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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.
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.
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.
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.
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.
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.
Table 1. Complete Drill Hole Assays from the Homestake Main Deposit Infill drilling
Hole ID
From (m)
To (m)
Length* (m)
Au (g/t)**
Ag (g/t)**
Cu (%)
HR22-324
152.00
174.50
22.50
4.32
76
NSV
including
170.00
174.50
4.50
19.42
375
NSV
including
171.96
172.40
0.44
166
984
NSV
HR22-326
451.00
472.80
21.80
0.47
NSV
NSV
including
461.00
463.00
2.00
3.00
NSV
NSV
HR22-329
413.46
450.55
37.09
0.73
NSV
NSV
including
418.00
422.00
4.00
4.03
6
NSV
including
423.00
424.00
1.00
1.62
9
NSV
HR22-332
252.40
265.20
12.80
0.33
NSV
0.18
including
256.50
258.00
1.50
0.81
11
1.09
including
344.50
345.50
1.00
1.39
16
NSV
and
393.00
403.25
10.25
0.79
NSV
NSV
including
397.50
400.50
3.00
2.30
40
NSV
HR22-333
92.00
105.00
13.00
1.05
21
NSV
including
98.30
99.08
0.78
13.95
196
NSV
and
117.00
142.00
25.00
46.31
70
0.19
including
120.26
130.10
9.84
111.94
162
0.37
including
124.67
125.15
0.48
1,145
826
0.51
HR22-336
96.30
100.20
3.90
6.19
1,844
NSV
including
96.62
97.00
0.38
3.78
13,855
0.49
and
132.00
157.00
25.00
1.95
NSV
0.38
including
133.00
139.00
6.00
6.37
29
1.51
HR22-338
120.90
126.00
5.10
4.16
21
1.42
including
120.90
121.40
0.50
20.80
115
11.60
including
128.60
129.84
1.24
8.92
52
1.38
and
150.50
159.00
8.50
0.63
5
0.21
including
150.50
151.30
0.80
4.89
28
1.43
and
175.50
178.50
3.00
0.61
17
0.45
including
177.00
177.65
0.65
1.17
43
1.55
HR22-341
84.00
113.00
29.00
2.28
5
0.13
including
96.00
107.00
11.00
5.27
9
0.33
including
102.00
104.00
2.00
14.85
20
0.73
HR22-342
79.32
102.00
22.68
0.80
57
NSV
including
88.31
92.00
3.69
2.95
8
NSV
and
120.00
140.44
20.44
0.57
NSV
NSV
including
121.13
123.70
2.57
2.39
5
0.29
HR22-343
84.50
115.00
30.50
1.15
NSV
NSV
including
92.27
96.80
4.53
1.59
NSV
NSV
including
99.19
103.30
4.11
2.67
5
NSV
including
107.00
109.00
2.00
4.45
15
0.35
HR22-345
95.00
124.54
29.54
8.73
12
0.13
including
115.12
124.54
9.42
26.25
28
0.37
including
120.00
120.70
0.70
260
102
NSV
HR22-346
111.00
126.05
15.05
1.04
NSV
NSV
including
119.75
122.75
3.00
3.47
9
0.37
HR22-347
135.00
156.00
21.00
1.88
NSV
0.04
including
135.00
147.00
12.00
2.57
NSV
0.07
HR22-348
63.00
71.00
8.00
0.16
NSV
NSV
and
80.00
111.00
31.00
1.63
NSV
NSV
including
88.00
100.00
12.00
3.24
NSV
0.14
HR22-350
66.00
128.00
62.00
0.87
NSV
NSV
including
77.00
94.00
17.00
2.05
NSV
NSV
HR22-351
436.00
438.00
2.00
0.36
NSV
NSV
and
473.70
477.50
3.80
0.30
NSV
NSV
HR22-352
172.00
227.00
55.00
1.37
4
0.20
including
178.81
179.81
1.00
53.75
54
2.03
including
202.33
203.33
1.00
3.65
63
4.68
including
211.00
212.45
1.45
1.22
9
0.16
HR22-354
495.00
498.90
3.90
0.12
NSV
NSV
HR22-355 (step out)
645.00
648.50
3.50
0.12
NSV
NSV
and
662.00
666.75
4.75
0.18
NSV
NSV
HR22-356
212.00
218.00
6.00
0.38
NSV
NSV
and
221.00
221.50
0.50
4.32
NSV
NSV
and
291.50
308.00
16.50
0.21
NSV
NSV
HR22-359
49.70
50.20
0.50
0.74
6,420
0.11
and
111.63
113.15
1.52
49.49
50
0.96
and
136.85
137.55
0.70
24.00
76
0.38
and
141.00
141.50
0.50
46.20
6
NSV
*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 ID
From (m)
To (m)
Length* (m)
Au (g/t)**
Ag (g/t)**
Cu (%)
HR22-340
46.00
56.00
10.00
NSV
97
NSV
HR22-344
81.00
82.00
1.00
NSV
112
NSV
and
152.00
153.00
1.00
NSV
103
NSV
and
166.00
167.00
1.00
0.39
NSV
NSV
and
197.75
204.75
7.00
0.13
65
NSV
including
197.75
198.50
0.75
0.13
146
NSV
and
408.00
410.00
2.00
