A silver film containing nanometer size clusters of iron (nominal conc. 1 at%) has been studied by Mössbauer spectroscopy and Low-Energy Muon Spin Rotation. Below about 20 K spin glass freezing due to interparticle interactions is found from both methods. Whereas Mössbauer spectra are insensitive to the fast fluctuations of cluster moments above spin glass freezing temperature, muon spin rotation in magnetic fields applied perpendicular to the polarized muon spins allows tracing the fluctuations of superparamagnetic moments. The temperature dependence of the damping of the muon spin rotation signal shows Arrhenius behavior between 10 to 100 K. Depending on the assumed shape of damping the activation energy of superparamagnetic fluctuations of cluster moments ranges between about 20 K ·kB and 40 K ·kB. Above about 120 K muon spin depolarization indicates diffusion and trapping of muons. © 2011 Springer Science+Business Media B.V.