Proven Probable
In this interview we sit down with Shawn Khunkhun the CEO of Dolly Varden Silver (TSX.V: DV | OTCQX: DOLLF) to discuss the disconnect with Silver and Silver Equities, the latest news regarding more high-grade Silver results from the Homestake Silver Deposit, and the recent consolidation with addition of the Big Bulk Copper-Gold Porphyry Project.
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.
Dolly Varden Silver Corp: (TSX.V: DV | OTCQX: DOLLF)
Website: https://www.dollyvardensilver.com/
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Email: info@dollyvardensilver.com
Phone: 604-602-1440
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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*:
* 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*:
* 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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_009full.jpg
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.
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
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
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):
“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 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.
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
Shawn Khunkhun the CEO of Dolly Varden Silver, sits down with Proven and Probable as the company has just surpassed another significant milestone: Dolly Varden Silver Intersects 1,049 g/t Ag over 3.60m in 200m down plunge step-out plus 1,646 g/t Ag over 2.15m in 400m down dip test at Wolf
Dolly Varden Silver Corp: (TSX.V: DV | OTCQX: DOLLF)
Website: https://www.dollyvardensilver.com/
Fact Sheet: https://dollyvardensilver.com/wp-content/uploads/2022/10/factsheet-powerpoint-2022-10-21.pdf
Corporate Presentation: https://dollyvardensilver.com/wp-content/uploads/2022/11/DV-corp-deck-2022-11-21.pdf
Email: info@dollyvardensilver.com
Phone: 604-602-1440
Bob Moriarty: Dolly Varden is Silver
Special Thanks to Chris Marcus of Arcadia Economics: https://arcadiaeconomics.com/
Proven and Probable
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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:
“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
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_002full.jpg.
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
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_003full.jpg.
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.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_004full.jpg.
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
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_005full.jpg.
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.
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_006full.jpg.
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.
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/143231
Vancouver, British Columbia–(Newsfile Corp. – September 13, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce results from drilling at the Wolf Vein, including step-out hole DV22-300 which returned a significant, high-grade silver intercept. Based on the grade and strength of the mineralizing system, the Company has prioritized continued step-out drilling at Wolf during for the remainder of the 2022 season.
DV22-300 encountered a wide interval of multi-phase veins and breccia, intersecting 19.85m (13.90m true width) averaging 584 g/t Ag, 0.92 %Pb, 0.56% Zn and 0.19 g/t Au, with bonanza grade silver mineralization grading 4,326 g/t Ag, 4.21% Pb, 1.36% Zn and 1.00 g/t Au over 1.60m (1.12m true width) within a sulphide and silver sulphosalt matrix vein breccia in the main veined interval.
Figure 1. Kitsault Valley trend and mineral deposits
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/136919_ad8a8710944e89e1_002full.jpghttps://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Company%253BBreccia%253BDrilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522edcf1f2a-bcfa-39ba-b8d2-b5dc80848c6b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
“With an increase in vein intensity and silver grades, the Wolf Vein area is emerging as a large system, rivaling our Torbrit Deposit. With an established plunge length of over 500 meters from the historic underground workings, we are continuing to step out along this trend towards the Kitsol Vein, where we recently announced similar, high-grade mineralization over 1,400 meters away. The increasing gold and base metal content, in addition to the silver, is highly encouraging, as well as the significant widths that are potentially amenable to bulk underground mining techniques,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
The mineralized interval in DV22-300 is a southwesterly step-out along strike and down dip from DV21-273, which returned 17.50m averaging 214 g/t Ag and 0.47% Pb including 1.22 m 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) and projects as a mineralized shoot over 55m down plunge from DV21-273. High-grade silver in DV22-300 occurs within a very strong, multiphase vein and breccia system that also includes significant gold and base metal mineralization.
Figure 2. Wolf Vein Longitudinal Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/136919_ad8a8710944e89e1_003full.jpg
The strength of the mineralizing system, as well as silver and potentially gold appears to be increasing at depth and to the southwest; assays are pending for DV22-316, which encountered strong veining, alteration, brecciation and one occurrence of visible gold over 200m away from DV22-300 (see Figure 2). All of these drill holes tested below the Upper Hazelton sediment cap with associated strong potassic alteration; this trend continues south for 1,400 m to the Kitsol Vein (see Figure 1).
Figure 3. Geological Cross Section of Wolf Vein. 25 meter window width looking northwest. DV22-194 is same dip as DV22-300 approximately 30m off section.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/136919_ad8a8710944e89e1_004full.jpg
The Wolf Vein is a steep dipping, high-grade silver vein deposit that is part of the current Mineral Resource Estimate at Dolly Varden’s Kitsault Valley trend. In 2021, geological modelling of the deposit showed expansion potential along strike to the southwest below the sediment cap that masks surface expression of the vein mineralization and associated alteration. With the discovery that the system continued to the southwest over 8,000m of follow up drilling has been completed thus far during the 2022 exploration program. This drilling has defined high grade silver mineralization to a depth of 500m below surface and extended the zone over 350m down plunge from historic drilling and over 500m from the historic underground workings.
