New Break Resources Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

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 gold project, in a well-established mining camp, within proximity to existing infrastructure, while at the same time, through its prospective landholdings in Nunavut that include the Sundog, Esker-Noomut, Sy and Angikuni Lake properties, it provides its 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.

EXPLORATION PROJECTS

Ontario Asset

Moray Gold Project, Matachewan, Ontario

Highlights

• 100% owned (8,483 hectares), 49 km SE of Timmins, Ontario and 32 km NW of the Young-Davidson gold mine operated by Alamos Gold Inc.
• Cadillac-Larder Lake Fault (Southern Abitibi Greenstone Belt)
• Historical gold and VMS showings from 9,794 metres of historical drilling
• Three Principal Exploration Targets:
  1. Fiset Syenite Target – the gold bearing syenites are similar to those that host the Young-Davidson gold mine.
  2. Moray Unconformity Target – possible extension of the Cadillac-Larder Lake Fault.
  3. Paired Ultramafic Intrusive Target
• New 3-Year Exploration Permit – Sept. 21, 2023
• MOU with First Nations signed Oct. 22, 2021
• VLF Surveys Aug., Oct. 2021, Apr., Sept., Oct. 2022
• Drone-MAG Survey Oct. 2021 (437 line-km)
• Stripping, Washing, Sampling June/July 2022, Sept./Oct. 2022 and July-Oct. 2023.
• Structural Mapping July-Oct. 2022, July-Oct. 2023
• Till Sampling – June 2022
• Compelling drill intersections of gold mineralization that have never been followed up in the world-class Abitibi Greenstone Belt. Upcoming drilling program planned. Road access and trucking distance to multiple producing mines and mills in the region, including Young-Davison.

Voyager Gold Zone – New Gold System

• Shear/extensional gold system
• NE-SW shear vein – N-S extensional/splay veins with the highest 2022 grab sample grading 70.60 grams per tonne gold (“g/t Au”)
• Gold is associated with pyrite – local concentrations of up to 20% pyrite
• The shear and extensional/splay veins have not been drill-tested
• Planned Drilling Program (10-12 holes, 2,500 metres)

Fiset Gold Zone – Original Vein Zone

• The main vein zone, up to half a meter wide, is typically associated with a mafic syenite intrusive and brecciated/veined altered syenite.
• Intense stockwork style of cm wide quartz veining proximal to the main vein zone is observed.
• The highest gold values ranging from 1.61 to 5.16 g/t Au are concentrated in the centre of the exposed vein.
• Channel sample descriptions revealed up to 2% pyrite within the quartz vein and mostly at the vein’s margins. Traces of galena are observed locally in the main vein.

Nunavut Assets – Kivalliq Region

Sundog Gold Project

• Inuit Owned Land
• Mineral Exploration Agreement (“MEA”) signed with NTI dated September 1, 2021 (9,415 hectares)
• Detailed historical work (trenching, mapping, sampling)
• Ennadai-Rankin greenstone belt, Abitibi gold and VMS style environment
• Region produced 746,659 oz gold in 2022 from Meliadine and Meadowbank gold mines operated by Agnico Eagle Mines Limited.
• The results from rock chip and grab samples taken from Sundog in September 2023 have identified new gold bearing structures on the property. 8 samples were taken with 4 assaying greater than 7.5 g/t Au. (See news release dated December 6, 2023)
• New Break plans to undertake a summer 2024 field season at Sundog, subject to regulatory and Inuit approvals and financing.

100% owned Projects – Staked in 2021

• Esker/Noomut Gold Property (6,227 hectares)
• Sy Gold Property (14,997 hectares)
• Angikuni Lake Gold Properties (736 hectares)

Claims for all 3 properties, have significant gold showings from past exploration and are situated on Federal land. All claims 100% owned by New Break and royalty free.

Management

Management and Directors

Michael Farrant, B.Comm., CPA, CA, President, Chief Executive Officer and Director

Mr. Farrant has over 27 years experience in gold mining, including President and CEO of Sierra Minerals Inc., a TSX listed Mexican gold producer (now Goldgroup Mining Inc.), CFO of junior gold producers and explorers, past VP Treasurer and Operations Controller with Kinross Gold Corporation and Corporate Controller with Barrick Gold Corporation. Mr. Farrant was co-founder, President and CEO of Commonwealth Silver and Gold Mining Inc., sold to Marlin Gold Mining Ltd. in 2015.

Bill Love, B.Sc. (Geology), MBA, Vice-President, Exploration

Mr. Love is a geologist who has been involved in mineral exploration in Canada for the last 35+ years. He was part of the discovery team for the world-class Hemlo deposit. Mr. Love was also an institutional equity salesperson in London, England for a Canadian brokerage firm and spent the last 15 years as a venture capitalist and a corporate finance specialist in a variety of resource and technology companies.

Jim O’Neill, B.B.A., CPA, CA, Chief Financial Officer and Corporate Secretary

Mr. O’Neill has over 30 years’ experience as a finance executive with multi-national businesses operating in Canada, the USA, the UK, Turkey and Kenya. He currently serves as CFO and Corporate Secretary of Red Pine Exploration Inc. and Western Gold Exploration Ltd. and as CFO of Waseco Resources Inc.

Andrew Malim, Non-Executive Chairman, Independent Director

Mr. Malim’s experience includes over 40 years in mining finance and mine development. For over a decade he served as a founding member and award-winning analyst with the James Capel & Co. mining team.

