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Dolly Varden Silver's Step-Out Drilling at Homestake Ridge Discovers New, High-Grade Gold Zone: 79.49 g/t Au over 12.45m, including 1,335 g/t Au over 0.68m

12.02.2024  |  Newsfile

Vancouver, February 12, 2024 - Dolly Varden Silver Corp. (TSXV: DV) (OTC: DOLLF) (the "Company" or "Dolly Varden") is pleased to announce 2023 step-out drilling at the Homestake Ridge property intersected a new gold-rich zone, to the northwest from the Homestake Silver Deposit.

Highlights of Homestake Silver step-outs to the northwest include: (intervals shown are core length**)

  • HR23-389: 79.49 g/t Au and 60 g/t Ag (80.21 g/t AuEq*) over 12.45 meters including 1,335 g/t Au*** and 781 g/t Ag (1,344.42 g/t AuEq*) over 0.68 meters within a broad mineralized zone grading 15.26 g/t Au and 20.05 g/t Ag (15.50 g/t AuEq*) over 66.50 meters.
  • HR23-399: 43.10 g/t Au and 66 g/t Ag (43.90 g/t AuEq*) over 1.01 meters and 40.33 g/t Au and 418 g/t Ag (45.37 g/t Au Eq**) over 1.75 meters within a broad mineralized zone grading 2.68 g/t Au and 20 g/t Ag (2.92 g/t AuEq*) over 57.70 meters.
  • HR23-410: 10.17 g/t Au over 6.61 meters including 50.70 g/t Au over 0.62 meters.

Highlights from Homestake Main infill drilling below high-grade plunge include: (intervals shown are core length**)

  • HR23-374: 22.60 g/t Au over 0.67 meters, 18.75 g/t Au over 2.00 meters and 10.15 g/t Au over 1.00 meter in separate vein breccias included in a wider mineralized envelope grading 1.22 g/t Au and 1.90 g/t Ag (1.24 g/t AuEq*) over 83.51 meters.
  • HR23-386: 18.14 g/t Au and 30 g/t Ag (18.51 g/t AuEq*) over 2.50 meters including 69.9 g/t Au and 42 g/t Ag (70.41 g/t AuEq*) over 0.50 meters.
  • HR23-390: 129.00 g/t Au and 218 g/t Ag (131.63 g/t AuEq*) over 0.50 meters in a vein breccia included in a wider mineralized envelope grading 1.92 g/t Au and 3.58 g/t Ag (1.96 g/t AuEq*) over 50.30 meters.

*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag
**Estimated true widths vary depending on intersection angles and range from 50% to 85% of core lengths.
***Determined using metallic screen fire assay on 1.0 kg split

"Whether we discover new zones of high-grade gold at Homestake Ridge or expand the large, wide and high-grade silver deposits at Wolf and Torbrit, drilling continues to deliver results from the premier, undeveloped gold-silver trend in Canada," said Shawn Khunkhun, CEO of Dolly Varden Silver.

"The new high-grade gold and silver mineralization encountered in step out drilling to the northwest of Homestake Silver represents a significant breakthrough in further defining, upgrading and expanding the mineralization at Homestake Ridge," said Rob van Egmond, Vice-President Exploration." This new zone remains open to the northwest, projecting towards the Homestake Main Deposit."

This release includes the remaining drill results from 48 drill holes from the 2023 drill program at the 100%-owned Kitsault Valley Project that includes the Homestake Ridge and Dolly Varden properties in BC's Golden Triangle. Reporting 26 drill holes at Homestake Main (11,054.90m), four drill holes (2,478.00m) from the new gold-rich zone at the Homestake Silver northwestern extension, and six exploration drill holes on the Homestake Ridge property (1,627.00m). In addition, twelve holes (6,971.00m) from the Dolly Varden property including the North Star, Red Point and Wolf areas are reported in this release.

Homestake Silver Step-Out Drilling

The high-grade gold and silver intersections in holes HR23-389 and HR23-399 are horizontally separated by approximately 40m and are interpreted to be a new gold zone extending northwest, at depth towards the Homestake Main deposit. Deeper in these holes a second, targeted mineralized envelope was encountered (Figure 5). In longitudinal section, the new gold zone overlaps parallel with the known mineralized envelopes approximately 50 meters to the east. This zone remains open to the northwest below historic drilling. Drilling in 2024 will target a 350m long gap between the Homestake Silver and Homestake Main Deposits to expand this new zone (Figure 2).

