Mr. Greg Davison reports

SILVER SPRUCE DROPS EARN-IN OPTION ON MYSTERY AU PROJECT, NEWFOUNDLAND AND LABRADOR

Silver Spruce Resources Inc. is dropping its option to earn 100-per-cent interest in the 14,790-hectare Mystery Au (gold) project.

The parties jointly agreed to terminate, effective March 24, 2025, the option and purchase agreement announced Sept. 14, 2021, and amended on Feb. 8, 2023, Oct. 23, 2023, and Dec. 11, 2023.

"We believe that our grassroots exploration programs had only scratched the surface for this property and that there are geological and geochemical targets which warrant further work. However, given the current junior market conditions, the company has decided to return the property to the vendors," said Greg Davison, Silver Spruce vice-president of exploration and director.

Project background

The company signed a definitive agreement in September, 2021, to acquire 100 per cent of three early stage gold exploration properties, Mystery, Till and Marilyn, located near Grand Falls, Nfld., Canada, 20 to 25 kilometres west of New Found Gold Corp.'s Queensway project and 15 to 35 kilometres south of Sokoman Minerals Corp.'s Moosehead gold project. Staking effectively doubled property coverage to 148 square kilometres.

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, 25-per-cent interest in BIMCOL Minera's Diamante Au-Ag project located northwest from Minera Alamos's Nicho deposit in Sonora, Mexico, and a 50/50 joint venture agreement with Colibri on the nearby Jackie Au project. The company also has signed an option agreement to acquire 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. Silver Spruce Resources continues to investigate opportunities that management has identified or that have been presented to the company for consideration.

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