In the snow blowers I've seen there are two sheer bolts. One is part of the main drive line coming from the tractor to the snow blower and protects the drive shaft and gear box. The second is on the secondary drive shaft that runs from the gear box to the auger drive chain. This one protects the auger, drive chain, and secondary drive shaft.
If the chain is breaking, the chain might be weakened and/or the sheer bolt is too strong (too high a grade). On my first snow blower I was breaking chain links and finally took a closer look at it and discovered that essentially all the link straps had fracture lines in them. They were all ready to break. I don't know whether this was caused by some shock load the first time it broke or some other fatigue. After replacing the chain I never had another problem.
As for the sheet bolts, check the owners manual to see what's called for.