Drill hole HR23-410 is a 75-meter step-out from previously released holes HR23-395 and 398 (January 4th, 2024 release) and represents an extension of the higher grade veins to depth and below the wide, higher grade plunge.

The dip of drill hole HR23-394 steepened due to hole deviation more than anticipated and remained in the footwall to mineralized zones.




Figure 1. Location in this release along Dolly Varden's Kitsault Valley trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/197571_d1b03db9d4f00b27_002full.jpg

Homestake Main Drilling

The objective of drilling during 2023 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Mineral Resources in the projected plunge of the wider, higher-grade zone. The drilling completed in 2023 at Homestake Main was primarily resource expansion drilling, targeting both down dip and along strike from current Mineral Resources.

At Homestake Main, the 2023 drilling tested the depth extent of the structural corridor that hosts the mineralization and infilled in areas of higher grades. Drill hole HR23-374 is located approximately 200m down dip from the modelled wide, high-grade plunge, planned as a depth test at the bottom edge of the known mineralized envelope.

Drilling along the northwest projection of the Homestake Main zone intersected the structural corridor and associated alteration but with a decrease in vein stockwork and vein breccias density.

Homestake Ridge Exploration Drilling

Four exploration drill holes (HR23-417, 420, 421 and 424) tested two parallel, northwest trending structures located 300 metres and 600 meters to the west of the Homestake Silver deposit. HR23-424 tested the Fox Reef, a parallel structure approximately 900 meters to the southwest. Numerous veins and breccias were intersected with lower grade gold values (Table 3). Another two drill holes (HR23-422 and 423) tested the Dilly - Rambler exploration target 1,500m to the south of Homestake Silver. Although zones of QSP alteration and structures of interest were intersected, no significant precious metal grades were returned from the samples in these holes.

The Homestake Ridge deposits are interpreted as a structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system and quart-carbonate veining (Figure 3). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold and silver shoots within a broader low-grade (>0.1 g/t Au) zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to steeply Southwest at Homestake Silver (Figure 2 and 5).



Figure 2. Long Section of Homestake Silver and Main. Modelled mineralized envelope from resource in Red (looking southwest)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/197571_d1b03db9d4f00b27_003full.jpg



Figure 3. Drill hole HR23-389 at the gold zone from the Homestake Silver deposit hosting quartz carbonate vein and stockwork with high-grade gold and silver mineralization.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/197571_d1b03db9d4f00b27_004full.jpg



Figure 4. Location of 2023 Drill holes at Homestake Main and northwest step outs at Homestake Silver in this release. Plan View with Current Mineral Resource block model in grey, primarily of Inferred Classification

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/197571_d1b03db9d4f00b27_005full.jpg



Figure 5. Homestake Silver northwest extension Cross Section (A-B) with 2023 and previous drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/197571_d1b03db9d4f00b27_006full.jpg

Table 1. Completed Drill Hole Assays from the Homestake Silver Deposit Northern Extension drilling

Hole ID From (m) To
(m)
Length (m)** Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq* AgEq*
HR23-389 329.50 369.93 40.43 0.11 67 0.00 0.91 76
including 366.00 368.00 2.00 0.52 559 0.03 7.26 602
including 367.00 368.00 1.00 0.99 996 0.04 13.00 1078
New Au Zone 377.50 444.00 66.50 15.26 20 0.01 15.50 1285
including 401.00 413.45 12.45 79.49 60 0.01 80.21 6649
including 409.90 410.58 0.68 1335*** 781 0.01 1344.42 111440
Lower Zone 503.07 550.35 47.28 1.22 1 0.01 1.23 102
including 510.60 511.85 1.25 13.70 4 0.01 13.75 1140
including 522.77 523.37 0.60 8.53 4 0.01 8.57 711
including 525.79 526.81 1.02 13.65 6 0.01 13.72 1137
HR23-394 416.50 421.50 5.00 0.52 14 0.02 0.69 57
including 416.50 417.50 1.00 2.10 26 0.03 2.42 200
and 484.00 486.00 2.00 2.20 50 0.02 2.79 231
HR23-399
New Au Zone
377.90 435.60 57.70 2.68 20 0.02 2.92 242
including 396.24 397.25 1.01 43.10 66 0.23 43.90 3639
including 413.00 414.75 1.75 40.33 418 0.13 45.37 3761
and 446.80 452.00 5.20 1.40 5 0.02 1.46 121
Lower Zone 545.10 570.00 24.90 0.36 NSV
0.36 30
HR23-410 329.35 329.85 0.50 0.12 1215 0.04 14.77 1225
and 329.85 330.35 0.50 0.06 192 0.41 2.37 197
75m Step out 566.11 572.72 6.61 10.17 7 0.03 10.25 850
including 567.58 571.47 3.89 16.81 10 0.04 16.93 1403
including 567.58 568.20 0.62 50.70 26 0.08 51.01 4229
including 570.00 571.47 1.47 15.30 9 0.05 15.41 1277

