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BEDFORD, NS / ACCESS Newswire / May 4, 2026 / Silver Spruce Resources Inc. (TSXV:SSE) ("Silver Spruce" or the "Corporation") announces that it will proceed with phased exploration work at its 100% owned Melchett Lake VMS style Zn-Pb-Cu- Au-Ag Project in Northern Ontario. The property currently consists of 93 contiguous exploration cells encompassing a total of 2,325 hectares ("ha") forming the core exploration area of Melchett Lake project in northern Ontario, Canada (Figure 1).

Mineralization includes primarily sphalerite, chalcopyrite, galena, and pyrite hosted in felsic volcanics along multiple zones. High-grade lenses in the mineralized horizon(s) show enrichment in Zn-Ag with variable Cu, Au, and Pb. Historical grades include 28.8 g/t Au, 565 g/t Ag, 19.15 Zn, 2.2% Pb, 0.40% Cu, and 1.72ppm Au. Previously, the Company also noted elevated values for Te, Bi, Se, Sb, Hg, Cd, and In.

The Company plans to capitalize on earlier geophysical work carried out by Eagle Mapping Ltd. of Port Coquitlam, British Columbia, and GeoCloud Analytics of Melbourne, Australia, respectively, over the Melchett Lake Zn-Cu-Au-Ag volcanogenic massive sulphide project.

Soil and rock geochemical anomalies, VMS style mineralization from surface to >500 metres depth, favorable alteration type will help focus initial 2026 exploration.

Phase I exploration will include verification of earlier geochemical assays, geological lithologies, structural controls on mineralization, and quartz-sericite-pyrite alteration, in addition to other facets of the property. This will also include a review of previously recommended new drilling locations.

Phase II drilling is contingent on results from Phase I exploration and may include up to 1,200 metres of NQ core.

In addition, the Company intends to first advance its ongoing discussions with the local Aroland and Ginoogaming First Nations groups.

Application for all necessary permits will commence soon.

Mr. Paul K. Smith (P. Geo.), Vice-President of Exploration for the Company, commented, "This is an exciting opportunity to examine the economic potential of this property in comparison to other similar properties I've examined in the region. Although it's too soon to focus on any specific geological model for the Melchett Lake mineralization, all possible models will be examined based on both historical and newly acquired data."

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, the ("U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Silver Spruce Resources

Silver Spruce Resources Inc. is a Canadian junior exploration company. The Company's diversified exploration portfolio includes:

• Pino de Plata Ag Project - High-grade silver property with historic artisanal mining located 15 kilometres west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico

• Jackie Au-Ag Project - Early-stage epithermal project with high-grade surface sampling and strong structural targets located <10 kilometres northwest from Minera Alamos' Nicho deposit in eastern Sonora, Mexico

• Melchett Lake VMS Zn-Ag-Au-Cu Project - Polymetallic project with historical drilling in the Thunder Pay Mining District of Ontario

Contact:

Kevin O'Connor, Director
(312) 509-5972
koconnor@silverspruceresources.com
info@silverspruceresouces.com
www.silverspruceresources.com

Qualified Person

The qualified person for this News Release is Mr. Paul K. Smith (P. Geo.), Vice-President of Exploration for the Company. Mr. Smith verifies that the information in this release of ongoing Exploration of Results and Mineral Resources is an accurate representation of the available data and is based on information either compiled or reviewed by Mr. Smith, registered with the Association of Professional Geoscientists of Nova Scotia. Mr. Smith has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person (QP) as defined under "NI 43-101". in the 2012 Edition of the Joint Ore Reserves Committee (JORC) "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Smith consents to the inclusion in the report of the matters based the context of this information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Silver Spruce Resources. Forward-looking statements include estimates and statements that describe Silver Spruce Resources' future plans, objectives or goals, including words to the effect that Silver Spruce Resources or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "intends", "plans", "subject to" or "proposed". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Silver Spruce Resources, the Corporation provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information in this news release includes, but is not limited to, the Corporation's objectives, goals or future plans, statements regarding the Offering, the completion of the Second Tranche, the anticipated timing for closing of the Second Tranche, potential insider participation in the Second Tranche, the intended use of proceeds of the Offering, and the receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange in respect of the First and Second Tranche. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Second Tranche on the terms disclosed or at all, failure to obtain required approvals, including the approval of the TSX Venture Exchange, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Corporation's public documents filed on SEDAR+. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Silver Spruce Resources disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Silver Spruce Resources, Inc.