the Queensway Project. While the Company believes that such statements are reasonable, the Company cautions that the forward-looking statements contained herein are based on the beliefs, assumptions, estimates and opinions of New Found's management on the date the statements were initially made in New Found's news release dated March 21, 2023. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. With respect to New Found and Palisades' investment therein, factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that New Found will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that New Found may not be able to secure permitting and other governmental clearances necessary to carry out its exploration plans, the risk that New Found will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with business and prospects. The reader is urged to refer to New Found's continuous disclosure documents publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

SOURCE Palisades Goldcorp Ltd.