Table 2. Completed Drill Hole Assays from the Homestake Main Deposit Area

Hole ID From (m) To
(m)
Length (m)** Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq* AgEq*
HR23-367 295.75 304.80 9.05 1.66 1 0.01 1.68 139
including 299.96 300.80 0.84 3.16 2 0.03 3.19 264
including 301.32 301.82 0.50 19.80 11 0.06 19.94 1652
HR23-368 186.90 188.90 2.00 0.18 NSV
0.18 15
and 207.70 212.95 5.25 0.17 NSV
0.17 14
HR23-369 204.00 211.00 7.00 0.60 NSV
0.60 50
including 231.07 231.62 0.55 0.83 4 0.01 0.88 73
and 294.50 317.34 22.84 0.37 NSV
0.37 31
including 313.19 314.50 1.31 3.31 18 0.00 3.52 292
HR23-370 288.00 295.00 7.00 1.65 2 0.01 1.67 139
including 293.00 295.00 2.00 4.83 5 0.01 4.89 405
HR23-371 323.00 323.50 0.50 1.45 NSV
1.45 120
HR23-372 234.36 258.50 24.14 0.87 1 0.04 0.88 73
including 246.50 250.50 4.00 3.58 3 0.10 3.61 299
including 257.70 258.50 0.80 1.05 7 0.52 1.13 94
HR23-373 341.00 343.00 2.00 0.45 NSV
0.45 37
HR23-374 261.03 344.54 83.51 1.22 2 0.04 1.24 103
including 268.48 269.15 0.67 22.60 10 0.17 22.72 1883
including 311.00 313.00 2.00 18.75 8 0.22 18.85 1562
including 321.00 322.00 1.00 10.15 9 0.09 10.26 850
HR23-375 234.00 237.18 3.18 0.14 2 0.01 0.17 14
HR23-376 402.09 409.13 7.04 0.97 1 0.05 0.98 81
including 408.32 409.13 0.81 5.29 5 0.32 5.35 444
HR23-377 475.75 477.26 1.51 0.32 4 0.04 0.37 31
HR23-378 523.55 526.00 2.45 0.36 NSV
0.36 30
and 569.85 571.46 1.61 0.45 NSV
0.45 37
HR23-379 264.00 293.00 29.00 0.47 1 0.02 0.49 40
including 284.88 286.50 1.62 4.96 14 0.25 5.13 425
and 299.75 315.35 15.60 0.29 NSV
0.29 24
and 387.00 416.00 29.00 0.38 NSV
0.38 31
including 395.00 399.50 4.50 0.80 NSV
0.80 66
including 403.00 406.00 3.00 0.92 NSV
0.92 76
HR23-380 420.44 446.00 25.56 0.25 0 0.00 0.25 21
HR23-381 259.97 277.00 17.03 0.56 12 0.03 0.71 59
including 265.24 265.89 0.65 3.38 111 0.41 4.72 391
including 268.02 268.61 0.59 1.30 4 0.00 1.35 112
HR23-382 312.00 394.41 82.41 0.26 NSV 0.02 0.26 22
including 324.60 325.12 0.52 3.33 4 0.44 3.38 280
including 359.50 360.22 0.72 1.95 13 0.48 2.11 175
and 404.00 434.00 30.00 0.38 NSV 0.01 0.38 31
including 426.30 427.12 0.82 4.86 21 0.32 5.11 424

