New Break Resources Ltd. reported on the results and findings at its Moray gold project, which appear to support the Company's thesis of pursuing a Young-Davidson gold mineralization model at Moray. The Young-Davidson gold mine, operated by Alamos Gold Inc. (Alamos), is located approximately 32 km southeast of Moray. First discovered in 1916, the mine produced one million ounces of gold from 1934 to 1957 from open pit and underground development.

Commercial production resumed in 2012, with current annual gold production sitting at just under 200,000 ounces. Ore extraction at Young-Davidson has historically been derived from both the hosting mafic volcanics and the syenite intrusive rocks. New Break's Moray property exhibits comparable geology, mineralization and alteration characteristics to Young-Davidson, including mafic volcanic hosted and syenite hosted auriferous quartz vein zones.

Strong pervasive hematitic-potassic alteration and secondary fracture-controlled pyrite mineralization associated with stockwork quartz and quartz- carbonate veining occurs within the Fiset syenite at the historical Trench 1 (Fiset Area) on the Moray property. Mafic volcanic hosted quartz vein zones have been outlined in Trench 12 at the contact of the Fiset syenite. Exploration activities undertaken by New Break between June and October 2022, has significantly expanded on the previous trenching and stripping work completed by SGX Resources Ltd. (SGX) in 2012.

New Break's 2022 trenching efforts have uncovered an 80-metre-long mineralized section of N-S trending, moderately west dipping, extensional quartz veining in Trench 12 as well as marginally extending the main NE striking, shallow NW dipping shear-breccia vein system. Stripping and trenching at Trench 1 has exposed altered and mineralized quartz veining to the west and to the north, expanding the known mineralized zone hosted within the Fiset syenite. Additional sampling was conducted during September and October 2022 (see September 29, 2022 news release for the results of July and August trench 12 grab and channel samples, which included a grab sample grading 70.6 grams per tonne gold (g/t Au) located at the south end of the main trench 12).

Grab and channel sample results from the entire June to October program are included in Appendix I, along with a recap of results from grab samples taken by SGX in 2012, which are included in Appendix II. Assay results from New Break's work at trench 12, including a depiction of the structural geology is presented below in. Exploration work completed by New Break, yielded the following observations with respect to the gold mineralization at the historical trenches 1 and 12: The syenite contact has been observed at the north end of trench 12, but not along the main northeast trending gold bearing shear vein; Very low frequency (VLF) geophysical survey results mirror the direction of the main shear vein with the conductor/structure trending northeast into the Fiset syenite; SGX drillhole ML12-01, which was collared close to the southern end of trench 12, was drilled parallel to the NE - SW trending shear structure, and intercepted 2.47 g/t Au over 1.5 metres proximal to the volcanic syenite contact and 0.494 g/t Au over 12.1 metres in the syenite at the volcanic-syenite contact.

Drilling did not test the main shear structure; In the historical trench 1 area, there is a noted increase in hematitic/potassic alteration in the altered syenite adjacent to the NOR vein. The magnetic susceptibility drops between the unaltered syenite (8-17) and the altered syenite (1-6); The gold bearing shear structure at trench 12 trends to the northeast, towards the contact with the Fiset syenite. This structure has not been tested by historical drilling; and The syenite hosted gold mineralization at trench 1 was indirectly tested by Newmont in drillhole Z- 80-05, however no assays were reported in the assessment filing.

Next Phase of Exploration - Drill Targets Resulting from Structural Interpretation Trench 12 - The intersection of the extensional and shear veins should be tested by a drillhole that is collared on the western edge of the stripped area with a west-east azimuth. The drillhole should also test the potential extension of the Lamprophyre (note above) and potentially new shear veins. Trench 12 - A drillhole should be planned to test the intersection of the NW-SE sulphide zone and the southern end of the stripped area.

Trench 12 - Consideration should also be given to testing the NE strike of the main shear vein in light of the potential proximity of the contact between the mafic volcanics and the Fiset syenite. There is an expectation of a competency contrast between the brittle syenite and the more ductile mafic volcanics. Trench 1 - The gold bearing NOR 1 vein has not been properly tested by diamond drilling.

Newmont drillhole Z-80-05 reported variably mineralized sections of mafic syenite from 71.3 to 303.9 metres which implies that there is mineralized syenite northeast of Trench 1.