New Break Increases Moray Property Position
Through Staking and Acquisition
Toronto, Ontario, July 17, 2023 - InvestorsHub
NewsWire -- New Break Resources Ltd. ("New
Break" or the "Company") (CSE:
NBRK) is pleased to announce that
the Company has further increased the land position at its Moray
property ("Moray") to 8,311 hectares from 5,354
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. Since March 1, 2023, New
Break has increased its property position at Moray by 6,455
hectares through staking and acquisitions (see also news releases
dated March 15, 2023 and May 15, 2023).
(Figure 1
- Moray Project, property map)
The new claims cover approximately 2,957 hectares located in Zavitz
Township, Ontario (dark green area), including 1,446 hectares which
were acquired by New Break at a cost of $3,350 from the Ontario
Ministry of Mines when the ground became open for staking.
The additional 1,511 hectares are being acquired pursuant to a
mining claim acquisition agreement (the "Agreement") entered into by New Break
with two arm's length individuals (the "Vendors").
Under the terms of the Agreement, the Vendors will receive a cash
payment of $10,000 and will be issued 300,000 common shares of New
Break (the "Consideration Shares") at closing in
exchange for 100% ownership in the Property, which shall 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. All cash payments and issuances of
Consideration Shares will be split 50% and 50% corresponding to the
respective ownership percentages of the Vendors. The
acquisition of the Property is subject to the approval of the
Canadian Securities Exchange.
The newly acquired ground is not subject to any area of influence
requirement 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.
In addition, the Vendors have agreed to invest a minimum of $20,000
in the next hard dollar private placement conducted by New
Break.
Michael Farrant, President and CEO of New Break stated, "We are
extremely happy to have been able to expand our property position
at Moray relatively inexpensively and entirely royalty free.
In just over four months we have expanded Moray by 6,455 hectares,
which gives us greater opportunity to evaluate Moray from a camp
perspective, building on the exploration advances already made by
our technical team. We have already begun identifying new
targets and mineralization on the ground acquired in May
2023." Mr. Farrant also noted, "Our work at Moray in no way
diminishes our excitement for our Nunavut properties, in particular
the Sundog gold project and Esker claim. However, with a much
shorter exploration field season in Nunavut, Moray gives us an
excellent project in the prolific Abitibi region of Ontario that
hosts both gold and base metal potential, which can be explored all
year round. We remain focused on advancing our entire
portfolio of projects and believe this is the best strategy for
creating value for our shareholders."
2023-2024 Ontario Junior Exploration Program
("OJEP")
New Break is also extremely pleased to announce that the Company
received notification on July 13, 2023, from the Ontario Ministry
of Mines that New Break has been accepted to participate in the
2023-2024 OJEP, which will apply to certain eligible expenses
incurred from April 1, 2023 to February 15, 2024. The Company
expects to confirm the details of its participation in the coming
days.
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
And follow us on Twitter, LinkedIn
and Facebook
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.