0.14
72
NSV
HR22-349
153.00
156.50
3.50
NSV
211
0.12
and
159.20
160.00
0.80
NSV
688
NSV
and
325.80
329.00
3.20
0.12
210
NSV
and
337.00
341.00
4.00
0.50
287
NSV
and
355.47
356.18
0.71
0.10
434
NSV
and
361.50
362.80
1.30
NSV
151
NSV
HR22-353
239.22
256.00
16.78
NSV
119
NSV
including
239.22
243.27
4.05
NSV
242
NSV
including
253.79
256.00
2.21
0.17
154
NSV
HR22-357
194.38
195.50
1.12
0.16
318
NSV
and
200.00
200.50
0.50
NSV
151
NSV
and
206.60
209.30
2.70
0.08
506
NSV
including
206.60
207.10
0.50
0.11
1,185
NSV
and
239.00
239.50
0.50
0.11
816
NSV
and
298.70
299.20
0.50
NSV
1,085
0.18
and
315.60
316.15
0.55
0.17
585
NSV
and
335.10
335.90
0.80
0.30
351
NSV
HR22-358
110.27
111.92
1.65
NSV
132
NSV
and
136.69
137.10
0.41
NSV
192
NSV
and
250.77
251.17
0.40
0.08
386
NSV
and
326.61
327.12
0.51
0.63
161
NSV
and
331.00
332.00
1.00
0.07
215
NSV
HR22-360
205.40
206.00
0.60
0.08
339
NSV
and
229.00
229.50
0.50
0.07
425
NSV
and
243.75
244.25
0.50
NSV
136
NSV
and
278.25
279.25
1.00
NSV
148
NSV
and
315.00
317.00
2.00
NSV
310
NSV
and
328.50
329.50
1.00
0.10
488
NSV
and
331.00
332.70
1.70
0.13
690
NSV
and
336.00
336.50
0.50
0.60
1,270
NSV
and
337.45
341.70
4.25
0.40
251
NSV
and
396.00
399.00
3.00
2.31
39
NSV
and
444.00
446.00
2.00
0.68
NSV
NSV
HR22-361
165.17
165.63
0.46
NSV
599
NSV
and
213.33
213.65
0.32
0.37
99
NSV
and
226.10
227.30
1.20
15.04
2,500
0.17
and
317.01
317.41
0.40
2.07
45
0.44
HR22-362
633.00
635.50
2.50
0.81
1,252
0.14
including
634.00
634.75
0.75
2.24
3,330
0.38
HR22-364
486.75
488.60
1.85
0.16
15
NSV
HR22-365
184.70
186.85
2.15
NSV
187
NSV
and
190.75
193.45
2.70
NSV
469
NSV
including
192.30
192.95
0.65
NSV
1,040
NSV
and
512.00
512.85
0.85
0.31
98
NSV
HR22-366
472.70
473.27
0.57
0.70
2,760
0.06
*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 ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR22-324
462956
6179462
956
225
-80
201.00
HR22-326
463126
6179555
903
215
-72
472.50
HR22-329
463126
6179555
903
232
-72
495.00
HR22-332
462965
6179544
922
240
-73
402.00
HR22-333
463089
6179383
982
225
-47
210.00
HR22-336
463034
6179363
1009
225
-76
186.00
HR22-338
463034
6179363
1009
240
-56
186.00
HR22-341
462902
6179443
961
220
-48
120.00
HR22-342
462995
6179395
996
225
-65
198.00
HR22-343
462902
6179443
961
220
-50
150.00
HR22-345
462919
6179389
1007
225
-66
132.00
HR22-346
462866
6179514
943
225
-50
180.00
HR22-347
462866
6179514
943
225
-60
192.00
HR22-348
462919
6179389
1007
225
-50
111.00
HR22-350
462919
6179389
1007
200
-45
132.00
HR22-351
463323
6179506
854
225
-45
522.00
HR22-352
463132
6179416
949
200
-55
351.00
HR22-354
463314
6179608
842
226
-45
502.00
HR22-355
462865
6179922
1066
245
-60
682.00
HR22-356
463050
6179452
956
255
-74
399.00
HR22-359
462919
6179389
1007
160
-45
288.00
Table 4. Drill Hole Collars for 2022 Homestake Silver Deposit Area Drilling
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR22340
463802
6178573
801
223
-46
360.00
HR22344
463802
6178573
801
223
-56
435.00
HR22349
463805
6178612
793
223
-45
435.00
HR22353
463805
6178612
793
223
-57
477.00
HR22358
463780
6178621
803
223
-50
467.00
HR22361
463780
6178621
803
223
-56
390.00
HR22357
463578
6179147
834
220
-55
528.00
HR22360
463578
6179147
834
230
-50
600.00
HR22362
464180
6178462
716
235
-50
681.00
HR22364
463833
6178779
763
223
-50
600.00
HR22365
463912
6178711
749
223
-50
531.00
HR22366
463964
6178647
745
220
-53
570.00
Table 5. Drill Hole Collars for 2022 Homestake Exploration Drilling
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR22311
464460
6177976
714
250
-50
903.00
HR22312
464460
6177976
714
230
-55
520.00
HR22363
464217
6179802
840
190
-75
471.00
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.
