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Dolly Varden Silver Energy Junior Mining Precious Metals

Dolly Varden Silver Intersects 15.94 meters Averaging 1,499 g/t Silver Including 0.35 meters of 23,997 g/t Silver at the Wolf Deposit

Vancouver, British Columbia–(Newsfile Corp. – February 6, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that final results from drilling during the 2022 season on the Dolly Varden area of the Kitsault Valley Project have been received, including significant results from both the southern and northern limits at the Wolf Deposit: the southwest Wolf Vein Extension as well as the East Wolf Vein offset. Results include the highest grade silver assay yet received from the Dolly Varden Property. Mineralization remains open for expansion at the deposit.

Highlights from the Wolf Vein include:

  • Wolf Vein Northeast: DV22-329: 1,499 g/t Ag, 1.89% Pb, 0.46% Zn over 15.94 meters (8.77 meters estimated true width), including the highest grade silver assay reported from the project to-date with coarse, native silver mineralization that returned 23,997 g/t Ag, 1.24% Pb, 0.34% Zn over 0.35 meters (0.19m estimated true width).
  • Wolf Vein Southwest: DV22-320321 g/t Ag, 0.84% Pb, 0.84% Zn over 12.85 meters (6.81 meters estimated true width) including 664 g/t Ag, 1.24% Pb, 3.54% Zn over 1.63 meters (0.86 meters estimated true width).

Highlights from exploration drilling at Kitsol Vein and a new discovery at the Red Point target include:

  • Kitsol Vein: DV22-323301 g/t Ag, 0.23 %Pb, 0.56% Zn over 15.00 meters (9.60 meters estimated true width) including 434 g/t Ag, 0.41% Pb, 0.69% Zn over 5.90 meters (3.78 meters estimated true width).
  • Red Point: DV22-3218.10 g/t Au, 244 g/t Ag and 5.16% Cu over 1.00 meter*.
  • Red Point: DV22-32217.20 g/t Au and 1.65% Cu over 1.15 meters*.

*(intervals stated in core length unless otherwise indicated)

“Results from the Wolf Vein continue to exceed expectations, returning the highest-grade silver assay yet received, more than doubling the strike length of the deposit through step outs to the north and south as well as returning wide, robust silver and base metal grades at depth. Our priority during the 2023 will be to connect the Wolf Deposit with the Kitsol Deposit, located 1,400 meters to the south. Additionally, encouraging gold, silver and copper mineralization at the new Red Point discovery is encouraging,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

On the East Wolf offset, the 50m step out drill hole DV22-329 cut an interval of multi-phase veins and breccia, demonstrating the robust Wolf Vein system remains open along strike to the east and northeast.

Testing the southwestern known limits of the Wolf Vein, drill hole DV22-320 is the southernmost hole completed to-date and the vein intercept in that hole is over 825 meters distance down plunge on the system from the reported intercept in drill hole DV22-329. Drill hole DV22-320 is a 63m step-out down plunge from previously reported DV22-316, which intersected 550 g/t Ag over 9.80m (see news release dated November 21, 2022). DV22-320 is located over 350m to the southwest from the 2021 discovery drill hole DV21-273, demonstrating that silver-rich mineralization hosted by the Wolf vein continues to depth and remains open for expansion to the southwest under the sedimentary cover rocks (Figure 2).

At the Kitsol Vein, step-out hole DV22-323 expanded high grade silver mineralization an additional 85 meters down-plunge from previously released results (Figure 6).

At the Red Point exploration target, high-grade gold and silver mineralization was discovered, with significant copper in strong pyrite-chalcopyrite mineralization in a new area (Figure 7). Mineralization is wide open for expansion.

Figure 1. Kitsault Valley trend and mineral deposits.

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Drilling objectives during 2022 at the Dolly Varden Property was to expand the wide high grade silver mineralization at on the Wolf Vein, step out and infill at Torbrit and Kitsol as well as test several other nearby exploration targets. A total of 52 holes for 18,614 meters were completed at the Dolly Varden Project during 2022; 20 holes for 9,994 meters were completed at the Wolf Vein, 18 holes for 3,524 meters at the Torbrit Deposit, 8 holes for 2,900 meters of infill and step out drilling at Kitsol Vein and 6 holes for 2,196 meters in additional exploration. This is in addition to 18,448m in 56 holes at the Homestake Ridge Property for a total of 37,062m in 108 holes on the Kitsaut Valley project in 2022.

Wolf Vein

Mineralization at the Wolf Vein consists of multiple epithermal silica vein and brecciation events along a northeast trending, steeply northwest dipping zone (Figures 2 and 3). Silver-bearing minerals include: native silver, silver sulphosalts, tennantite, argentite and argentiferous galena (Figures 4 and 5).

The mineralized interval in DV22-320 suggests an open-ended 350m long mineralized shoot to the southwest of discovery hole DV21-273, which returned 17.50m averaging 214 g/t Ag and 0.47% Pb including 1.22m averaging 1,532 g/t Ag, 0.44 g/t Au, 2.11% Pb and 1.07% Zn (see Dolly Varden news release, December 20, 2021). Drilling to the southwest tested mineralization within volcanic rocks, below the Upper Hazelton sediment cap and are associated with strong potassic alteration. This trend continues south for 1,400 m to the Kitsol Vein (Figure 7).

