Silver Spruce and its Partner, Colibri Resource, Announces Completion of Earn-in for 50% Interest in the Diamante Au-Ag Project, Sonora, Mexico

BEDFORD, NS / ACCESSWIRE / February 13, 2023 / Silver Spruce Resources, Inc. (TSXV:SSE)(FRA:S6Q1) ("Silver Spruce" or the "Company") is pleased to report that the Company and its partner Silver Spruce Resources ("Silver Spruce") have earned a 50% ownership interest in the Diamante Gold & Silver Project ("Diamante" or "Project") located in Sonora, Mexico. Vendor Bimsa Minera SA de CV of Mexico ("Bimsa"), a privately owned Mexico based mineral exploration company, retains 50% ownership in the Property.

"We are very excited to fulfill, in partnership with Colibri, the Phase 1 exploration drilling program and technical reporting to earn our combined 50% interest in Diamante. There are numerous defined drill targets and other prospective areas offering future potential for mineralization of several genetic styles with precious and base metals," said Greg Davison, Silver Spruce Vice-President Exploration and Director. "The initial drilling successfully targeted known artisanal workings with high grade Zn-Pb-Ag with Cu and Au credits. We are looking forward to ground-based geological mapping, prospecting and focused geophysics as part of the follow-up program to prioritize the next phase of drilling."

Colibri News Release (February 7^th, 2023 - Select Excerpts)

"We are extremely pleased to have completed the required exploration to earn an initial 50% of this large and highly prospective project. Diamante is located in the Sierra Madre volcanic sequence of Mexico and within a district of epithermal mineralization which hosts many producing and historic gold, silver and base metal mines. Diamante hosts many showings and the drilling completed in mid 2022, which returned very encouraging assays, was on just two of eight already-defined drill targets. We will plan to expand on these results and test the other targets in 2023 in conjunction with additional field exploration and possibly a geophysics program," said Ian McGavney, Chief Operating Officer of Colibri.

About Diamante

Diamante is located within a belt of epithermal Au-Ag mineralization hosted by the Sierra Madre Occidental Volcanic Complex. Major gold mining operations in the area of the Diamante property include Alamos Golds' Los Mulatos Mine and Agnico Eagles' El India and Pinos Altos Mines. The Project is located approximately 12 kilometres ("km") northwest of Minera Alamos' Santana Au development project which is anticipated to commence commercial production within the near term. The Property is located approximately 170 km southeast of Sonora state capital Hermosillo and approximately 10 km northwest of the town of Tepoca and is accessed directly from Sonora state Highway 16.

The 1,057-hectare Diamante property is located adjacent to the Jackie property, a joint venture with Colibri, which covers 1,113 hectares, providing the company with a total of 2,170 hectares of exploration ground. Diamante hosts a number of historical showings and combined with mineralization on the Mezquite and Jackie properties 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 defined within the system of Sillitoe (2010).

Highlights of drilling completed at the first two targets on the Diamante property during 2022 are summarized in the table below and highlighted by 257.6 g/t Ag Eq over 12.0 metres in DIA22-05 at El Pillado and 312.8 g/t Ag Eq over 9.0 metres in DIA22-16 at La Prieta.

Table 1: 2022 Drill Results at Diamante Project