Silver Spruce Resources Announces Resumption of Exploration at its Melchett Lake Au-Ag-Zn-Pb- Cu Volcanogenic Massive Sulphide Project, Nakina, Ontario
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DISSEMINATION IN THE UNITED STATES
Silver Spruce Resources Announces Resumption of Exploration at its Melchett Lake Au-Ag-Zn-Pb-
Cu Volcanogenic Massive Sulphide Project, Nakina, Ontario
May 4, 2026 – Bedford, NS - (TSXV: SSE) – Silver Spruce Resources Inc. (“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 th e 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.”
Media Release
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
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.
Figure 1: Location of the 93 Melchett Lake mineral claims (shown in yellow) in northern Ontario, Canada
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 i nvolve 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, includin g the
approval of the TSX Venture Exchange, regulatory approval processes, failure to identify mineral resources, delays in obtaini ng
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 comm odity 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 docu ments 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 S pruce
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.