Drill holes DV22-315 and 317 are on section with DV22-316 (Figure 2) but intersected the Wolf structure approximately 100 meters above and 75 meters below, respectively, the projection of the higher grade silver zone intersected in DV22-316.

High-grade silver in drill hole DV22-329 occurs within a very strong, multiphase vein and breccia vein that is offset to the main Wolf Vein by a post-mineral fault. The dip of the offset limb is approximately 55 degrees to the northwest, is open to the east and northeast, projecting just below the slope surface (Figures 2 and 3). Two other step outs from the same pad include DV22-325 and 327. Drill hole DV22-327 is approximately a 25 meter step-out returning 1,457 g/t Ag over 3.06 m (1.68m estimated true thickness). Drill hole DV22-325 intersected a post-mineral mafic dyke at the projected depth of vein mineralization (Table 1).

Figure 2. Longitudinal Section, open down plunge from DV22-320 on main Wolf Vein and open to the East from DV22-329 drilled on Wolf East offset vein.

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Figure 3. Plan of the Wolf Vein mineralization envelopes and 2022 drilling with lithology (this release have hole ID).

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Figure 4. DV22-320 Broad intervals of mineralized vein and vein breccias of the Wolf Vein extension.

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Figure 5. DV22-329 at 32.50m, Native Silver stringer with Pyrite, argentite in breccia quartz vein

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Table 1. Complete Wolf Area drill hole assays.

AreaHole IDFrom
(m)
To
(m)
Length
(m)
Est.True
Width
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Wolf WestDV22-315125.50126.000.500.2750.101.18
Wolf WestDV22-317533.75534.260.510.133771.910.41
And551.00552.001.000.26NSV0.281.14
And598.80601.002.200.57NSV0.081.33
And635.72636.240.520.14NSV0.101.62
And665.75666.250.500.13NSV0.022.12
And682.72683.220.500.13NSV0.091.76
Wolf HWDV22-318584.00585.001.00NSV0.180.12
Wolf WestDV22-320182.00183.001.000.5320.011.07
And586.00587.001.000.5350.361.18
And592.00593.001.000.5380.331.15
And623.65625.001.350.721580.400.14
And648.40661.2512.856.813210.840.84
including649.47651.101.630.866641.243.54
Wolf EastDV22-325postmineraldyke
Wolf EastDV22-32732.0035.063.061.681,4570.770.52
including33.0033.500.500.284,8801.140.58
Wolf EastDV22-32930.0045.9415.948.771,4991.890.46
including30.0033.503.501.934,5630.660.11
including32.3332.680.350.1923,9971.240.34
Wolf NEDV22-33012.2512.750.500.35950.510.09
And38.0045.757.755.431630.450.08
including40.7541.310.560.394871.480.25
And90.0091.751.751.231293.091.41

Kitsol Vein

Mineralization in drill hole DV22-323 at the Kitsol Vein demonstrates the continuity of steeply plunging, high-grade silver mineralization within the Kitsol structure. Mineralization was encountered 85 meters down-plunge from previously reported drill hole DV22-283 with 414 g/t Ag over 50.00m (see news release dated August 10, 2022). A further step out drill hole DV22-326 crossed the northwest striking Moose Lamb Fault into the hanging wall rock and did not encounter the Kistsol Vein (see Figure 6).

Figure 6. Kitsol Longitudinal Section A-B with DV22-323: an 85 meter step-out down-plunge.

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Dolly Varden Exploration Targets

Three exploration drill holes from one drill pad tested an Induced Polarity chargeability anomaly and the depth extent of gold bearing veins from the Red Point Area. The target is located approximately 500m west of the Kitsol Vein. All holes intersected strong QSP (quartz-pyrite -sericite) alteration with stockwork veining that returned anomalous gold over broad intervals (Table 2). In areas where the quartz veining intensified and brecciation occurred, gold and copper grades increased.

Highlights from the two drill holes oriented to the southwest that tested below the surface veining at the Red Point Prospect include:

  • DV22-321: 0.59 g/t Au over 49.00 m
  • DV22-321: 2.94 g/t Au and 1.65% Cu over 5.00 m
  • DV22-3218.10 g/t Au244 g/t Ag and 5.16% Cu over 1.00 m
  • DV22-32217.20 g/t Au and 1.93% Cu over 1.15 m

Figure 7. Plan view location of Kitsol, Red Point and North Star Connection drill holes

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The North Star Connection target, located to the west of Torbrit in the centre of the Kitsault River valley was tested with drill holes DV22-328 and 331. Vein- style mineralization was intersected along the projected trace of the North Star structure and appears to be continuous with the Torbrit deposit. No significant silver mineralization was encountered however anomalous gold values within the vein were received.

Exploration drill hole DV22-324 was drilled approximately 1,200 meters northwest of the Wolf Deposit, testing underneath the sediment cap (Figure 1). The drill pad was located in the centre of the valley, west of the Silver Horde alteration zone. Minor veining and moderate alteration was encountered with no significant assay results (see Table 2). Further targeting work is ongoing in this area.