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
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.
Table 1. Completed Drill Hole Assays from the Homestake Main Deposit
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR22-313
107.00
148.00
41.00
0.85
12
0.10
1.13
93
including
125.08
127.00
1.92
3.13
42
NSV
3.64
300
including
141.00
146.10
5.10
3.10
11
0.72
4.28
353
HR22-314
149.66
165.72
16.06
4.27
64
NSV
5.10
421
including
159.92
163.00
3.08
18.76
193
0.28
21.49
1,773
and
168.23
169.19
0.96
10.55
50
4.14
17.17
1,417
HR22-315
174.70
175.22
0.52
2.07
25
1.37
4.36
360
HR22-316
124.00
152.50
28.50
0.88
3
NSV
0.97
80
including
142.50
144.00
1.50
2.47
3
NSV
2.58
213
including
150.00
151.50
1.50
3.11
13
0.49
3.97
328
HR22-317
200.00
205.00
5.00
0.25
NSV
NSV
0.03
21
and
232.00
235.60
3.60
0.21
NSV
NSV
0.21
17
HR22-318
129.00
181.00
52.00
1.19
23
NSV
1.54
127
including
148.88
149.38
0.50
19.90
1990
0.39
44.47
3,669
including
152.00
160.20
8.20
2.57
8
0.19
2.95
243
including
172.00
177.00
5.00
3.23
3
0.09
3.39
280
HR22-319
200.34
207.00
6.66
1.16
3
NSV
1.26
104
HR22-320
108.50
125.50
17.00
0.83
6
NSV
0.91
75
including
123.87
124.60
0.73
5.98
17
NSV
6.21
512
HR22-321
179.00
192.00
13.00
1.16
4
0.12
1.38
114
including
189.00
190.55
1.55
5.18
10
0.15
5.52
455
HR22-322
83.00
143.12
60.12
1.69
21
NSV
2.01
166
including
113.00
119.00
6.00
6.47
27
NSV
6.83
563
including
134.13
138.71
4.58
5.23
17
0.50
6.15
508
HR22-323
190.30
222.00
31.70
0.91
6
0.37
1.52
125
including
198.00
203.00
5.00
2.36
5
0.08
2.53
208
including
207.60
209.56
1.96
0.49
37
3.50
6.03
497
including
214.00
214.55
0.55
0.52
16
1.97
3.57
295
HR22-325
174.00
201.00
27.00
3.11
12
0.20
3.54
292
including
174.00
184.00
10.00
7.18
30
0.49
8.26
681
including
175.00
175.50
0.50
18.00
23
1.92
21.06
1,738
including
177.30
177.80
0.50
15.60
92
2.95
21.00
1,733
including
180.00
181.47
1.47
20.20
68
0.08
21.13
1,743
HR22-327
217.28
227.50
10.22
1.01
17
1.43
3.29
271
including
220.75
223.23
2.48
2.15
35
3.98
8.36
689
and
231.00
274.00
43.00
0.35
5
0.10
0.56
46
including
248.55
251.48
2.93
1.85
65
1.13
4.28
353
Table 1 con’t. Completed Drill Hole Assays from the Homestake Main Deposit
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR22-328
160.81
169.97
9.16
27.44
463
0.21
33.34
2,751
including
163.13
164.90
1.77
75.13
2337
0.23
103.66
8,552
including
168.00
168.50
0.50
216.00
113
0.48
218.06
17,991
HR22-330
111.00
126.00
15.00
5.68
147
NSV
7.48
617
including
112.00
112.39
0.39
54.10
4890
0.11
113.25
9,344
including
116.30
116.69
0.39
74.80
20
NSV
75.05
6,192
including
118.00
118.81
0.81
33.80
14
NSV
33.98
2,803
and
131.00
143.00
12.00
0.24
8
NSV
0.38
31
HR22-331
101.00
113.00
12.00
0.92
63
NSV
1.70
140
including
111.00
111.80
0.80
9.43
224
0.10
12.27
1,013
and
130.00
144.00
14.00
1.02
5
0.15
1.30
107
including
134.10
134.82
0.72
11.95
70
2.45
16.36
1,349
HR22-334
123.00
154.61
31.61
1.75
15
0.27
2.32
191
including
131.00
139.20
8.20
3.66
30
0.27
4.42
364
including
131.00
132.00
1.00
7.67
198
0.04
10.11
834
including
138.70
139.20
0.50
19.55
50
4.26
26.35
2,174
including
145.13
147.39
2.26
5.38
19
1.09
7.19
593
including
152.06
152.41
0.35
6.92
48
7.27
18.07
1,491
HR22-335
177.00
202.55
25.55
0.55
1
NSV
0.57
47
including
184.50
190.00
5.50
1.40
1
NSV
1.42
117
and
220.00
245.50
25.50
0.34
2
NSV
0.43
35
HR22-337
145.00
175.84
30.84
2.74
2
NSV
2.79
230
including
151.00
172.00
21.00
3.79
2
NSV
3.84
317
including
151.00
152.64
1.64
12.90
4
NSV
12.95
1,069
including
161.00
163.00
2.00
11.15
5
NSV
11.22
926
including
171.00
172.00
1.00
6.58
3
NSV
6.65
548
HR22-339
148.25
172.50
24.25
2.33
2
NSV
2.37
195
including
156.50
159.00
2.50
14.56
4
NSV
14.63
1,207
including
156.50
157.50
1.00
33.40
7
NSV
33.52
2,765
and
164.75
165.60
0.85
5.05
3
NSV
5.11
422
*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 ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR22-313
463002
6179472
954
225
-47
201.00
HR22-314
463050
6179452
956
226
-50
180.00
HR22-315
463050
6179452
956
226
-59
228.00
HR22-316
463002
6179472
954
225
-57
201.00
HR22-318
463002
6179472
954
245
-50
207.00
HR22-317
463050
6179452
956
226
-68
237.00
HR22-319
463050
6179452
956
250
-68
237.00
HR22-320
462956
6179462
956
225
-45
165.00
HR22-321
463113
6179429
953
229
-53
210.00
HR22-322
462956
6179462
956
225
-60
180.00
HR22-323
463113