Table 2 con't. Completed Drill Hole Assays from the Homestake Main Deposit Area

Hole ID From (m) To
(m)
Length (m)** Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq* AgEq*
HR23-383 166.08 168.00 1.92 0.86 39 0.00 1.33 110
HR23-384 338.12 371.10 32.98 0.31 1 0.01 0.33 27
and 391.00 444.00 53.00 0.30 1 0.00 0.31 26
HR23-385 485.67 515.05 29.38 0.25 2 0.07 0.27 22
and 510.00 510.70 0.70 0.93 15 0.63 1.11 92
HR23-386 156.69 208.95 52.26 1.47 25 0.13 1.78 147
including 159.00 160.00 1.00 1.35 969 0.09 13.04 1081
including 161.00 163.50 2.50 18.14 30 0.24 18.51 1534
including 161.00 161.50 0.50 69.90 42 0.18 70.41 5836
including 183.90 190.00 6.10 2.19 16 0.91 2.39 198
HR23-387 146.84 190.10 43.26 0.62 6 0.13 0.69 57
including 150.00 150.50 0.50 6.18 10 0.16 6.31 523
including 166.00 168.65 2.65 2.54 35 1.68 2.96 246
including 189.10 189.60 0.50 2.62 1 0.11 2.64 219
HR23-388 211.90 229.50 17.60 1.00 4 0.14 1.04 86
including 213.86 215.00 1.14 1.90 17 0.93 2.10 174
including 219.48 220.20 0.72 7.80 8 0.13 7.90 655
including 221.50 222.00 0.50 1.03 9 0.16 1.14 94
including 225.60 228.40 2.80 2.05 4 0.14 2.10 174
and 372.50 381.50 9.00 1.76 3 0.13 1.80 149
including 373.38 373.88 0.50 28.80 47 2.23 29.37 2434
HR23-390 167.70 218.00 50.30 1.92 4 0.03 1.96 162
including 169.68 170.18 0.50 129.00 218 1.09 131.63 10911
including 173.95 174.45 0.50 5.59 8 0.13 5.68 471
including 206.00 207.00 1.00 2.72 1 0.00 2.73 227
including 216.00 218.00 2.00 2.12 5 0.03 2.18 180
HR23-391 159.00 167.50 8.50 0.12 NSV
0.12 10
and 232.00 239.55 7.55 1.22 5 0.14 1.28 106
including 234.00 236.55 2.55 3.29 11 0.36 3.43 284
and 246.04 306.90 60.86 0.72 3 0.09 0.76 63
including 246.04 246.61 0.57 3.56 40 0.12 4.04 335
including 254.48 273.30 18.82 1.52 4 0.14 1.56 130
including 304.70 305.20 0.50 13.55 50 0.27 14.15 1173
and 324.00 346.20 22.20 0.26 0 0.02 0.27 22
including 331.80 332.30 0.50 3.96 5 0.84 4.03 334
HR23-392 113.00 119.00 6.00 0.45 47 0.02 1.01 84

Table 3. Completed Drill Hole Assays from the Homestake Ridge Property Exploration

Hole ID From (m) To
(m)
Length (m)** Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq* AgEq*
HR23-422 193.00 194.17 1.17 0.36 24 0.13 0.65 54
HR23-424 10.00 17.00 7.00 0.27 NSV


HR23-424 12.00 13.16 1.16 1.06 9
1.17 97
and 23.25 23.75 0.50 5.72 22 0.40 5.98 496
and 95.20 95.70 0.50 0.54 20
0.79 65
and 196.05 196.66 0.61 1.76 2
1.79 148
and 199.35 199.85 0.50 1.97 3
2.00 166
and 249.35 249.93 0.58 1.84 2
1.86 154
HR23-423 168.60 169.70 1.10 1.52 1
1.53 127
and 246.75 247.75 1.00 0.78 NSV
0.78 65
HR23-420 NSV






HR23-421 97.60 206.00 108.40 0.11 NSV
0.112 9
HR23-417 156.20 161.20 5.00 0.98 NSV
0.978 81
including 158.20 159.20 1.00 2.09 NSV
2.09 173


*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag.
**Estimated true widths vary depending on intersection angles and range from 50% to 90% of core lengths
***Determined using metallic screen fire assay on 1.0kg

Table 4. Drill Hole Collar Locations for 2023 Homestake Ridge drill holes in this release