Table 2. Kitsol and Exploration drill hole assays

AreaHole IDFrom
(m)
To
(m)
Length
(m)
Est.True
Width*
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Au
(g/t)
KitsolDV22-323325.30340.3015.009.63010.230.56
including332.40338.305.903.784340.410.69
KitsolDV22-326MooseLambFault
North StarDV22-328266.56273.006.445.9940.020.040.22
North StarDV22-331267.00270.403.402.9640.050.200.17
Red PointDV22-3194.2011.006.8075% to 90% of length0.20
and18.0022.004.000.33
and39.0055.5016.500.17
and124.00142.7018.700.14
and158.00165.007.000.19
and175.00184.009.000.22
Red PointDV22-3216.1912.005.8175% to 90% of length0.22
and23.0029.006.000.44
and103.00105.002.003.01
and113.00162.0049.00130.59
including138.00143.005.00832.94
including139.00140.001.002448.10
and248.00261.0013.000.73
Red PointDV22-3222.8811.008.1275% to 90% of length0.18
and45.0076.0031.000.19
and106.60107.751.15230.070.1317.20
Silver HordeDV22-324243.00244.001.0085% to 90% of length1250.990.04
and419.50420.000.50121.820.54

Table 3. Drill hole collar locations and orientations

ZoneHole IDEasting
UTM83 (m)
Northing
UTM83 (m)
Elev.
(masl)
AzimuthDipLength
(m)
Wolf WestDV223154670036173509390125-62424.00
Wolf WestDV223174670036173509390125-80684.00
Wolf HWDV22318466902617360241580-65696.00
Wolf WestDV223204669026173602415137-63699.00
Wolf EastDV223254674656173669520355-68141.00
Wolf EastDV223274674656173669520355-85102.00
Wolf EastDV22329467465617366952040-50120.00
Wolf NEDV223304673156173933485110-45231.00
Red PointDV22319467047617199662040-74357.00
Red PointDV223214670476171996620200-50342.00
Red PointDV223224670476171996620200-75339.00
KitsolDV223234674826172114411106-58468.00
KitsolDV223264674826172114411111-64564.00
North StarDV223284677136171589394125-55354.00
North StarDV223314677136171589394125-55351.00
Silver HordeDV22324466644617437939260-50453.00

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 and a 500 gram split is pulverized to minus 200mesh. 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. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo. Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI 43-101 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 Corporation 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 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.

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Categories
Base Metals Dolly Varden Silver Junior Mining Precious Metals

Dolly Varden Silver Reports Multiple Gold and Silver Intersections at Homestake Ridge, with 46.31 g/t Au and 70 g/t Ag over 25m, Including 1,145 g/t Au and 826 g/t Ag over 0.48m

Vancouver, British Columbia–(Newsfile Corp. – January 30, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC’s Golden Triangle.

Highlights from the Homestake Main Deposit include*:

  • HR22-324: 4.32 g/t Au and 76 g/t Ag over 22.50 meters including 19.42 g/t Au and 375 g/t Ag over 4.50 meters
  • HR22-333: 46.31 g/t Au, 70 g/t Ag and 0.19% Cu over 25.00 meters including 1,145 g/t Au, 826 g/t Ag and 0.51% Cu over 0.48 meters
  • HR22-336: 6.19 g/t Au and 1,844 g/t Ag over 3.90 meters and 6.37 g/t Au, 29 g/t Ag and 1.51% Cu over 6.00 meters
  • HR22-338: 4.16 g/t Au, 21 g/t Ag and 1.42% Cu over 5.10 meters including 20.80 g/t Au, 115 g/t Ag and 11.60% Cu over 0.50 meters
  • HR22-345: 8.73 g/t Au and 12 g/t Ag over 29.54 meters, including 260 g/t Au, 102 g/t Ag over 0.70 meters
  • HR22-359: Three individual higher grade zones grading; 49.49 g/t Au over 1.52m, 24.00 g/t Au over 0.70m and 46.20 g/t Au over 0.50m within a 40.50 meter interval

Intervals are core length; estimated true widths vary from 80 to 90% of core length interval, assays are uncut

Highlights from the Homestake Silver Deposit include*:

  • HR22-349: 211 g/t Ag over 3.50 meters, and 688 g/t Ag over 0.80 meters
  • HR22-357: Three individual higher grade silver intersects grading; 1,185 g/t Ag over 0.50m, 816 g/t Ag over 0.50m and 1,085 g/t Ag over 0.50m within a 129m wide structural corridor
  • HR22-361: 2,500 g/t Ag, 15.04 g/t Au and 0.17% Cu over 1.20 meters
  • HR22-362: 1,252 g/t Ag, 0.81 g/t Au and 0.14% Cu over 2.50 meters, including 3,330 g/t Ag, 0.75 g/t Au and 0.38% Cu over 0.75m
  • HR22-365: 469 g/t Ag over 2.70 meters including 1,040 g/t Ag over 0.65 meters

Intervals are core length; estimated true widths vary from 70 to 90% of core length interval, assays are uncut

“Dolly Varden Silver’s initial drilling at the Homestake Main Deposit has returned consistent mineralized intervals with some of the highest grades of gold with silver reported from the Property to date, but also the entire Golden Triangle during the 2022 drilling season,” said Shawn Khunkhun, President and CEO. “Coupled with the exceptional grades and thicknesses of silver mineralization encountered in step-out holes at the Wolf and Kitsol Deposits, we are demonstrating the impressive precious metal endowment and potential of the Kitsault Valley trend.”

The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Mineral Resources. A total of 41 holes for 10,472 meters were completed at the Homestake Main Deposit, 12 holes for 6,076 meters were completed at the Homestake Silver Deposit and 3 additional exploration holes for 1,900 meters were completed along the Homestake Ridge Trend during the 2022 season.