6179429
953
229
-62
231.00
HR22-325
463132
6179416
949
228
-51
220.00
HR22-327
463132
6179416
949
228
-70
276.00
HR22-328
463052
6179417
973
225
-68
255.00
HR22-330
463052
6179417
973
225
-59
220.00
HR22-331
463052
6179417
973
220
-50
216.00
HR22-334
463089
6179383
982
230
-58
250.00
HR22-335
462965
6179544
922
250
-54
252.00
HR22-337
462937
6179513
935
225
-50
192.00
HR22-339
462937
6179513
935
215
-65
210.00
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.
Special Thanks to Chris Marcus of Arcadia Economics: https://arcadiaeconomics.com/
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As my regular readers fully understand, I am a big fan of measuring sentiment to gauge just where we are in the metals cycle. On September 1st I said we were at a tradable low. That was accurate to the day for silver and gold plodded along for another four weeks before touching the low. I picked that timeframe based mostly on DSI but also use every other way to measure sentiment that I can find including talking to others I have respect for in the industry.
If you are looking for a holiday treat for yourself, the DSI is on sale from now and ending on December 15th at a 60% discount. If you are a serious investor, it is the best tool you will ever find. I know there are half a dozen GURUs out there who claim to be experts who have never made a single accurate call.
I called the top in silver to the day in 2011 and this latest silver bottom to the day. I know of no other writer who can say that. And I am neither a guru nor an expert. I just used the same tools available to all of us.
I have reached out to the people whose judgment I appreciate the most to make sense of what I have seen in the last few months. The sentiment is worse across the board than what I saw back in 2000-2001 when both gold and silver made historic lows. You can see it in the trading volume and absurdly low prices.
It tells me this is your time to make your fortune. I don’t know how many times I have repeated that you have to buy when no one wants to buy and sell when everyone wants to buy. I see dozens of stocks including some real piece of shit stocks with rotten management that have 1000% potential in the near future. Forget reading tealeaves and plucking through chicken entrails and pondering what the Fed might screw up next. Sentiment moves markets but you have to see it. Anyone looking at the DSI and $BPGDM could make the same to the day predictions I have made dozens of times without being a guru.
I’ll say it again. Dolly Varden is silver.
The company has a 163 km land package in the midst of the Golden Triangle in Northern BC, Canada. It consists of two primary parts, the Homestake Ridge with about 20 million ounces of silver with just short of a million ounces of gold. Homestake was bought from Fury for $5 million in cash and 76.5 million DV shares. Fury recently sold 17 million of those shares reducing their overall ownership of Dolly Varden to 26%. The second part would be of course the Dolly Varden property and mine with an additional 44.5 million ounces of silver.
Dolly likes to use both silver and gold equivalent ounces. If using silver Eq, they have a total of 137 million Ag Eq ounces. If using gold it would be 1.83 million Au Eq ounces. With a $133 million CAD market cap and $10 million in cash, Dolly is getting less than $1 CAD an ounce or $.70 USD. Well before the marvelous run up to near $50 an ounce in 2011 silver companies were getting $3 to $5 an ounce USD and it will happen again. Dolly certainly could have a 400-700% move higher when silver investors wake up.
They have not woken up yet. Silver touched a low of $17.56 on September 1st. Last week it hit a high of $22.24 on Wednesday. That is a 26% gain in less than three months. And investors in the resource space have not woken up yet. These subsurface rallies can go higher and faster than you can imagine. It happened in early 2016 and again in 2020 when silver blasted higher from under $12 an ounce to almost $30 in ten months.
Dolly’s 2022 drill program called for 30,000 meters of drilling in 99 holes with four rigs turning. The company is releasing results on a regular basis. Their last press release from November 7, 2022 showed 12.51 meters of 442 g/t Ag. That’s almost $300 rock in USD and highly economic.
