Silver Spruce Acquires 100% of the Jackie Project in Sonora

Silver Spruce Resources acquired the remaining 50% interest in the Jackie project joint venture (JV) from Colibri Resource. The company’s recent move is part of its asset restructuring to continue to unlock value for its shareholders. 

According to Greg Davidson, Director and Vice President of Exploration, Silver Spruce, the acquisition of the Jackie project provides the company with a clean and valuable asset in a proven jurisdiction. We are excited about the early-stage results and look forward to advancing the project through disciplined and focused exploration. With 100% control, we gain the flexibility to pursue drilling and strategic partnerships that align with shareholder value creation,” he added.

The Jackie property is an early-stage epithermal project located in eastern Sonora, within the Sierra Madre Occidental Volcanic Complex. It covers 1,130ha, with adjacent and nearby properties held by several other companies such as Alamos Gold, Argonaut Gold, Agnico Eagle, Evrim Resources, Newmont, Garibaldi, Kootenay Silver, and Peñoles.

In consideration for Colibri’s 50% interest, Silver Spruce will issue US$25,000 worth of common shares and grant a 1% Net Smelter Return (NSR) royalty on any future production from the Jackie project. 

Past exploration completed during the JV phase identified an epithermal system. Highlights from rock chip samples included grades up to 9.65g/t gold and 514g/t. Widespread gold and silver anomalies were identified over a 500m structural trend, along with alteration patterns, quartz veins, and breccia-hosted mineralization consistent with other nearby producing mines, Silver Spruce noted. 

Silver Spruce plans to conduct additional fieldwork to refine targets for a maiden drill program, including trenching, ground geophysics, and detailed geological mapping and sampling. The company submitted a plan for a 500m to 1,000m trenching program followed by an initial 1,000m to 2,000m reverse circulation drill program targeting areas near the center of the concession. The company will need to complete an updated environmental report for submission to SEMARNAT to obtain a new permit. The proposed scope includes 13 trench track locations and 36 drill pads. 

As part of its portfolio review, Silver Spruce transferred its ownership interest in Yaque Minerales S.A. de C.V., which holds the Diamante project, to Colibri Resource. The decision is reported to have cleared approximately CA$80,000 (US$57,231) in outstanding exploration expenditures owed to Colibri Resource, providing Silver Spruce with balance sheet flexibility and allowing Colibri Resource to consolidate ownership of the Diamante project.

Silver Spruce Resources stressed that while the Diamante project remains a quality exploration project, the priority is to concentrate on assets where Silver Spruce can act as operator and deploy capital in a more focused manner, allowing resources to be directed toward Jackie and other core assets. 

Silver Spruce noted that as of May 10, 2025, Colibri Resource and Silver Spruce jointly increased their joint ownership of Diamante from 50% to 60% due to an ownership dilution agreement with a private Mexico-based partner, where exploration activities were funded entirely by Yaque Minerales, before Silver Spruce's subsequent relinquishment of its interest.