 
Figure 1. Homestake Ridge Deposits within Dolly Varden’s Kitsault Valley Trend.
 
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The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia systems hosted in early Jurassic-age Hazelton Group volcanic rocks. Mineralization consists primarily of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system, locally with native gold, silver and electrum. (see Figure 3). The northwestern strike of the main Homestake structural trend hosts multiple, subparallel internal structures that are interpreted to form the controls for high-grade gold shoots within a broader interval of mineralization at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 4 to 6).


 
Figure 2. Homestake Main and Homestake Silver Long Section (looking west) with 2022 drilling highlighted.
 
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Homestake Main

The results from Homestake Main are primarily infill drilling from areas of current Inferred Mineral Resources and suggest that the higher-grade gold-silver shoots may be more extensive than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence.

Four of the drill holes at Homestake Main were drilled below the Mineral Resource domains to test for down dip extensions. Drill holes HR22-326, 329, 351 and 354 all intersected the structures that host gold mineralization below the resource.

One step out drill hole, HR22-355, was drilled along trend and approximately 250m north of Homestake Main. Alteration associated with the main deposit was encountered with minor brecciation returning anomalous pathfinder elements as seen in the upper levels of the mineralization system at the Homestake Main Deposit indicating the system continues to the north.

Complete Assay results for the second batch of drilling results from Homestake Main are in Table 1.


 
Figure 3. Drill hole HR22-333 from the Homestake Main deposit showing breccia vein style mineralization.
 
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Homestake Silver

The 2022 drilling at the Homestake Silver Deposit area was a combination of step out holes below the primarily Inferred Mineral Resource as well as some infill drilling designed to convert Inferred resources to Indicated classification. Six infill drill holes, HR22-340, 344, 349, 353, 358 and 361, were collared off three drill pads at the southern end of the deposit (see Figure 8). The mineralization encountered in these holes is consistent with previous drilling.

Expansion drill Holes HR22-364, 365 and 366 targeted the south end while HR22-357 and 360 in the northern end of Homestake Silver testing below several of the resource domains. Drilling intersected silver mineralization (see figure 4) within multiple vein stockwork zones extending the zones to depth. These areas remain open down dip.


 
Figure 4. Drill hole HR22-366, 473m depth, down dip step out from the Homestake Silver deposit showing Native Silver in breccia vein style mineralization.
 
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Step out drill hole HR22-362, located approximately 200m down dip and along the targeted projection of a Homestake Silver resource domain intersected vein breccia over 2.50m core length grading 1,252 g/t Ag, including 0.75m grading 3,330 g/t Ag. Relatively little drilling has been completed at Homestake Silver and with these step out mineralized intersections the expansion potential to depth and along strike has been demonstrated.

Complete Assay results for the 2022 Homestake Silver drilling are in Table 2.

Homestake Trend Exploration

Two new areas within the Homestake Trend were tested with three drill holes. Drill holes HR22-311 and 312 were collared 425m to the south of the Homestake Silver Deposit to test below sedimentary cover rocks (see Figure 2). Although alteration of the volcanic rock below the sediment cover was present, no significant mineralization was encountered. Further geophysics will be completed over this area to aid in targeting the southern projection of the Homestake Ridge structural corridor below the sediment cover.

Drill hole HR22-363 was drilled 1.2 kilometers to the east of Homestake Main to test a dominant Northeast trending controlling structure within the centre of the valley. No significant mineralization was encountered within the structure in that area.

Plans, Sections and Tables


 
 Figure 5. Homestake Main Plan View highlighting 2022 Infill and Step out drilling (red collars) with Current Mineral Resource block model, primarily of Inferred Classification.
 
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Figure 6. Homestake Main Cross Section 300NW (A-B) with completed 2022 intersects.
 
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Figure 7. Homestake Main Cross Section 250NW (C-D) with 2022 and previous drill holes.
 
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 Figure 8. Homestake Silver Plan View highlighting 2022 Step out and Infill drilling (red collars) with Current Mineral Resource block model, primarily of Inferred Classification.
 
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Table 1. Complete Drill Hole Assays from the Homestake Main Deposit Infill drilling

