Mr. Michael Kinley reports

SILVER SPRUCE ANNOUNCES AGREEMENT TO ACQUIRE MINERAL CLAIMS CONTIGUOUS TO THE MELCHETT LAKE PROPERTY, ONTARIO

Silver Spruce Resources Inc. entered into a property purchase agreement with a third party arm's-length vendor dated March 8, 2024. Under the terms of the agreement, the company is entitled to acquire 100-per-cent interest to 22 mining claims covering 448.8 hectares located near Melchett Lake in the Thunder Bay mining division in the province of Ontario. The claims are contiguous with the Melchett Lake mineral property acquired by the company via staking and additionally from three third party vendors pursuant to the option and purchase agreement dated Nov. 20, 2019, as amended (see press release dated Feb. 15, 2024).

"We are pleased to acquire these claims in the Melchett Lake area where the company currently holds 491 claims in one contiguous 11,342-hectare property with numerous areas of known, though underexplored, polymetallic mineralization," said Greg Davison, Silver Spruce vice-president exploration and director. "The claims are located one to two kilometres south and southwest of the Nakina Zn-Au-Ag occurrence, one of the key mineralized targets on the property."

The purchase price for the claims consists of a cash payment of $1,100 which has been paid to the vendor on signing of the agreement and the issuance of 350,000 common shares of the company to the vendor. The agreement is subject to the approval of the TSX Venture Exchange.

Qualified person

Greg Davison, PGeo, Silver Spruce, VP of exploration and director, is the company's internal qualified person for the Melchett Lake 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.

About Silver Spruce Resources Inc.

Silver Spruce Resources is a Canadian junior exploration company holding 100 per cent of the Melchett Lake Zn-Au-Ag (zinc-gold-silver) project in Northern Ontario and has signed definitive agreements to acquire 100-per-cent interest in the Mystery Au project near recent discoveries by Sokoman Minerals Corp. and New Found Gold Corp. among others in the Exploits gold belt, Newfoundland and Labrador, 100-per-cent interest in the Pino de Plata Ag project located 15 kilometres west of Coeur Mining's Palmarejo mine in western Chihuahua, Mexico, and up to 50-per-cent interest in Colibri Resource's Diamante Au-Ag project located from five kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit in Sonora, Mexico. Silver Spruce also has a 50/50 joint venture agreement with Colibri on the nearby Jackie Au project. Silver Spruce Resources continues to investigate opportunities that management has identified or that have been presented to the company for consideration.

We seek Safe Harbor.