Silver Spruce Resources Inc. along with partner Colibri Resource Corp. jointly announce the initiation of core drilling operations at the El Pillado polymetallic target for second drilling program at the Diamante project. The 10-hole, 1,050-metre program will test new priority target areas and build on positive results from the 2022 and 2023 exploration programs. The Companies' exploration team and contractors are proceeding with their follow-up target drilling initiated on El Pillado on the Diamante 1 concession and additional drill holes planned southeast of El Pillado and at La Prieta, both on Diamante 1 and three holes at Mezquite Raizudo in the northern section of Diamante 2. The drill-ready 1,057-ha Diamante gold-silver (Au-Ag) property is located 8 km northwest of the town of Tepoca, and 160 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico.

Diamante offers strong precious metal tenor with a polymetallic endowment, multiple quality targets, styles of mineralization, limited artisanal mining and small-scale production, of particular significance for exploration moving forward, no records of drilling prior to the Companies' recent program. Agreements were signed with severalanches on the claims enabling land access to the selected 10 drill targets. The Companies report that core drilling was initiated by DDM using a Duralite 250B Man portable drill and local heavy equipment remained on site to complete trail and drill pad preparation.

Regional location shown in southeastern Sonora State, Mexico. Eight principal drill target areas with 17 permitted pads and requisite access routes (DIA 1 - La Prieta, El Pillado-El Caso-La Cruz, El Chon-El ChonOuest, DIA 2 - Mezquite Raizudo, Calton, Anomalia Sur) are shown on shaded topography (GMCA report, January 2024). The Diamante property hosts numerous historical artisanal and small-scale mining sites and combined with mineralization on the Jackie property exhibit the geological characteristics of epithermal low to intermediate sulfidation Ag-Au (Pb-Zn), high sulfidation Au-Cu, and potential transition zones within and peripheral to porphyry style Au-Cu mineralization.

Soradic surface exploration since 2011 has resulted in several surface showings comprised of epithermal precious and base metal mineralization (Au-Ag+/-Cu, Pb, Zn). Colibri and Silver Spruce commenced geochemical and geological exploration activities on Diamante during 2021. The 2022 exploration plans included a 2,000 metre reverse circulation drill program on Diamante 1 and 2 to evaluate four to seven of the principal targets exhibiting high grades of polymetallic Au-Ag-Pb-Zn-Cu mineralization with coincident alteration, shearing and veining.

Mineralization was reported visually as pyrite, arsenopyrite, chalcopyrite, sphalerite, argentiferous galena, argentite, hematite and probable metal oxides, carbonates and sulphates, including copper carbonate (malachite), copper sulphates and plumbojarosite. Drilling inclined hole to southeast at El Pillado target northwest of historical mine portal. Colibri (operator) and Silver Spruce completed the first-ever drill program on Diamante at the El Pillado and La Prieta targets located on Diamante 1. Results from the 2022 drilling include 2.48 grams per tonne ("g/t") Au and 56.7 g/t Ag over an intersection length of 9.0 metres ("m") from La Prieta and 0.26 g/t Au and 184.5 g/t Agover an intersection length of 6.0 m from El Pillado.

Drilling at both targets intersected highly anomalous base metals in highlighted drill assay intervals. Through the fall of 2023, Colibri and Silver Spruce completed a program of geological mapping, rock sampling and stream sediment sampling on Diamante resulting in the discovery of two new surface showings. The prioritization of targets and drill plan for Diamante was based on this work combined with comprehensive compilation and interpretation of historical exploration information.

Silver Spruce can acquire up to 50% interest in the Diamante concessions with a cumulative land position of 1,057 hectares. The Diamante property consists of the Diamante 1 and Diamante 2 concessions located adjacent to the Jackie property 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.

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.