One thing that I would like to point out that even I didn’t know, until I poured through their company presentation, is that the ownership is almost totally in the hands of professional investors. Sprott owns 11%, Hecla another 10%, I mentioned Fury with 26% and another 45% in institutional investors. There is a mere 8% in the clutches of retail investors yet they are the people who move the stock. When silver is hot again and it will be, Dolly Varden is going to be the go-to silver stock once again.
Dolly Varden is an advertiser and I participated in their last private placement so I am biased. Please do your own due diligence.
Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce results from drilling at the Torbrit Resource area, including infill and step-out drilling within the Kitsol Vein zone.
The high-grade, potentially bulk-mineable Kitsol Vein continued to deliver outstanding, contiguous silver and base metal mineralization, where DV22-291 intersected 12.51m (8.88m true width) averaging 442 g/t Ag, 0.68% Pb and 0.42% Zn, including of 1,367 g/t Ag over 1.50m (1.07m true width), as an up-dip infill hole from previous high-grade intercepts.
Highlights include:
DV22-289: 979 g/t Ag over 0.49 meters true width, step out at Torbrit Main
DV22-291: 442 g/t Ag over 8.88 meters true width, infill at Kitsol
DV22-298: 372 g/t Ag over 10.78 meters true width, up-dip extension at Kitsol
DV22-308: 297 g/t Ag over 6.59 meters true width, step out at Torbrit Main
DV22-312: 585 g/t Ag over 3.30 meters true width, step out at Torbrit Main
“In addition to discovery-focused exploration drilling, Dolly Varden Silver has been prioritizing resource expansion and upgrading at the Torbrit/Kitsol, Wolf, Homestake Main and Homestake Silver deposits. We continue to encounter wide, potentially bulk-mineable vein-hosted silver mineralization at Kitsol, and expect to announce significant drill results from the other resource areas in the next few weeks,” said Shawn, Khunkhun, President and CEO.
The 2022 exploration drill program on the Kitsault Valley trend has completed 37,061m in 108 drill holes. Drilling wrapped up in mid-October, with the majority of assays still pending. Additionally, ground geophysics, surface mapping and prospecting work were completed, evaluating historic prospects and identifying new silver and gold occurrences.
Torbrit Main and North Deposits consist of distinctive stratabound silver mineralization associated with a high potassium and coincident sodium depletion alteration signature. Layers consist of red jasper with bladed crystal growths after barite later replaced by silica. Relatively quick capping of the system by volcanic activity caused an overprinting of epithermal brecciation and veining which further augmented the silver grades within the deposit area.
Figure 1. Drill hole DV22-308 from Torbrit Main showing typical red jasperoid stratabound mineralization with epithermal overprint carrying higher silver grades
The main focus of Torbrit step out drilling at the Torbrit Main Deposit targeted the southern limits of the current Mineral Resource. Drill holes were oriented to step-out from, as well as infill areas of modelled inferred resources (see Figure 3). The Torbrit horizon was intersected in all expansion holes; future infill drilling programs will target high grade shoots within the lower grade horizon, which were commonly encountered in historic mining at the Torbrit, Wolf and Dolly Varden deposits.
Figure 2. Location along the Kitsault Valley trend
The Kitsol Vein is considered part of the epithermal, structurally controlled system that over printed the stratabound layers. Mineralization consists of pyrargerite (ruby silver), argentite and native silver in a silica breccia vein system. The northeast/southwest orientation of the vein and nature of the high grade silver plunge is similar to what is developing at the Wolf deposit 1.4km to the north (see figure 2).
Drilling during the 2022 season at Kitsol has encountered wide, high grade silver mineralization, commonly with overprinting high-grade vein shoots within wide vein sets. Previously reported step-out drill hole DV22-283 that intersected 50.18m (~30.0m true width) averaging 414 g/t Ag (see news release August 10, 2022) suggest multiple high-grade, steeply plunging yet wide silver shoots that extend to surface, as demonstrated by up-dip hole DV22-298 which intersected 21.55m (10.78m true width) grading 372 g/t Ag (see Figure 5). Additional results from step-out drill holes testing deeper, down plunge mineralization from DV22-283 at the Kitsol Vein are pending.
Figure 3. Plan map, Torbrit Resource Area with 2019 resource block model. Yellow/orange blocks indicates targeted expansion areas of Inferred and exploration potential respectively.
Figure 4. Geological Cross Section (A-B) of southern Torbrit deposit with 2019 modelled mineralized envelope in red and 2022 drilling with mineralized intercepts as pink lithology
Figure 5. Kitsol vein long section highlighting six 2022 infill and expansion drill holes that define a steep plunge to high-grade silver mineralization. Section view looking Northwest.
Table 1. Drill hole assays for Torbrit Deposit Area (including Kitsol Vein zone as noted).
