Silver Spruce and Partner Colibri Resource Announce Receipt of SEMARNAT Environmental Permit, Land Access Agreements and Mobilization for 2024 Core Drilling Program at Diamante Au-Ag Project, Sonora, Mexico - Seite 3

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Figure 2. Colibri geologist provides direction to equipment preparing trail and drill pads at Diamante 1.

The targets under consideration for drilling include La Prieta-Aguaje, El Chon-El Chon Oeste, La Olla-La Cruz, Pillado-El Caso, Calton, El Cumbro and Mezquite-Raizudo targets (see Silver Spruce press releases of April 26, 2021 and January 24, 2022, Colibri press release January 9, 2024). Disseminated and stockwork mineralization at Anomalía Sur and El Puerto offer two known bulk low-grade targets for subsequent drilling programs.

Project Background

Silver Spruce can acquire up to 50% interest in four Diamante concessions with a cumulative land position of 1,057 hectares (see Press Release of April 29, 2021). The Diamante property consists of the Diamante 1 and Diamante 2 concessions located adjacent to the Jackie property (Figure 4) which covers 1,113 hectares providing Silver Spruce with a total of 2,170 hectares of exploration ground. The Property is very well situated in terms of resource and logistics for exploration and is easily accessible from Sonora state Highway 16 which transects Diamante 1 and on several ranch trails and dry river beds to Diamante 2.

The Property is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the northwest-trending "Sonora Gold Belt" of northern Mexico (Figure 4). Mining and exploration in the surrounding area is very active with adjacent and nearby properties held by Alamos Gold, Argonaut, Agnico Eagle, Evrim, Newmont, Garibaldi, Kootenay Silver and Penoles among others. Diamante is located approximately 12 km northwest of Minera Alamos' Santana Au development project which is nearing commercial production.

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Figure 3. New drill pad ready for rig mobilization on Diamante 1.

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Figure 4. Regional location map of Silver Spruce's Mexico exploration properties in Sonora (Diamante 1 and 2, Jackie) and Chihuahua (Pino de Plata) situated in Sierra Madre geological terrane showing proximity to major precious metal deposits and mines.

Qualified Person

Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company's internal Qualified Person for the Diamante Project and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), under TSX guidelines.