Hole IDFrom (m)To (m)Length* (m)Au (g/t)**Ag (g/t)**Cu (%)
HR22-324152.00174.5022.504.3276NSV
including170.00174.504.5019.42375NSV
including171.96172.400.44166984NSV
HR22-326451.00472.8021.800.47NSVNSV
including461.00463.002.003.00NSVNSV
HR22-329413.46450.5537.090.73NSVNSV
including418.00422.004.004.036NSV
including423.00424.001.001.629NSV
HR22-332252.40265.2012.800.33NSV0.18
including256.50258.001.500.81111.09
including344.50345.501.001.3916NSV
and393.00403.2510.250.79NSVNSV
including397.50400.503.002.3040NSV
HR22-33392.00105.0013.001.0521NSV
including98.3099.080.7813.95196NSV
and117.00142.0025.0046.31700.19
including120.26130.109.84111.941620.37
including124.67125.150.481,1458260.51
HR22-33696.30100.203.906.191,844NSV
including96.6297.000.383.7813,8550.49
and132.00157.0025.001.95NSV0.38
including133.00139.006.006.37291.51
HR22-338120.90126.005.104.16211.42
including120.90121.400.5020.8011511.60
including128.60129.841.248.92521.38
and150.50159.008.500.6350.21
including150.50151.300.804.89281.43
and175.50178.503.000.61170.45
including177.00177.650.651.17431.55
HR22-34184.00113.0029.002.2850.13
including96.00107.0011.005.2790.33
including102.00104.002.0014.85200.73
HR22-34279.32102.0022.680.8057NSV
including88.3192.003.692.958NSV
and120.00140.4420.440.57NSVNSV
including121.13123.702.572.3950.29
HR22-34384.50115.0030.501.15NSVNSV
including92.2796.804.531.59NSVNSV
including99.19103.304.112.675NSV
including107.00109.002.004.45150.35
HR22-34595.00124.5429.548.73120.13
including115.12124.549.4226.25280.37
including120.00120.700.70260102NSV
HR22-346111.00126.0515.051.04NSVNSV
including119.75122.753.003.4790.37
HR22-347135.00156.0021.001.88NSV0.04
including135.00147.0012.002.57NSV0.07
HR22-34863.0071.008.000.16NSVNSV
and80.00111.0031.001.63NSVNSV
including88.00100.0012.003.24NSV0.14
HR22-35066.00128.0062.000.87NSVNSV
including77.0094.0017.002.05NSVNSV
HR22-351436.00438.002.000.36NSVNSV
and473.70477.503.800.30NSVNSV
HR22-352172.00227.0055.001.3740.20
including178.81179.811.0053.75542.03
including202.33203.331.003.65634.68
including211.00212.451.451.2290.16
HR22-354495.00498.903.900.12NSVNSV
HR22-355 (step out)645.00648.503.500.12NSVNSV
and662.00666.754.750.18NSVNSV
HR22-356212.00218.006.000.38NSVNSV
and221.00221.500.504.32NSVNSV
and291.50308.0016.500.21NSVNSV
HR22-35949.7050.200.500.746,4200.11
and111.63113.151.5249.49500.96
and136.85137.550.7024.00760.38
and141.00141.500.5046.206NSV

*Estimated true widths vary depending on intersection angles and range from 80% to 90% of core lengths
** Assays reported are uncut

Table 2. Completed Drill Hole Assays from the Homestake Silver Deposit step out and Infill drilling

Hole IDFrom (m)To (m)Length* (m)Au (g/t)**Ag (g/t)**Cu (%)
HR22-34046.0056.0010.00NSV97NSV
HR22-34481.0082.001.00NSV112NSV
and152.00153.001.00NSV103NSV
and166.00167.001.000.39NSVNSV
and197.75204.757.000.1365NSV
including197.75198.500.750.13146NSV
and408.00410.002.000.1472NSV
HR22-349153.00156.503.50NSV2110.12
and159.20160.000.80NSV688NSV
and325.80329.003.200.12210NSV
and337.00341.004.000.50287NSV
and355.47356.180.710.10434NSV
and361.50362.801.30NSV151NSV
HR22-353239.22256.0016.78NSV119NSV
including239.22243.274.05NSV242NSV
including253.79256.002.210.17154NSV
HR22-357194.38195.501.120.16318NSV
and200.00200.500.50NSV151NSV
and206.60209.302.700.08506NSV
including206.60207.100.500.111,185NSV
and239.00239.500.500.11816NSV
and298.70299.200.50NSV1,0850.18
and315.60316.150.550.17585NSV
and335.10335.900.800.30351NSV
HR22-358110.27111.921.65NSV132NSV
and136.69137.100.41NSV192NSV
and250.77251.170.400.08386NSV
and326.61327.120.510.63161NSV
and331.00332.001.000.07215NSV
HR22-360205.40206.000.600.08339NSV
and229.00229.500.500.07425NSV
and243.75244.250.50NSV136NSV
and278.25279.251.00NSV148NSV
and315.00317.002.00NSV310NSV
and328.50329.501.000.10488NSV
and331.00332.701.700.13690NSV
and336.00336.500.500.601,270NSV
and337.45341.704.250.40251NSV
and396.00399.003.002.3139NSV
and444.00446.002.000.68NSVNSV
HR22-361165.17165.630.46NSV599NSV
and213.33213.650.320.3799NSV
and226.10227.301.2015.042,5000.17
and317.01317.410.402.07450.44
HR22-362633.00635.502.500.811,2520.14
including634.00634.750.752.243,3300.38
HR22-364486.75488.601.850.1615NSV
HR22-365184.70186.852.15NSV187NSV
and190.75193.452.70NSV469NSV
including192.30192.950.65NSV1,040NSV
and512.00512.850.850.3198NSV
HR22-366472.70473.270.570.702,7600.06

*Estimated true widths vary depending on intersection angles and range from 70% to 90% of core lengths
** Assays reported are uncut

Table 3. Drill Hole Collars for 2022 Homestake Main Deposit Area Drilling (this release)