Hole ID
From
To
Core Length (m)
True Width (m)*
Ag (g/t)
Pb (%)
Zn (%)
Au (ppm)
AgEq** (g/t)
DV22-282 (Kitsol)
175.38
179.05
3.67
2.83
210
0.48
0.11
0.04
232
DV22-284
111.33
112.97
1.64
1.31
50
0.58
6.10
NSV
299
and
114.43
115.51
1.08
0.86
129
0.16
1.45
NSV
189
and
125.32
128.85
3.53
2.82
27
0.11
3.44
0.06
165
DV22-286 (Kitsol)
173.54
174.50
0.96
0.58
141
0.81
0.55
0.15
200
and
177.00
183.95
6.95
4.17
188
0.24
0.16
0.09
209
including
178.80
179.53
0.73
0.44
448
0.15
0.18
0.16
473
including
181.92
182.42
0.50
0.30
564
0.29
0.11
0.39
609
DV22-287
176.00
177.00
1.00
0.90
NSV
NSV
1.69
NSV
64
DV22-289
11.49
12.00
0.51
0.49
979
0.37
0.16
NSV
996
DV22-291 (Kitsol)
120.19
132.70
12.51
8.88
442
0.26
0.31
NSV
462
including
120.19
120.72
0.53
0.38
144
1.21
1.33
0.05
236
including
125.50
127.00
1.50
1.07
1367
0.22
0.17
NSV
1380
DV22-290
19.21
19.94
0.73
0.70
406
0.17
0.13
NSV
416
DV22-292
NSV
DV22-293
88.34
91.80
3.46
3.43
136
0.05
0.02
NSV
138
including
90.77
91.80
1.03
1.02
166
0.08
0.03
NSV
170
DV22-295 (Kitsol)
145.90
152.00
6.10
3.48
145
0.85
0.36
NSV
185
including
147.40
151.00
3.60
2.05
166
0.23
0.33
NSV
186
and
240.50
241.00
0.50
0.29
230
0.02
0.01
0.01
232
DV22-298 (Kitsol)
25.45
47.00
21.55
10.78
372
0.68
0.42
NSV
409
including
27.79
34.56
6.77
3.39
785
1.59
0.64
NSV
858
including
27.25
28.85
1.60
0.80
517
5.48
2.40
NSV
777
including
29.50
30.50
1.00
0.50
1054
0.50
0.21
NSV
1077
*Calculated true widths vary depending intersection angles and range from 50% to 100% of intersection lengths **AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 1 con’t. Drill hole assays for Torbrit Deposit Area (including Kitsol Vein zone as noted).
Hole ID
From
To
Core Length (m)
True Width (m)*
Ag (g/t)
Pb (%)
Zn (%)
Au (ppm)
AgEq** (g/t)
DV22-296
81.00
82.25
1.25
0.89
119
1.15
0.27
NSV
165
and
85.05
88.50
3.45
2.45
130
1.31
0.41
NSV
186
and
90.00
91.00
1.00
0.71
98
1.28
0.35
NSV
151
and
108.40
115.60
7.20
5.11
60
1.44
0.67
NSV
130
and
124.25
125.40
1.15
0.82
274
0.05
0.43
NSV
292
DV22-297
NSV
DV22-299
19.45
23.00
3.55
3.12
166
0.03
0.06
NSV
169
and
30.50
31.00
0.50
0.44
517
3.16
0.09
NSV
618
and
52.35
52.83
0.48
0.42
267
2.29
0.07
NSV
341
and
74.73
75.48
0.75
0.66
242
0.26
0.10
NSV
254
and
107.12
112.00
4.88
4.29
168
0.15
0.50
NSV
192
and
122.87
123.53
0.66
0.58
199
0.25
0.19
NSV
214
DV22-301
127.50
129.00
1.50
0.66
370
0.55
0.15
NSV
393
and
163.30
164.16
0.86
0.38
153
0.26
0.20
0.01
168
including
173.16
173.95
0.79
0.35
235
0.22
0.16
NSV
248
DV22-303
150.91
154.85
3.94
3.43
325
0.42
0.06
0.30
340
DV22-305
157.00
159.26
2.26
2.21
168
0.21
0.05
NSV
176
and
170.05
170.55
0.50
0.49
283
0.05
0.02
NSV
285
DV22-306
114.00
117.41
3.41
3.41
132
0.40
0.64
0.01
170
and
119.00
123.50
4.50
4.50
166
0.12
0.56
0.02
193
and
148.00
151.44
3.44
3.44
191
0.06
0.03
0.01
194
and
155.00
159.00
4.00
4.00
145
0.18
0.09
0.01
155
DV22-308
146.18
154.52
8.34
6.59
297
1.25
0.47
NSV
354
including
149.75
152.28
2.53
2.00
773
1.29
0.68
NSV
839
DV22-309
126.62
128.58
1.96
1.84
193
0.48
0.03
0.01
210
DV22-310
NSV
DV22-312
60.00
63.30
3.30
3.30
585
0.02
0.06
NSV
588
including
60.00
61.13
1.13
1.13
1050
0.02
0.06
NSV
1053
and
105.25
108.62
3.37
3.37
159
0.13
0.04
NSV
165
DV22-313
80.00
81.10
1.10
1.10
158
0.01
0.30
NSV
169
and
105.00
106.67
1.67
1.67
160
0.30
0.09
NSV
173
*Calculated true widths vary depending intersection angles and range from 50% to 100% of intersection lengths **AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 2. Drill hole locations.
