New Break Increases Land Position
at its Moray Project
Toronto, Ontario, March 15, 2023
-- InvestorsHub NewsWire -- New Break Resources Ltd.
("New Break" or the
"Company") (CSE: NBRK) is
pleased to announce that the Company has increased the land
position at its Moray property ("Moray") to 2,894 hectares from 1,856
hectares. Moray is located approximately 49 km south of
Timmins, Ontario and 32 km northwest of the Young-Davidson gold
mine, operated by Alamos Gold Inc.. Moray exhibits comparable
geology, mineralization and alteration characteristics to
Young-Davidson, including mafic volcanic hosted and syenite hosted
auriferous quartz vein zones. Current annual gold production
at Young-Davidson runs 190,000 to 200,000 ounces at an average
grade of 2.3 grams per tonne gold ("g/t Au"), generating in excess of
US$100 million of free cash flow annually at current gold
prices.
(Figure 1
– Moray Project, property
map)
The original Moray claims covering approximately 1,856 hectares
(light green area), were acquired in September 2020 from Exiro
Minerals Corp. ("Exiro"), a
private junior mineral exploration company, for 2,500,000 shares of
New Break and aggregate cash payments of $100,000. Exiro
continues to hold their investment in New Break which represents
6.1% of the issued and outstanding common shares. The
newly added mineral claims (dark green area) of approximately 1,038
hectares, were acquired by New Break at a cost of $2,400 from the
Ontario Ministry of Mines when the ground became open for staking,
bringing the total property area to 2,894 hectares. The newly
staked ground is not subject to any pre-existing area of influence
requirement, is royalty free and is automatically added to ground
covered by the October 22, 2021, Memorandum of Understanding
between New Break and the Matachewan and Mattagami First
Nations.
Michael Farrant, President and CEO of New Break stated, "We're
extremely happy to have been able to strategically increase our
land position at Moray. While we know that the Moray property
hosts significant gold potential, it also uniquely hosts the
potential for the discovery of critical minerals. This was a
very easy way of adding shareholder value extremely
inexpensively."
William Love, Vice-President, Exploration of New Break further
noted, "The newly acquired ground contains some historical drilling
which identified anomalous zinc, copper and nickel. This
offers the potential to build upon existing known ultramafic hosted
nickel-copper mineralization at Moray encountered by Rio Tinto in
the Dexter Lake showing and nickel mineralization encountered by
Moss Resources Inc. in the Moss Tremblay showing. New Break
is excited to incorporate this relatively underexplored area into
the Company's exploration plans. Our technical team has
delineated a number of extremely high-quality gold focused drill
targets from our extensive 2022 exploration fieldwork. We
remain committed to conducting a drilling program on these Moray
targets as soon as possible."
Qualified Person
Peter C. Hubacheck, P. Geo., consulting geologist to New Break, and
a Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the technical disclosure in this news
release.
About New Break Resources
Ltd.
New Break is a Canadian mineral
exploration company with a dual vision for value
creation.
In northern Ontario, New Break is
focused on its Moray Project, in a well-established mining camp,
within proximity to existing infrastructure, while at the same
time, through our prospective land holdings in Nunavut, we provide
our shareholders with significant exposure to the vast potential
for exploration success in one of the most up and coming regions in
Canada for gold exploration and production. New Break is supported by a highly experienced
team of mining professionals committed to placing a premium on
Environmental, Social and Corporate Governance. Information on New Break is available under
the Company's profile on SEDAR at www.sedar.com
and on the Company's website
at www.newbreakresources.ca.
New Break began trading on the
Canadian Securities Exchange (www.thecse.com)
on September 7, 2022 under the symbol CSE:
NBRK.
For further
information on New Break, please visit
www.newbreakresources.ca or contact:
Michael Farrant, President and Chief Executive Officer
Tel: 416-278-4149
E-mail: mfarrant@newbreakresources.ca
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No stock exchange, regulation securities provider, securities
commission or other regulatory authority has approved or
disapproved the information contained in this news release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
Except for statements of historic
fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities
law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
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that could cause actual events or results to differ materially from
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not limited to receipt of regulatory and stock exchange approvals,
grants of equity-based compensation, renouncement of flow-through
exploration expenses, property agreements, timing and content of
upcoming work programs, geological interpretations, receipt of
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