Silver Spruce Resources, Inc. Purchases 100% Interest in Pino de Plata Claims in Mexico

Rhea-AI Summary

Silver Spruce Resources (OTC:SSEBF, TSXV:SSE) has acquired a 100% interest in the four Pino de Plata mineral concessions in Chihuahua, Mexico via an assignment agreement executed on July 2, 2026. The company now holds the claims directly, eliminating the previous option structure and its three-year sale deadline.

Silver Spruce paid US$10,000 to the former claims holder and agreed to remit 10% of gross proceeds from any future sale of the claims. Additional payments of US$15,000 are due in 2027 and 2028, followed by annual US$25,000 payments until a sale, with no royalties or exploration spending commitments. The 397-hectare silver‑lead‑zinc‑copper‑gold property lies about 15 km west of Coeur Mining’s Palmarejo operations, has documented high‑grade surface mineralization, and has never been drilled. The assignment is being registered with Mexico’s Ministry of Mining, and negotiations for land access are ongoing.

Positive

• 100% direct ownership of four Pino de Plata concessions with no time limit on development or sale
• Acquisition terms include only US$10,000 upfront plus contingent 10% of gross proceeds on future sale
• No royalties or exploration spending requirements attached to the Pino de Plata claims
• Pino de Plata located ~15 km from Coeur Mining’s Palmarejo mine in a prolific metal belt
• Historical sampling reports silver values often >50 g/t Ag, with local targets >500 g/t Ag
• Company remains current on property taxes through second half of 2026, supporting continuity of tenure

Negative

• Ongoing payments to former holder: US$15,000 in 2027 and 2028, then US$25,000 annually until sale
• Former claims holder entitled to 10% of gross proceeds from any future sale of the claims
• Land access agreement for Pino de Plata still under negotiation with local landowners
• Pino de Plata has never been drilled, so mineralization remains untested by modern drilling

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BEDFORD, NS / ACCESS Newswire / July 14, 2026 / Silver Spruce Resources, Inc. ("Silver Spruce" or the "Corporation")(TSXV:SSE) announces that it has successfully secured a 100% interest in the Pino de Plata claims ("Pino" or the "Property").

Silver Spruce executed an assignment agreement on July 2, 2026 with the claims holder of the four Pino de Plata concessions, whereby Silver Spruce now wholly owns the four concessions and is the sole claims holder. This upgrades the ownership of Pino de Plata compared to the previous option agreement announced on May 30, 2025, which kept the claims in the former claims holder's name until further payments were made, as announced, and which had a three-year time limit to sell the Property.

Location of the Pino de Plato project in Mexico in relationship to other porphyry copper deposits and prospects (red dots). Data from Hammarstrom, et.al., 2010.

Under this new arrangement, Silver Spruce now owns the claims outright and there is no time limit on development, exploration, or sale. The terms are that Silver Spruce paid US$10,000 to the former claims holder and is required to pay to the former claims holder 10% of gross proceeds upon future sale of the claims. Additionally, a payment of US$15,000 is due in both 2027 and 2028; thereafter, an annual payment of US$25,000 is due each subsequent year. Annual payments cease upon sale of the claims. There are no royalties attached to the claims, and there are no exploration spending requirements.

The assignment agreement is currently being registered with the Mexico Ministry of Mining.

Silver Spruce has also had face to face meetings with landowner representatives, and legal counsel, in both Chihuahua and Hermosillo the past several months to discuss land access to Pino de Plata, geological exploration and development plans, and negotiations are ongoing. This is the first set of in person meetings with landowner representatives since 2019.

The Company remains current on property taxes through the second half of 2026 on Pino de Plata and looks forward to advancing its proposed Phase 1 exploration drilling program.

Mr. Paul K. Smith (P. Geo.) continues to advance the Corporation's technical information pertaining to the property as a whole, and to further refine its priority drill targets. Mr. Smith commented, "This represents a significant advancement for Silver Spruce's ownership of the Pino concessions, which is now direct and enduring. We look forward to finally get on the ground and complete preliminary geological surveys ahead of mobilizing drilling equipment upon negotiating a land access agreement."