Hole ID
Zone
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV22282
Kitsol
467543
6172134
404
118
-45
214.00
DV22286
Kitsol
467543
6172134
404
90
-58
438.00
DV22284
Torbrit
467833
6171639
349
28
-59
472.35
DV22287
Torbrit
467833
6171639
349
28
-88
215.00
DV22289
Torbrit
468026
6171334
352
50
-68
90.00
DV22290
Torbrit
468026
6171334
352
50
-69
165.00
DV22291
Kitsol
467571
6172168
394
100
-50
300.00
DV22295
Kitsol
467571
6172168
394
100
-60
339.00
DV22292
Torbrit
468040
6171287
358
55
-45
129.00
DV22293
Torbrit
468405
6171309
649
70
-50
137.00
DV22296
Torbrit
468405
6171309
649
45
-65
150.00
DV22297
Torbrit
468405
6171309
649
45
-80
201.00
DV22299
Torbrit
468405
6171309
649
15
-50
183.00
DV22298
Kitsol
467627
6172140
371
115
-65
121.00
DV22301
Torbrit
468330
6171405
643
45
-82
237.00
DV22303
Torbrit
468326
6171329
605
120
-83
216.00
DV22305
Torbrit
468326
6171329
605
200
-80
216.00
DV22306
Torbrit
468221
6171390
549
45
-55
216.00
DV22308
Torbrit
468221
6171390
549
50
-80
219.00
DV22309
Torbrit
468228
6171263
522
35
-60
177.00
DV22310
Torbrit
468228
6171263
522
35
-78
201.00
DV22312
Torbrit
468320
6171216
568
45
-58
150.00
DV22313
Torbrit
468320
6171216
568
45
-75
150.00
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 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.
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce significant results from drilling at the Kitsol Vein located near the historic Torbrit Mine on the Company’s Property in northwest BC.
Highlights from drill hole DV22-283 include:
50.18m (~30.0m true width) averaging 414 g/t Ag
Including 7.15m (4.29m true width) averaging 646 g/t Ag
Including 11.74m (7.04m true width) averaging 658 g/t Ag
Including 5.34m (3.20m true width) averaging 801 g/t Ag
Drill hole DV22-283 is a 25m step-out along strike and down dip of high grade silver mineralization zone within the Kitsol Vein and suggests that thickness and grade of the Kitsol Vein is increasing at depth. Within the mineralized interval, three 0.50m long samples assayed 2,910 g/t Ag, 2,390 g/t Ag and 2,500 g/t respectively. The Kitsol Structure is a vein-hosted, high-grade silver system located immediately west of the Torbrit Mineral Resource and historic mine. Mineralization consists of multiple, overlapping epithermal vein and brecciation events along a northeast striking, steep westerly dipping zone. Silver mineralization includes native silver, pyrargyrite, tennantite, argentite and argentiferous galena hosted in highly siliceous breccias and veins.
“As one of the widest and highest grade drill holes on the Dolly Varden Property, we will be prioritizing additional step out drilling at the Kitsol Vein area. We are targeting potentially underground bulk-mineable mineralization and this certainly meets our criteria. In addition to the ongoing drilling at priority exploration targets including the Wolf Mine and at Homestake Ridge, we are thrilled with these results and look forward to receiving additional assays soon,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
Complete results from drill hole DV22-283 are as follows:
Target
Hole ID
From (m)
To (m)
Core Length (m)
True width (m)
Ag (g/t)
Pb (%)
Zn (%)
Au (g/t)
Kitsol Vein
DV22-283
181.32
231.50
50.18
30.11
414
0.18
0.19
0.07
Includes:
Zone 1
DV22-283
189.11
196.26
7.15
4.29
634
0.47
0.31
0.11
including
DV22-283
191.00
193.75
2.75
1.65
1121
0.66
0.37
0.21
including
DV22-283
191.00
191.50
0.50
0.30
2910
2.81
1.32
0.54
including
DV22-283
193.25
193.75
0.50
0.30
2390
0.12
0.14
0.42
Zone 2
DV22-283
207.00
218.74
11.74
7.04
658
0.21
0.14
0.07
including
DV22-283
211.00
217.90
6.90
4.14
849
0.20
0.16
0.10
including
DV22-283
212.70
215.04
2.34
1.40
1245
0.22
0.11
0.23
including
DV22-283
212.70
213.20
0.50
0.30
2500
0.03
0.08
0.23
Zone 3
DV22-283
223.02
228.36
5.34
3.20
801
0.07
0.22
0.02
Photo showing Native Silver mineralization from Kitsol drill hole DV22-283
The Company is currently utilizing three diamond drill rigs with 99 drill holes planned in the Phase I program. To-date, over 18,000m of drilling has been completed. Resource upgrade and expansion drilling is underway at the Homestake Ridge Main Gold zone with two drills, with one drill continuing exploration and resource expansion drilling at the silver-rich Torbrit area and at the Wolf Deposit.