Hole ID Easting UTM83 (m) Northing UTM83 (m) Elev. (m) Azimuth Dip Length (m)
HR23-367 462840 6179693 952 211 -58 351.00
HR23-368 462840 6179693 952 202 -68 402.00
HR23-369 463071 6179531 927 237 -55 414.00
HR23-370 462840 6179693 952 226 -56 324.90
HR23-371 462771 6179849 1091 200 -75 589.00
HR23-372 463071 6179531 927 235 -62 390.00
HR23-373 462840 6179693 952 230 -68 450.00
HR23-374 463166 6179562 895 232 -53 441.00
HR23-375 462771 6179849 1091 200 -62 582.00
HR23-376 462897 6179729 964 140 -65 609.00
HR23-377 463166 6179562 895 232 -71 552.00
HR23-378 462771 6179849 1091 200 -73 609.00
HR23-379 463015 6179634 918 210 -59 450.00
HR23-380 463132 6179539 914 221 -70 501.00
HR23-381 462794 6179271 1116 106 -45 402.00
HR23-382 463075 6179672 902 212 -55 450.00
HR23-383 463129 6179330 986 220 -53 285.00
HR23-384 463132 6179539 914 205 -66 501.00
HR23-385 462897 6179729 964 240 -74 600.00
HR23-386 463120 6179391 969 223 -57 300.00
HR23-387 463120 6179391 969 231 -52 306.00
HR23-388 463133 6179500 925 223 -47 399.00
HR23-390 463120 6179391 969 205 -62 354.00
HR23-391 463133 6179500 925 218 -61 439.00
HR23-392 462794 6179271 1116 116 -45 354.00
HR23-389 463590 6179193 825 228 -46 603.00
HR23-394 463590 6179193 825 228 -53 654.00
HR23-399 463590 6179193 825 232 -48 621.00
HR23-410 463560 6179124 834 220 -50 600.00
HR23-417exp 463182 6178630 1070 240 -50 283.00
HR23-420exp 463482 6178246 1014 240 -50 279.00
HR23-421exp 463295 6177829 1200 282 -46 222.00
HR23-422exp 463305 6177143 1117 166 -46 261.00
HR23-423exp 463713 6176389 1038 315 -50 255.00
HR23-424exp 463318 6178059 1169 230 -46 327.00

Dolly Varden Exploration Drilling

Result for twelve drill holes competed at the end of the 2023 season on the Dolly Varden property come from three main areas: Red Point, North Star and Wolf (Figure 6).

Red Point Drilling

Three holes were drilled in the Red Point area, located at the southern end of the western gold belt, approximately 10 kilometers southeast along the trend from the Homestake Ridge deposits. Styles of mineralization encountered including varying degrees of quartz and quartz-carbonate veining in a QSP alteration halo, similar to what is seen at the Homestake Ridge deposits. Highlights from the 2023 exploration drilling include: (intervals shown are core length**)

  • HR23-360: 1.92 g/t Au over 13.10 meters including 7.25 g/t Au and 1.12% Cu over 2.30 meters near surface all within a broad mineralized halo grading 0.44 g/t Au over 120.62 meters.

**Estimated true widths vary depending on intersection angles and range from 70% to 90% of core lengths.

North Star Drilling

Two drill holes intersected the stratabound mineralization of the North Star deposit, part of the Torbrit Horizon, approximately 50 meters down dip from historic underground drilling in the 1960s. The surface drill holes collars were moved further back to intercept the horizon at a better angle and test for continuity. The North Star deposit has higher lead (Pb) and zinc (Zn) values than the Torbrit deposit located across the Kitsault Valley. The Current Mineral Resource Estimate for North Star does not include any credits for the significant base metals in the mineralized horizon.

Highlights from North Star Area include: (intervals shown are core length**)

  • HR23-358: west step out, entire horizon: 199 g/t Ag with 1.28% Pb and 1.21% Zn (292 g/t AgEq) over 18.10 meters including 1,510 g/t Ag, 1.23% Pb and 5.34% Zn (1,755 g/t AgEq) over 0.58 meters and 753 g/t Ag, 0.51 g/t Au, 15.20% Pb and 4.32% Zn (1,430 g/t AgEq) over 1.00 meters.

**Estimated true widths vary depending on intersection angles and range from 80% to 95% of core lengths.

The North Star deposit (along the Torbrit Horizon) remains open to the west down dip along the Torbrit Horizon for follow up in the 2024 drill program.

Wolf Drilling

The five drill holes reported in this release for Wolf were part of an end of season follow up to test below the plunge of the wide, higher-grade zone. The Wolf structure was intersected with low silver grades and increased lead and zinc values, typical of below and outside of the plunge of high-grade silver zone (Figure 8).



