Silver Spruce Mobilizes Phase 1 Exploration on Jackie Au-Ag Property, Sonora, Mexico

BEDFORD, NS / ACCESSWIRE / January 18, 2021 / (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") is pleased to announce mobilization and commencement of its Phase 1 program on the 1,130-hectare Jackie Au-Ag property, an early-stage precious metal project located 175 km east of Hermosillo, Sonora, Mexico. The Company signed a Definitive Agreement (Press release November 30, 2020) with Colibri Resource Corp. to acquire 50% interest in the Jackie Project (the "Property").

"Silver Spruce now has experienced boots on the ground at our large grassroots property in a very productive region only two kilometres from our El Mezquite property and adjacent to Minera Alamos' Santana project. We have maintained technical continuity in our Sonora-based geological team which started working this past week on the Jackie property," said Greg Davison, Silver Spruce VP Exploration. "Jackie has seen very little structured exploration and we look forward to developing pristine targets for the Company in a strong gold and silver market."

Phase 1 Exploration Program

The Company, with a four-person team (two senior geologists and two samplers) and all necessary logistical support, is undertaking a first pass exploration program, including prospecting, rock, soil and stream silt/sand sampling, initial geological mapping of areas exhibiting significant alteration or mineralization and collection of structural data. The team will focus on identifying and sampling readily accessible areas of interest, confirming areas for future detailed mapping and providing a geochemical baseline map for vectoring toward potential Phase 2 targets. Phase 1 will have a planned duration of three weeks after which the team is expected to continue the mapping program at El Mezquite.

All aspects of the exploration program will be conducted with strict adherence to COVID-19 protocols for personal safety.

The work program will include a QA/QC program with standards, blanks and duplicates to accompany the in-house programs at ALS Global ("ALS"). Samples will be delivered to the ALS sample preparation facility in Hermosillo, Sonora, Mexico. Splits will be sent to ALS in North Vancouver, BC for gold by fire assay and to ALS in Reno, NV for hyperspectral analysis using the Terraspec 4 and aiSIRIS identification of the principal silicate, sulphate, carbonate and hydrous oxide species, namely the alteration minerals and their relative intensity. Multi-element analysis will be carried out at ALS in North Vancouver on select samples as results warrant from the distribution of the gold values and coincident spatial anomalies with alteration mapping.

In parallel, the Company has retained GeoDigital Imaging de Mexico S.A. de C.V. ("GeoDigital") to carry out GIS data compilation and preparation of digital base maps for geographical, geological, geochemical and geophysical information. GeoDigital, based in Hermosillo since 2008, provides the highest international quality standards in geological consulting, satellite imagery and geographic information systems, resource estimation and 3D modelling, topography and digital elevation models, geology and software training.

Project Geology, Location and Access

The Jackie Project is located within the western portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending "Sonora Gold Belt" of northern Mexico and parallel to the precious metals-rich Mojave-Sonora Megashear.

The Property is situated approximately six kilometres northwest of the Nicho deposit currently under mine development by Minera Alamos. Other nearby large operating mines include Alamos Gold's Los Mulatos gold mine and Agnico Eagle's La India gold mine located 50-60 km to the northeast, Agnico Eagle's Pinos Altos Mine, 95 km southeast and Argonaut's La Colorada Mine, 100 km to the west. Exploration is very active with adjacent and nearby properties reported to be held by Minera Alamos, Newmont, Garibaldi, Evrim, Kootenay Silver and Peñoles.

The 1,130-hectare Property is easily accessible from Hermosillo to the Tepoca area and heading south from Mexican Highway #16 or west from Highway #117, or from Ciudad Obregón travelling northeast on Hwy. #117 and west to the pueblo of La Quema with vehicles and then pack teams along unpaved roads and trails. The southerly road from Hwy #16 traverses through the centre of the known gold mineralization at El Mezquite (pictured above) only 2 km north of Jackie. High voltage power lines are positioned on Highway #16.

Qualified Person

Greg Davison, PGeo (BC), Vice-President Exploration & Director, is the Company's internal Qualified Person ("QP") and is responsible for the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), under TSX guidelines.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Definitive Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, and with Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Au project, a drill-ready precious metal project, and 50% interest in Colibri's early stage Jackie Au project, with both properties located <10 kilometres west from Minera Alamos's Nicho deposit. The Company also is pursuing exploration of the drill-ready and fully permitted Pino de Plata Ag project, located 15 kilometres west of Coeur Mining's Palmarejo Mine, in western Chihuahua, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.

Contact:

Silver Spruce Resources Inc.
Brian Penney, Chairman and CEO
(902) 430-8270
[email protected]
www.silverspruceresources.com

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 statements," Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the private placement.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

SOURCE: Silver Spruce Resources Inc.