Would this be an update or a new project?

So i have a old project I Downloaded from myself. I lost the original…I took it and created a much better version of what I have up now. It looks very different, but is still the same basic Idea just with new animations, better graphics and more pleasing composition layout…Now…Would i post this as an update to the original project or would it be alright to make a new project…THe old project is 3 years old.