Hole IDEasting
UTM83 (m)
Northing
UTM83 (m)
Elev.
(m)
AzimuthDipLength
(m)
HR22-3244629566179462956225-80201.00
HR22-3264631266179555903215-72472.50
HR22-3294631266179555903232-72495.00
HR22-3324629656179544922240-73402.00
HR22-3334630896179383982225-47210.00
HR22-33646303461793631009225-76186.00
HR22-33846303461793631009240-56186.00
HR22-3414629026179443961220-48120.00
HR22-3424629956179395996225-65198.00
HR22-3434629026179443961220-50150.00
HR22-34546291961793891007225-66132.00
HR22-3464628666179514943225-50180.00
HR22-3474628666179514943225-60192.00
HR22-34846291961793891007225-50111.00
HR22-35046291961793891007200-45132.00
HR22-3514633236179506854225-45522.00
HR22-3524631326179416949200-55351.00
HR22-3544633146179608842226-45502.00
HR22-35546286561799221066245-60682.00
HR22-3564630506179452956255-74399.00
HR22-35946291961793891007160-45288.00

Table 4. Drill Hole Collars for 2022 Homestake Silver Deposit Area Drilling

Hole IDEasting
UTM83 (m)
Northing
UTM83 (m)
Elev.
(m)
AzimuthDipLength
(m)
HR223404638026178573801223-46360.00
HR223444638026178573801223-56435.00
HR223494638056178612793223-45435.00
HR223534638056178612793223-57477.00
HR223584637806178621803223-50467.00
HR223614637806178621803223-56390.00
HR223574635786179147834220-55528.00
HR223604635786179147834230-50600.00
HR223624641806178462716235-50681.00
HR223644638336178779763223-50600.00
HR223654639126178711749223-50531.00
HR223664639646178647745220-53570.00

Table 5. Drill Hole Collars for 2022 Homestake Exploration Drilling

Hole IDEasting
UTM83 (m)
Northing
UTM83 (m)
Elev.
(m)
AzimuthDipLength
(m)
HR223114644606177976714250-50903.00
HR223124644606177976714230-55520.00
HR223634642176179802840190-75471.00

The Company Engages Gold Standard Media LLC

The Company has engaged internet marketing and advertising company, Gold Standard Media, LLC (“GSM”), to prepare email marketing campaigns, landing pages, advertisements, and other related services to assist the Company in raising public awareness of the Company and enhance its online presence.

GSM is a limited liability company existing under the laws of the State of Texas with an office at 723 W, University Ave. #110-283 Georgetown Texas. GSM uses affiliated entities such as Future Money Trends and Portfolio Wealth Global LLC for the purpose of these marketing activities. Under the terms of the agreement GSM will be paid US$125,000 for a 12 month period.

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. Au is determined by Fire Assay on a 30g split.

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 for Dolly Varden on the Kitsault Valley Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation 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/152849

Categories
Dolly Varden Silver Junior Mining Precious Metals Uncategorized

Dolly Varden Silver Announces Closing of $22.6 Million Private Placement with Participation by Hecla Mining

Vancouver, British Columbia–(Newsfile Corp. – December 22, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that it has closed its previously announced brokered private placement offering (the “Offering“) for gross proceeds of approximately $20.7 million, including the full exercise of the agents’ option, and also received $1.9 million from Hecla Canada Ltd.’s pro-rata participation to maintain its 10.21% ownership on a fully diluted basis, for aggregate gross proceeds of $22.6 million to the Company. The Company issued: (i) 5,634,516 common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) (the “FT Offered Shares“) at a price of $0.90 per FT Offered Share; (ii) 14,884,700 common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) that will be issued as part of a charity arrangement (the “Charity Offered Shares” and together with the FT Offered Shares, the “Offered Shares“) at a price of $1.05 per Charity Offered Share; and (iii) 2,334,114 non flow-through common shares to Hecla Canada Ltd.

The Offering was led by Research Capital Corporation and Eventus Capital Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents, including Haywood Securities Inc. (collectively, the “Agents“).

“2022 has been the most successful year to date in the history of Dolly Varden Silver. By consolidating seven high-grade silver and gold deposits and historic mines with potential development synergies as well as exploration upside, we have created a preeminent silver gold company within an accessible and stable region of BC’s prolific Golden Triangle. Drill results received and released to date have exceeded expectations and we eagerly await the remaining 50 drill holes from our 2022 exploration season. We are grateful to existing and new shareholders who have provided us with the capital to continue to unlock the potential of the Kitsault Valley,” commented Shawn Khunkhun, Chief Executive Officer of the Company.

The gross proceeds of the Offering will be used for further exploration, mineral resource expansion and drilling in Kitsault Valley located in northwestern British Columbia, Canada, as well as for working capital as permitted, as Canadian Exploration Expenses as defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Income Tax Act (Canada) and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada) that will qualify as “flow-through mining expenditures,” which will be incurred on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Offered Shares and Charity Offered Shares.

The Offered Shares were issued under the Offering by way of applicable prospectus exemptions in accordance with NI 45-106 to “accredited investors” only.

Pursuant to the ancillary rights agreement between Hecla Canada Ltd. (“Hecla“) and the Company dated September 4, 2012, Hecla exercised its anti-dilution right in respect of the Offering to acquire 2,334,114 common shares of the Company (“Common Shares“) at a price per Common Share of $0.83 for gross proceeds of $1.9 million. The Common Shares issued to Hecla are in addition to those issued as part of the Offering.

The Offered Shares and Common Shares issued to Hecla are subject to a hold period in Canada expiring on April 23, 2022.

In connection with the Offering, the Agents received an aggregate cash fee equal to $1,191,600 and REDPLUG Inc. received a cash finder’s fee equal to $50,400.

