Branch or new rep dilemna

Hello users,

I got a dilemna.

I have a new project which is 90% one i had all ready developped.

I want to maintain the commun code (bug, little evolution) easily.

I got few funcionality and graphical modifications (it's a web
application).

Should i make two branches, one for the old and one for the new, and
merge changes.
Or create a new repository and made report changes from one project to
the other "by hand" ?

-- 
Best regards,
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