Silver Spruce Resources Inc. announced that it acquired a 100% interest in the 112-square kilometre (11,236 ha) Melchett Lake project in accordance with the Option and Purchase Agreement among the Company and three third party vendors (the "Vendors") dated November 20, 2019 (the "Original Agreement"), as amended. Melchett covers a total of 485 claims in one contiguous property. The Original Agreement was signed on November 20, 2019 and subsequently amended on November 20, 2020, October 31, 2022, February 27, 2023 and November 20, 2023.

Pursuant to Amendment #1, due to the global pandemic, the parties agreed to amend the amount of the exploration expenditures required to be incurred by the Company by the first and second anniversaries of the Original Agreement as follows: $50,000 by November 20, 2020, $250,000 by November 20, 2021 and the remaining $700,000 by November 20, 2022. Under Amendment #2, the cash payment of $50,000 due to the Vendors on November 20, 2022 was deferred to November 20, 2023. The parties also agreed that the Company will make an additional payment of $50,000 and issue 2,000,000 common shares of the Company to the Vendors on November 20, 2023.

In addition, the due date for the completion of the remaining exploration expenditures on the Property was extended from November 20, 2022 to November 20, 2023. Subsequently, the $100,000 cash payment and the issuance of 2,000,000 shares to the Vendors were waived pursuant to Amendment #4 and replaced with the $20,000 cash payment and the issuance of 10,000,000 common shares to the Vendors. Amendment #3 added 237 new mineral claims staked by the Vendors and 179 mineral claims staked by the Company all within the Area of Interest as part of the Property.

The Company paid $11,850 to the Vendors for staking costs. Amendment #4 allowed the Company to acquire 100% interest in the Property in exchange for a cash payment of $20,000 and the issuance of 10,000,000 common shares of the Company to the Vendors at a deemed price of $0.01 per share. The cash payments and share issuances under Amendment #2 due to the Vendors on November 20, 2023 were cancelled.

Additionally, the Vendors agreed to waive the requirement for the Company to incur all remaining exploration expenditures under the Original Agreement. The Property remains subject to a 2% NSR with buyout provisions of which 1% can be purchased by the Company for $1,000,000 and the remaining 1% at market price. The transaction was subject to TSX-V review and acceptance.

The Melchett Lake Zn-Cu-Au-Ag volcanogenic massive sulphide ("VMS") project is an advanced precious and base metal property located in the Thunder Bay Mining District, northern Ontario, Canada. The Property lies 110 km north of Geraldton and 60 km north of Nakina. The proposed 2024 field program will include line-cutting followed by the Quantec Geoscience ("Quantec") deep-penetrating SPARTAN Magnetotelluric ("MT") survey, and targeted ground geological surveys in areas with known geochemical alteration and outcropping mineralization.

The principal target area for the geophysical program has extensive soil and rock geochemical anomalies, known VMS style mineralization from surface to >500 metres depth, highly favorable alteration type and intensity, increasing Cu to Zn with depth, and deep Maxwell modelled plates off-hole from borehole EM surveys.