This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Projects (which include 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. projects host the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. They are 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 Projects also contain 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 use of proceeds with respect to the Offering, 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 projects, the potential to expand the mineralization and our beliefs about the unexplored portion of the properties.

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 Information Form (“AIF“) dated September 23, 2022, which is available on SEDAR at www.sedar.com. The risk factors identified in the AIF 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, 1-604-602-1440, www.dollyvardensilver.com.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Categories
Base Metals Diamcor Mining Dolly Varden Silver Energy Exclusive Interviews Junior Mining Lion One Metals Oil & Gas Precious Metals Silver Bullet Mines

Bob Moriarty – Mining, Metals, War

In this interview, we sit down with Bob Moriarty to discuss: ‘Moriarty’s First Law of Unintended Consequences‘ We discuss a broad range of topics ranging from the War in Ukraine, the importance of oil (fossil fuels), precious metals, and resource stocks! We also highlight the value thesis of contrarian investing/speculation.

Bob Moriarty is a renown for insights on junior mining and precious metals markets, as well as the common sense. This video is a great way to learn about the resource stocks tips, precious metals, how to analyze and exploit market conditions as a contrarian. Bob Moriarty the founder of 321gold.com visits us for an exclusive, one of a kind, interview to discuss a number of topics ranging from the War in Ukraine, Precious Metals (Bullion investments, and select junior mining companies (exploration stocks) that have his attention. If you are easily offended, this may not be for you. Bob Moriarty is a straight shooter that has the guts to say what others are afraid to say. We hope you enjoy!

Bob Moriarty: https://en.wikipedia.org/wiki/Robert_J._Moriarty

Moriarty’s First Law of Unintended Consequences: https://bit.ly/3BGcdCI

The Pentagon’s Latest Terrorist Victim: Germany: https://bit.ly/3WiRywZ

A Christmas Treat for Aviation Lovers  Bob Moriarty (No Guts, No Glory): https://bit.ly/3jap3mo

WATCH THE VIDEO!!!!

The Best Video on Why and When to Buy and Sell Physical Precious Metals:

I’m a licensed broker for Miles Franklin Precious Metals InvestmentsThe Only Online Dealer that is Licensed and Bonded (Period)! Where we provide unlimited options to expand your precious metals portfolio, from:

Website| www.provenandprobable.com
Call me directly at 855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/

Categories
Dolly Varden Silver Junior Mining Precious Metals

Dolly Varden Silver Intersects 27.44 g/t Au and 463 g/t Ag over 9.16m, Including 75.13 g/t Au and 2,337 g/t Ag over 1.77m at Homestake Ridge

Dolly Varden Silver, Proven and Probable

Vancouver, British Columbia–(Newsfile Corp. – November 29, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC’s Golden Triangle. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Resources.

Highlights include (intervals shown are core length):

  • HR22-314: 4.27 g/t Au and 64 g/t Ag (5.10 g/t AuEq*) over 16.06 meters including 18.76 g/t Au and 193 g/t Ag (21.49 g/t AuEq*) over 3.08 meters
  • HR22-322: 6.47 g/t Au and 27 g/t Ag (5.83 g/t AuEq*) over 6.00 meters
  • HR22-325: 7.18g/t Au and 30 g/t Ag, 0.49% Cu (8.26 g/t AuEq*) over 10.00 meters including 20.20 g/t Au and 68 g/t Ag (21.13 g/t AuEq*) over 1.47 meters
  • HR22-328: 27.44 g/t Au and 463 g/t Ag (33.34 g/t AuEq*) over 9.16 meters including 0.50 meters 216.00 g/t Au and 113 g/t Ag, 0.48% Cu (218.06 AuEq*) over 0.50 meters
  • HR22-330: 5.68 g/t Au and 147 g/t Ag (7.48 g/t AuEq*) over 15.00 meters, including 54.10 g/t Au, 4,890 g/t Ag and 0.11% Cu (113.25 g/t AuEq*) over 0.39 meters
  • HR22-337: 3.79 g/t Au and 2 g/t Ag (3.84 g/t AuEq*) over 21.00 meters including 11.15 g/t Au and 5.00 g/t Ag (11.22 AuEq*) over 2.00 meters
  • HR22-339: 14.56 g/t Au and 4.00 g/t Ag (14.63 g/t AuEq*) over 2.50 meters

“Our 2022 drill program has truly been exceptional. The recently acquired Homestake Ridge Deposit has delivered more high-grade gold and silver values, commonly with strong copper mineralization. These intercepts demonstrate strong continuity of mineralization over wide intervals, similar to the recently announced high-grade results at the Wolf and Kitsol Deposits, located six kilometers to the south. We eagerly anticipate additional assays from all of Dolly Varden’s Deposits, as well as new exploration targets drilled during the 2022 program,” said Shawn Khunkhun, President and CEO.

These results are primarily infill drilling from areas of Current Inferred Mineral Resources and suggest that the higher-grade gold-silver lenses may be continuous over more extensive areas than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence. Additional assays from the Homestake Main and Silver Deposits are pending

Complete Assay results for the first batch of drilling results at Homestake Main are in Table 1.



Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_002full.jpg

The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia system hosted in Jurassic aged Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system (see Figure 2). 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 shoots within a broader low grade zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 3 and 4).