Gordon G. Morrison, B.Sc. (Geology), Independent Director

Mr. Morrison has over 50 years of experience in the mining industry, covering all aspects of geoscience applications across all mining methods from a wide range of underground methods to large scale open pit operations. As one of Canada’s most successful mine finders, he was the leader or member of exploration teams that discovered 13 major polymetallic and precious metal deposits, 6 of which are producing mines, and 4 are in the feasibility stage. His extensive success and experience stems from his 32 years with Inco Limited (now Vale), followed by senior roles with FNX Mining Company Inc., Quadra FNX Mining Ltd. and KGHM International Ltd. and then as President of TMAC Resources Inc., where he gained experience in Nunavut working on the Hope Bay gold deposit. His ability to collaborate, look at the rocks, and integrate a variety of geological, geochemical, and geophysical information makes him one of the leading explorers in the industry today.

Thomas Puppendahl, M.Sc., MBA, Independent Director

Mr. Puppendahl has over 28 years experience in global capital markets as a strategist, portfolio manager, investment banker and analyst. He is the founder & managing partner of Chancery Asset Management.

Ashley Kirwan, M.Sc., P.Geo., Director

Ms. Kirwan is a geologist with over 12 years experience in the mining industry. She is the co-founder, President and CEO of Orix Geoscience Inc.

Michael Skutezky, B.A., L.L.B., Director

Mr. Skutezky has over 30 years experience in the financial sector in Canada including, Assistant General Counsel of RBC Royal Bank.

Industry Leading Technical Team & Advisors

Ken Reading, Prospector, Advisor (Nunavut)

Mr. Reading is a renowned Canadian prospector/geologist whose career began in the 1940’s and has spanned decades, including multiple field seasons working in Nunavut. In 2013, he returned to Sundog and collected 18 lithological samples for further characterization and most recently visited Sundog in September 2023.

John Todd

Former Government Minister of Northwest Territories Advisor (Nunavut)

Peter C. Hubacheck, B.Sc., P.Geo., Qualified person

Orix Geoscience Inc.

Consulting Geological Team

Exiro Minerals Corp.

Strategic Partner and 5% shareholder

News Update

On October 15, 2024, New Break Resources Ltd. intends to undertake a non-brokered private placement offering of up to eight million units at 7.5 cents per unit for gross proceeds of up to $600,000.

Each unit consists of one common share of the company and one common share purchase warrant, with each warrant entitling the holder thereof, to purchase one additional common share of the company at a price of 12 cents for a period of 24 months from the date of closing.

The proceeds of the offering will be used to finance a planned induced polarization (IP) survey at the company's Moray property, located approximately 49 km south of Timmins, Ont., and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. The IP survey will be the first of its kind to cover the entire interpreted extent of the gold-mineralized Fiset syenite intrusive and will represent the last major exploration program prior to New Break undertaking a drilling program expected to focus exclusively on the syenite intrusive.

In July 12, 2024, New Break Resources Ltd. intends to close a non-brokered private placement with a greater-than-10-per-cent securityholder on July 18, 2024. The offering consists of the sale of 1.5 million flow-through (FT) units at a price of 11 cents per FT unit for gross proceeds of $165,000.

The gross proceeds from the sale of the FT units will be used for Canadian exploration expenses (CEE) and will qualify as flow-through mining expenditures as defined in the Income Tax Act (Canada). More specifically, it is expected that these proceeds will be used to finance a planned induced polarization (IP) survey over the entire interpreted extent of the syenite intrusive at the company's Moray property, located approximately 49 kilometres south of Timmins, Ont., and 32 kilometres northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. No finders' fees will be paid in connection with the closing of the offering.

On January 23, 2024, New Break Resources Ltd. intends to close the non-brokered private placement first announced on Dec. 7, 2023, by Feb. 29, 2024. The offering consists of the sale of up to 3.75 million non-flow-through units at eight cents per unit for gross proceeds of up to $300,000 and seven million flow-through units at a price of 10 cents per FT unit, for gross proceeds of up to $700,000, on the terms as set forth in the news release of the company dated Dec. 7, 2023. On Dec. 29, 2023, the company announced that it had closed the first tranche of the offering, consisting of the sale of 1.25 million FT units for gross proceeds of $125,000 and 750,000 units for gross proceeds of $60,000.

On January 04, 2024, New Break Resources Ltd. has appointed Gord Morrison, BSc, to the company's board of directors. Having been an integral part of the discovery of 13 major polymetallic and precious metal deposits, six of which are producing mines, with four others at the feasibility stage, Mr. Morrison joins New Break as one of Canada's most successful mine finders and a leader in the mining industry with a deep and varied experience in both mineral exploration and mining.

Mr. Morrison has more than 50 years of experience in the mining industry, covering all aspects of geoscience applications across all mining methods, from a wide range of underground methods to large-scale open-pit operations, as well as being part of very successful exploration groups as noted herein.

December 7, 2023, New Break Announces up to $1 Million Non-Brokered Private Placement Offering https://www.newbreakresources.ca/news/new-break-announces-up-to-1-million-non-brokered-private-placement-offering

December 6, 2023, New Break Identifies New Gold Bearing Structures at the Sundog Project in Nunavut https://www.newbreakresources.ca/news/new-break-identifies-new-gold-bearing-structures-at-the-sundog-project-in-nunavut

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