Figure 6. Drill hole location map for Dolly Varden Property holes reported in this release.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/197571_d1b03db9d4f00b27_007full.jpg



Figure 7. Wolf Long Section with 2023 drill holes in this release highlighted in white. The 2023 result highlights shown from step-outs along the wide, high-grade plunge are from previous releases (Sept 11th and Nov 06th, 2023).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/197571_d1b03db9d4f00b27_008full.jpg

Table 5. Completed Drill Hole Assays from the Dolly Varden Property Exploration Drilling in this release.

Hole ID From
(m)
To
(m)
Length (m)** Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
AgEq
(g/t)
DV23-353
North Star
251.05 254.50 3.45 138 0.07 3.50 7.69 543
including 252.50 254.50 2.00 211 0.10 5.74 9.82 769
and 266.45 267.10 0.65 426 0.39 0.59 0.24 485
and 291.50 292.50 1.00 219 0.47 0.05 1.29 308
DV23-358
North Star
278.96 280.80 1.84 52 0.03 0.80 11.10 500
and 293.32 311.42 18.10 199 0.08 1.28 1.21 292
including 293.32 300.75 7.43 345 5.92 2.75 1.6 491
including 293.32 293.90 0.58 1510 0.06 1.23 5.34 1755
including 296.00 297.00 1.00 753 0.51 15.20 4.32 1430
DV23-360
Red Point
1.85 122.47 120.62 3 0.44 0.02 0.05 42
including 34.90 48.00 13.10 6 1.92 0.03 0.08 169
including 44.00 46.30 2.30 15 7.25 0.03 0.07 619
DV23-363
Red Point
29.00 109.00 80.00 NSV 0.38


including 51.00 54.10 3.10 12 3.45

298
DV23-384
Red Point
724.20 783.00 58.80 1 0.28 0.01 0.03 26
including 737.50 761.81 24.31 1 0.45 0.00 0.02 39
DV23-377
Surprise
NSV






DV23-378
Surprise
NSV






DV23-380
Wolf
575.60 584.28 8.68 2 NSV 0.12 0.55 26
DV23-381
Wolf
593.13 594.10 0.97 115 0.03 1.60 1.73 233
and 669.20 670.20 1.00 184 0.04 0.52 2.44 295
and 671.92 673.90 1.98 215 0.01 0.23 3.17 343
and 675.40 676.40 1.00 138 0.03 15.04 3.12 725
DV23-382
Wolf
549.83 570.70 20.87 39 0.18 1.25 0.70 119
including 551.00 552.30 1.30 250 0.28 15.38 3.80 895
DV23-383
Wolf
274.00 276.72 2.72 6 0.03 0.06 1.14 53
DV23-385
Wolf
369.02 384.62 15.60 21 0.05 0.77 0.61 72
including 372.10 372.92 0.82 131 0.28 0.34 0.55 185


*AgEq is calculated using $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
**Estimated true widths vary depending on intersection angles and range from 70% to 95% of core lengths

Table 6. Drill Hole Collar Locations for 2023 Dolly Varden Property drill holes in this release.

Hole ID Easting UTM83 (m) Northing UTM83 (m) Elev. (m) Azimuth Dip Length (m)
DV23-353 North Star 467575 6171329 533 115 -60 431.00
DV23-358 North Star 467575 6171329 533 155 -58 413.00
DV23-360 Red Point 467026 6172064 618 205 -50 384.00
DV23-363 Red Point 466782 6172288 707 220 -63 378.00
DV23-384 Red Point 466500 6171968 759 260 -60 912.00
DV23-377 Surprise 466815 6173693 446 232 -46 300.00
DV23-378 Surprise 466815 6173693 446 340 -60 618.00
DV23-380 Wolf 467013 6173643 383 140 -71 803.00
DV23-381 Wolf 467013 6173643 383 140 -74 824.00
DV23-382 Wolf 467013 6173643 383 142 -65 648.00
DV23-383 Wolf 467265 6172994 372 305 -55 762.00
DV23-385 Wolf 467127 6173757 364 138 -57 498.00

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Gold is determined by Fire Assay on a 30g split with and AA finish and over limits determined by Fire Assay with a gravimetric finish. Metallic screen fire assay analysis on 1kg sample +106umis carried out when determined to be necessary on higher grade samples.

Qualified Person

Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the "Qualified Person" as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corp. is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "potential", and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management's current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company's most recently filed annual management discussion & analysis ("MD&A") and management information circular dated January 21, 2022 (the "Circular"), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197571


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Mineninfo
Dolly Varden Silver Corp.
Bergbau
A14VGG
CA2568272058

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