SILVER SPRUCE RES INC NEW - SSEBF STOCK NEWS

Silver Spruce Resources held its reconvened annual and special meeting on November 5, 2024, where shareholders approved all proposed items. The meeting had been adjourned from October 29, 2024, due to lack of quorum. Shareholders elected four directors, reappointed Doane Grant Thornton as auditor, and approved an amended stock option plan. Notably, shareholders approved a 15:1 share consolidation, which would reduce the current 322,547,832 outstanding shares to approximately 21,503,188 shares. The consolidation must be implemented within 18 months and requires TSX Venture Exchange approval.

Silver Spruce Resources announced the adjournment of its 2024 annual general and special meeting of shareholders from October 29, 2024, to November 5, 2024, at 2:00 pm (Atlantic Time). The meeting was adjourned due to insufficient quorum, with only 7.70% of shareholders represented against the required 10%. The record date remains September 19, 2024. Previously submitted proxies will remain valid for the adjourned meeting. Shareholders who haven't voted yet are encouraged to do so by November 4, 2024.

Silver Spruce Resources Inc. (TSXV:SSE) has announced a proposal to consolidate its common shares on a 15:1 basis, subject to shareholder approval at the annual and special meeting on October 29, 2024, and TSX Venture Exchange acceptance. The Board believes this consolidation will benefit the company by facilitating future financing and business development activities. It may also enhance share marketability by potentially increasing the price per share, attracting more institutional and other investors.

As of September 19, 2024, the company had 322,547,832 shares outstanding at $0.01 per share. Post-consolidation, this would reduce to approximately 21,503,188 shares. The consolidation, if approved, must be implemented within 18 months of the special resolution approval. The Board retains the right to abandon the consolidation if deemed not in the company's best interests. The company's name will remain unchanged.

Silver Spruce Resources (TSXV:SSE) and Aroland First Nation have completed an archaeological and cultural study for the Melchett Lake Ag-Zn-Au-Cu Project in Ontario. The study, conducted by Western Heritage, was accepted by Aroland and submitted to the Minister of Tourism, Culture and Sport. Silver Spruce has also received an additional multi-year exploration permit for the Iron Key Project, covering east and west claim groups around the core claims. This permit allows the company to advance its multi-phase program on the Zn-Ag-Au project. The Melchett Lake property is located 110 km north of Geraldton and 60 km north of Nakina in northwestern Ontario. Silver Spruce holds 100% of the Melchett Lake project and has interests in several other exploration projects in Canada and Mexico.

Silver Spruce Resources and Ginoogaming First Nation have announced the completion of an archaeological and cultural study for the Melchett Lake Ag-Zn-Au-Cu Project in Ontario. The study, conducted by Western Heritage, was accepted by Ginoogaming and submitted to the Minister of Tourism, Culture and Sport. Silver Spruce has also received an additional multi-year exploration permit for the Iron Key Project, covering east and west claim groups around the core claims. This permit allows the company to advance its multi-phase program on the Zn-Ag-Au project, in collaboration with Ginoogaming. The Melchett Lake property is located 110 km north of Geraldton and 60 km north of Nakina in northwestern Ontario.

Silver Spruce Resources has completed its initial diamond drilling at the Tote Brook target and provided an update on the Mystery Au project. The 4-hole, 750-metre program aimed at shallow down-dip projections intersected various quartz-carbonate veins and breccias, with one gold-bearing interval (0.973 g/t Au) reported in Hole MT-23-001. Despite gold findings, multi-stage epizonal/epithermal veins were identified, indicating further mineralogical study is needed.

The Mystery project includes 602 claims, with recent exploration revealing high-level epizonal veins and significant gold, arsenic, and antimony anomalies. 2023 till sampling identified areas with up to 39 gold grains per sample. Future work will focus on tighter infill sampling and further geological evaluation to better resolve drill targets.

Silver Spruce Resources Inc. has achieved uplisting approval to the OTCQB Marketplace, effective April 16, 2021. The ticker symbol SSEBF remains unchanged, requiring no action from current shareholders. CEO Mike Kinley stated this transition enhances transparency and liquidity, attracting a wider range of institutional investors, particularly U.S.-based ones. The OTCQB listing follows stringent standards for trading transparency and financial reporting. Silver Spruce continues trading as SSE on the TSX Venture Exchange and is involved in multiple mineral exploration projects in Canada and Mexico.