Concurrent with the diamond drilling, geological and geophysical work along the Kitsault Valley trend is ongoing to help refine targets for exploration drilling in the latter part of the summer.
The Kitsault Valley Project combined current mineral resource contains 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category within a 163 square km consolidated land package.
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 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, completion of the Offering, TSX Venture Exchange approval of the Offering, the use of proceeds with respect to the Offerings, 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.
Vancouver, British Columbia–(Newsfile Corp. – July 13, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that Rob van Egmond, P.Geo has been appointed Vice President of Exploration and to give an update on ongoing drilling work at the Kitsault Valley Project, located near tidewater in northwestern British Columbia.
To-date, three drills have cored over 7,700 meters in 27 holes of the planned 30,000 meter program in 99 holes. Initial work has focussed on stepping out from wide, high grade silver intercepts, particularly at the Kitsol Vein and Wolf Mine. Based on visual indicators of mineralization and veining, drills have continued to step-out in these areas, with the deepest hole at Wolf extended to 720 meters long and 400 meters at Kitsol at the Torbrit Deposit. Assays are pending for this drilling, however lab turnaround times are expected to be much improved during the 2022 season.
“First, we are excited to promote Rob Van Egmond to Vice-President Exploration as an officer and leader of the Company, as we accelerate our new phase of growth for Dolly Varden Silver,” says Shawn Khunkhun, President and CEO. “Second, we are very encouraged with our initial drilling in multiple areas on the Property. Our focus is primarily resource expansion and discovery at our silver-rich targets at the south end of the Kitsault Valley trend and are now commencing resource upgrade drilling and regional exploration at our recently acquired gold and silver-rich Homestake Ridge targets in the north.”
Rob Van Egmond, VP Exploration
Over the past two years, Dolly Varden Silver has expanded its technical team to support exploration and potential future development its Kitsault Valley Project as well as ongoing Corporate Development work. As a leader in these efforts, Rob van Egmond has been appointed Vice President of Exploration. Rob brings extensive exploration experience from generative, grass-roots to advanced Project development, mine site exploration and production. He was part of the Team with Platinum Group Metals that discovered and defined the massive Waterburg Platinum-Palladium deposit within the previously unknown northern extension of the Bushveld complex in South Africa. As Candente Copper’s Country Manager for Peru, he led the exploration and resource definition work that defined the multi-billion tonne Canariaco copper porphyry deposit, from initial drilling to the Pre-Feasibility Studies. Additionally, he has extensive experience in Canada’s north, including diamond exploration and resource development for BHP at the Ekati Mine and for Kennecott/Aber JV at the Diavik Mine. While with BHP, Rob also worked as an open-pit mine geologist at the Island Copper Operation in B.C. and as an Exploration Geologist in the Hope Bay greenstone gold belt in Nunavut.
Rob started his exploration career in the Golden Triangle for Cominco and returned as Chief Geologist for the Dolly Varden Project in 2017.
Exploration Update
The 2022 exploration program is balanced between Mineral Resource expansion and upgrading at five of the deposits that comprise the Kitsault Valley Project and exploration work focusing on the discovery of new silver and gold deposits. The objective of infill drilling is to convert Inferred mineral resource to the Measured and Indicated category with infill, with an emphasis on Inferred Resources at the recently acquired Homestake Ridge Area. Step out drilling is being performed at most resource areas, with an early emphasis during the 2022 season at the Torbrit/Kitsol/North Star deposits and Mineral Resources at the historic Wolf Mine. Stepout drilling is also planned later in the Season at Homestake Ridge and Homestake Silver deposits. Late winter snowpacks have delayed the start of drilling at the latter, with initial drilling expected this week. Drill productivity and core recovery have been excellent during the first five weeks of exploration on the Property.
Over half of this season’s exploration work is allocated to discover of new deposits, primarily silver-rich systems but also gold and copper targets. The Kitsault Valley Project currently contains 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category within a 163 square km consolidated land package. There are numerous new exploration targets located in the 5.4 kilometer long corridor between the Homestake Ridge and Dolly Varden deposits that are currently being explored, with one drill currently targeting these areas. Ongoing surface geology by the Company’s strong technical team and geophysical exploration will be used to generate and vector into drill targets. Currently, 20 exploration targets have been identified, eight of which are considered highest priority. Ground Induced-Polarity (“IP”) geophysical surveys will be commencing shortly on the Kitsault Valley Project.
In addition to drilling and surface exploration, Camp expansion and infrastructure upgrades have been completed in Alice Arm, BC as well as upgrades and repairs to the road bed and right of way that extends north to from tidewater to the Torbrit Mine.
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 the Pacific ocean. 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).
QP Statement
Rob Van Egmond, P.Geo., Vice President Exploration for the Company and a Qualified Person, as defined by NI 43-101, has reviewed and approved the scientific and technical content of this release.
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, completion of the Offering, TSX Venture Exchange approval of the Offering, the use of proceeds with respect to the Offerings, 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.
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Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project located in the Golden Triangle of British Columbia, Canada, 25kms by road to deep 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 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).