View of gossan area looking eastward. Note the widespread red soil on the ridgeline east of the switchbacks.

Project Background

Pino de Plata 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 is parallel to the precious metals-rich Mojave-Sonora Mega-shear.

The 397-hectare Pino de Plata Ag-Pb-Zn-Cu-Au concessions are located fifteen (15) kilometres west from Coeur Mining Inc.'s ("Coeur") Palmarejo open pit and underground operations and the property is mostly surrounded by Coeur through its December 2014 acquisition (valued at US$146 million) of the adjacent San Miguel Project via its all-share transaction with Paramount Gold and Silver. Pino has supported small scale, historical production of high-grade mineralization from artisanal workings. Moderate to intense alteration is widespread across the property.

Pino de Plato concessions held by Silver Spruce Resources; 1:50k topographic map sheet G12-B38.

The project area is known to host widespread mineralization at surface with silver values, on average, of greater than 50 g/t Ag, with local targets >500 g/t Ag. Consejo de Recursos took a sample at the Santa Elena in 1985 that reportedly contained 672 g/t Ag, 2.09% Pb and 4.15% Zn (from Karr, 2015; after Fragoso, B. A., et. al, 1985). Exposed mineralization at Pino is host to three distinct target types including, (a) disseminated epithermal, (b) carbonate replacement, and (c) significant vein mineralization. Each of these mineralization styles provides high priority, shallow drill targets. The Pino property has never been drilled.

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 Bay Mining District of Ontario

Contact:
Kevin O'Connor, CEO & Director
koconnor@silverspruceresources.com

Paul K. Smith, Vice-President Exploration
pksmith.esc@gmail.com

info@silverspruceresouces.com
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 continuing 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. Paul is registered with the Association of Professional Geoscientists of Nova Scotia. Mr. Smith has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a qualified person as defined under National Instrument 43-101 in the 2012 edition of the Joint Ore Reserves Committee's 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 on the context of this information.

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.

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.

View the original press release on ACCESS Newswire

FAQ

What did Silver Spruce Resources (SSEBF) announce about the Pino de Plata property on July 14, 2026?

Silver Spruce announced it secured 100% ownership of the four Pino de Plata concessions in Mexico. According to Silver Spruce, this replaces a prior option agreement and removes the former three-year time limit on selling the property.

What are the key financial terms of Silver Spruce’s 100% acquisition of Pino de Plata (SSEBF)?

Silver Spruce paid US$10,000 upfront and owes 10% of gross proceeds from any future sale. According to Silver Spruce, it must also pay US$15,000 in 2027 and 2028, then US$25,000 annually until the claims are sold.

Does the Pino de Plata project owned by Silver Spruce (SSEBF) carry any royalties or spending commitments?

The Pino de Plata claims have no attached royalties and no required exploration spending commitments. According to Silver Spruce, only fixed annual cash payments and a 10% gross-proceeds share on eventual sale are owed to the former claims holder.

Where is Silver Spruce’s Pino de Plata project located and what is nearby?

Pino de Plata lies in western Chihuahua, Mexico, about 15 km west of Coeur Mining’s Palmarejo operations. According to Silver Spruce, the 397-hectare property sits in the Sonora Gold Belt within the Sierra Madre Occidental volcanic complex.

What exploration work has been done at Silver Spruce’s Pino de Plata project (SSEBF)?

Pino de Plata has documented high-grade surface mineralization but has never been drilled. According to Silver Spruce, historic and recent sampling show widespread silver values often above 50 g/t Ag across several target types.

What ongoing obligations does Silver Spruce (SSEBF) have after acquiring Pino de Plata?

Silver Spruce must pay US$15,000 in 2027 and 2028, then US$25,000 annually until the claims are sold. According to Silver Spruce, annual payments stop on sale, but 10% of gross sale proceeds go to the former holder.

What are Silver Spruce’s next steps for the Pino de Plata project after gaining full ownership?

Silver Spruce plans to negotiate land access, conduct geological surveys, and advance a Phase 1 drilling program. According to Silver Spruce, in-person discussions with landowners have resumed, and technical work is refining priority shallow drill targets on the undrilled property.