VANCOUVER, BC, Sept. 5,
2023 /CNW/ - Palisades Goldcorp Ltd. (TSXV:
PALI) ("Palisades" or the "Company") is pleased to
announce that New Found Gold Corp. ("New Found"), a
significant equity investee of Palisades within the meaning of
applicable Canadian securities legislation, has announced the
results from 30 diamond drill holes that were completed as part of
a follow-up drill program designed to test the new Jackpot
discovery at New Found's 100%-owned Queensway project in
Newfoundland and Labrador.
For further details regarding the Jackpot discovery, including
the results of the drill holes and information of a technical
nature thereto, highlights, images, and maps, please see New
Found's news release dated September 5,
2023, accessible on New Found's website
(www.newfoundgold.ca) and under New Found's profile on SEDAR+ at
www.sedarplus.ca.
Stock Option Cancellations
The Company also announces that it and certain directors,
officers and consultants of the Company have, effective today's
date, mutually agreed to cancel stock options (the "Cancelled
Options") exercisable to acquire an aggregate of 732,812 common
shares of the Company. These Cancelled Options were granted on
May 21, 2021, with an expiry date of
May 21, 2026, and were each
exercisable at a price of $10.60 per
common share. No consideration was paid for the surrender of the
Cancelled Options. Following this cancellation of stock options,
the Company has a total of 4,201,000 stock options outstanding.
About Palisades Goldcorp
Ltd.
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 26.15% 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.
SOURCE Palisades Goldcorp Ltd.