Figure 2. Drill hole HR22-330 from the Homestake Main deposit showing breccia vein style mineralization.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_003full.jpg



Figure 3. Homestake Plan View with Current Mineral Resource block model, primarily of Inferred Classification

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_004full.jpg



Figure 4. Homestake Main Cross Section (A-B) with 2022 and previous drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_005full.jpg

Table 1. Completed Drill Hole Assays from the Homestake Main Deposit

Hole IDFrom (m)To
(m)
Length (m)Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR22-313107.00148.0041.000.85120.101.1393
including125.08127.001.923.1342NSV3.64300
including141.00146.105.103.10110.724.28353
HR22-314149.66165.7216.064.2764NSV5.10421
including159.92163.003.0818.761930.2821.491,773
and168.23169.190.9610.55504.1417.171,417
HR22-315174.70175.220.522.07251.374.36360
HR22-316124.00152.5028.500.883NSV0.9780
including142.50144.001.502.473NSV2.58213
including150.00151.501.503.11130.493.97328
HR22-317200.00205.005.000.25NSVNSV0.0321
and232.00235.603.600.21NSVNSV0.2117
HR22-318129.00181.0052.001.1923NSV1.54127
including148.88149.380.5019.9019900.3944.473,669
including152.00160.208.202.5780.192.95243
including172.00177.005.003.2330.093.39280
HR22-319200.34207.006.661.163NSV1.26104
HR22-320108.50125.5017.000.836NSV0.9175
including123.87124.600.735.9817NSV6.21512
HR22-321179.00192.0013.001.1640.121.38114
including189.00190.551.555.18100.155.52455
HR22-32283.00143.1260.121.6921NSV2.01166
including113.00119.006.006.4727NSV6.83563
including134.13138.714.585.23170.506.15508
HR22-323190.30222.0031.700.9160.371.52125
including198.00203.005.002.3650.082.53208
including207.60209.561.960.49373.506.03497
including214.00214.550.550.52161.973.57295
HR22-325174.00201.0027.003.11120.203.54292
including174.00184.0010.007.18300.498.26681
including175.00175.500.5018.00231.9221.061,738
including177.30177.800.5015.60922.9521.001,733
including180.00181.471.4720.20680.0821.131,743
HR22-327217.28227.5010.221.01171.433.29271
including220.75223.232.482.15353.988.36689
and231.00274.0043.000.3550.100.5646
including248.55251.482.931.85651.134.28353

Table 1 con’t. Completed Drill Hole Assays from the Homestake Main Deposit

Hole IDFrom (m)To
(m)
Length (m)Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR22-328160.81169.979.1627.444630.2133.342,751
including163.13164.901.7775.1323370.23103.668,552
including168.00168.500.50216.001130.48218.0617,991
HR22-330111.00126.0015.005.68147NSV7.48617
including112.00112.390.3954.1048900.11113.259,344
including116.30116.690.3974.8020NSV75.056,192
including118.00118.810.8133.8014NSV33.982,803
and131.00143.0012.000.248NSV0.3831
HR22-331101.00113.0012.000.9263NSV1.70140
including111.00111.800.809.432240.1012.271,013
and130.00144.0014.001.0250.151.30107
including134.10134.820.7211.95702.4516.361,349
HR22-334123.00154.6131.611.75150.272.32191
including131.00139.208.203.66300.274.42364
including131.00132.001.007.671980.0410.11834
including138.70139.200.5019.55504.2626.352,174
including145.13147.392.265.38191.097.19593
including152.06152.410.356.92487.2718.071,491
HR22-335177.00202.5525.550.551NSV0.5747
including184.50190.005.501.401NSV1.42117
and220.00245.5025.500.342NSV0.4335
HR22-337145.00175.8430.842.742NSV2.79230
including151.00172.0021.003.792NSV3.84317
including151.00152.641.6412.904NSV12.951,069
including161.00163.002.0011.155NSV11.22926
including171.00172.001.006.583NSV6.65548
HR22-339148.25172.5024.252.332NSV2.37195
including156.50159.002.5014.564NSV14.631,207
including156.50157.501.0033.407NSV33.522,765
and164.75165.600.855.053NSV5.11422

*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag, $US3.50/lb Cu

**Estimated true widths vary depending on intersection angles and range from 80% to 90% of core lengths

Table 2. Drill Hole Collars for 2022 Homestake Main Deposit Drilling

Hole IDEasting
UTM83 (m)
Northing
UTM83 (m)
Elev.
(m)
AzimuthDipLength
(m)
HR22-3134630026179472954225-47201.00
HR22-3144630506179452956226-50180.00
HR22-3154630506179452956226-59228.00
HR22-3164630026179472954225-57201.00
HR22-3184630026179472954245-50207.00
HR22-3174630506179452956226-68237.00
HR22-3194630506179452956250-68237.00
HR22-3204629566179462956225-45165.00
HR22-3214631136179429953229-53210.00
HR22-3224629566179462956225-60180.00
HR22-3234631136179429953229-62231.00
HR22-3254631326179416949228-51220.00
HR22-3274631326179416949228-70276.00
HR22-3284630526179417973225-68255.00
HR22-3304630526179417973225-59220.00
HR22-3314630526179417973220-50216.00
HR22-3344630896179383982230-58250.00
HR22-3354629656179544922250-54252.00
HR22-3374629376179513935225-50192.00
HR22-3394629376179513935215-65210.00

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. Au is determined by Fire Assay on a 30g split.

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 Corporation 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/145912