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New Break Resources Ltd. (CSE: NBRK) ("New Break" or the "Company") is pleased to announce that it has entered into an agreement to acquire 13 single cell and one multi-cell mineral claims totaling approximately 324 hectares in Zavitz, English, Semple and Bartlett Townships, contiguous with its main Moray property ("Moray") and an additional 38 single cell mineral claims totaling approximately 783 hectares in Fripp Township, that add to the Company's existing property position to the northwest of Moray, as shown in dark green in the figure below (the "Acquired Claims"). Moray is located approximately 49 km southeast of Timmins, Ontario, where the Company's summer 2025 maiden drilling program resulted in a new gold discovery.
(Figure 1 - Moray Project property map)
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The additional 1,107 hectares are being acquired pursuant to a mining claim acquisition agreement (the "Agreement") entered into by New Break with an arm's length individual (the "Vendor").
Under the terms of the Agreement, the Vendor will receive a cash payment of $5,000 and will be issued 125,000 common shares of New Break (the "Consideration Shares") at closing in exchange for 100% ownership in the Acquired Claims, which will also be royalty free. The Consideration Shares are subject to an escrow arrangement from which 50% of the Consideration Shares will be released four months and one day following closing and 50% six (6) months from closing. The acquisition of the Acquired Claims is subject to the approval of the Canadian Securities Exchange.
Many of the mineral claims being acquired were staked by the Vendor due to the existence of historical mineral showings. In 1990, grab samples from prospecting on the English Township claims performed by G.S.W. Bruce, returned assay values of up to 3.50 grams per tonne gold ("g/t Au"). Drilling by Tri Origin Exploration Ltd. on the multi-cell mineral claim in Semple Township in 1998 intersected 2.50 g/t Au over 3.0 metres from 138.0 to 141.0 metres, including 6.38 g/t Au over 1.0 from 138.0 to 139.0 metres in drillhole TE-98-08. A number of the Acquired Claims in Bartlett and Fripp Townships have copper showings from historical work.
Qualified Person
Peter C. Hubacheck, P. Geo, consulting geologist to New Break, and an independent 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 proudly Canadian mineral exploration company focused on its Moray gold project located 49 km south of Timmins, Ontario, in a well-established mining camp within proximity to existing infrastructure, 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. Shareholders also remain leveraged to exploration success in Nunavut, a promising region in Canada for gold exploration and production, through New Break's 20% carried interest in the Sundog gold project. The Company is supported by a highly experienced team of mining professionals. Information on New Break is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.newbreakresources.ca. New Break trades on the Canadian Securities Exchange (www.thecse.com) under the symbol CSE: NBRK.
For further information on New Break, please visit www.newbreakresources.ca or contact:
| Michael Farrant, President and CFO Tel : 416-278-4149 E-mail: mfarrant@newbreakresources.ca | William Love, Chief Executive Officer Tel: 519-272-6312 E-mail: wlove@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 words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but 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 property titles, an inability to predict and counteract the effects global events on the business of the Company, including but not limited to the effects on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains etc. Forward-looking information addresses future events and conditions and therefore involves inherent risks and uncertainties, including factors beyond the Company's control. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise any forward-looking information, except as may be required by law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's financial statements and management's discussion and analysis (the "Filings"), such Filings available upon request.
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