Results have been received for the first six exploration drill holes testing the Wolf Vein extension. All holes were drilled from the same pad with varying azimuths and dips (see Table 2). These drill holes tested below the Upper Hazelton sediment cap and have encountered a robust, multi-phase vein and breccia mineralizing system that remains wide open along strike to the south and down dip. The associated strong potassic alteration, a key indicator for silver mineralization at the Kitsault Valley Project, continues below the sediment cap and south for 1,400m to the Kitsol Vein. All holes drilled during 2022, except DV22-280, intersected the extension of the Wolf Vein, suggesting a plunge at approximately 45 degrees to the southwest. DV22-280 came out of the sediment cap into the footwall of the vein. Drill hole DV22-281- intersected impressive base metal values in addition to silver: 3.75m (2.43m true width) averaging 170 g/t Ag, 6.25% Pb, 14.12% Zn. In drill holes that hit the Wolf vein outside of the interpreted plunge of the high-grade silver zone, significant lead and zinc intervals are present.
Mineralization at the Wolf Vein consists of multiple epithermal silica vein and brecciation events along a NE trending, steeply NW dipping zone (Figures 4 and 5). Silver mineralization includes: silver sulphosalts, tennantite, argentite and argentiferous galena hosted in vein and vein breccia mineralization.
Figure 4. DV22-300 mineralized interval of multi-phase quartz vein and vein breccias
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https://images.newsfilecorp.com/files/1728/136919_ad8a8710944e89e1_005full.jpg
Figure 5. quartz vein brecciation with sulphide and sulphosalt matrix
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https://images.newsfilecorp.com/files/1728/136919_ad8a8710944e89e1_006full.jpg
Table 1. Complete drill hole assays.
| Hole ID | From | To | Total (m) | Approx True Width (m) | Ag (g/t) | Pb (%) | Zn (%) | Au (g/t) | *Ag Eq (g/t) |
| DV22-280 | 220.90 | 223.90 | 3.00 | 2.40 | 84 | 0.02 | 0.02 | 0.03 | 89 |
| including | 220.90 | 222.05 | 1.15 | 0.92 | 138 | 0.03 | 0.04 | 0.07 | 146 |
| DV22-281 | 354.25 | 371.00 | 16.75 | 10.89 | 87 | 1.56 | 3.62 | 0.02 | 274 |
| including | 355.55 | 358.57 | 3.02 | 1.96 | 182 | 0.35 | 1.04 | 0.02 | 233 |
| including | 367.25 | 371.00 | 3.75 | 2.43 | 170 | 6.25 | 14.12 | 0.06 | 903 |
| DV22-285 | 424.75 | 436.00 | 11.25 | 6.75 | NSV | 0.13 | 0.51 | 0.04 | 30 |
| including | 425.25 | 425.75 | 0.50 | 0.30 | 17 | 1.09 | 1.29 | 0.01 | 101 |
| including | 432.00 | 432.93 | 0.93 | 0.56 | NSV | 0.16 | 2.76 | 0.46 | 152 |
| and | 452.59 | 485.84 | 33.25 | 19.95 | NSV | 0.10 | 0.28 | NSV | 29 |
| including | 458.00 | 459.25 | 1.25 | 0.75 | 42 | 0.47 | 1.08 | NSV | 98 |
| including | 483.36 | 484.46 | 1.10 | 0.66 | 244 | 0.80 | 1.41 | 0.02 | 323 |
| and | 540.00 | 541.40 | 1.40 | 0.84 | NSV | 0.17 | 2.52 | 0.12 | 112 |
| DV22-288 | 475.40 | 476.80 | 1.40 | 0.77 | NSV | 0.16 | 1.28 | 0.01 | 56 |
| and | 515.70 | 526.65 | 10.95 | 6.02 | 10 | 0.71 | 0.66 | NSV | 59 |
| including | 516.20 | 517.00 | 0.80 | 0.44 | 16 | 1.06 | 0.24 | 0.01 | 58 |
| including | 522.00 | 523.00 | 1.00 | 0.55 | 6 | 0.73 | 1.32 | 0.02 | 81 |
| including | 525.15 | 526.65 | 1.50 | 0.83 | 26 | 2.80 | 2.14 | 0.05 | 198 |
| and | 569.00 | 569.80 | 0.80 | 0.44 | 27 | 1.56 | 1.39 | NSV | 128 |
| and | 587.40 | 589.00 | 1.60 | 0.88 | 6 | 0.25 | 1.15 | 0.01 | 58 |
| DV22-294 | 343.40 | 346.80 | 3.40 | 2.38 | 18 | 0.35 | 0.84 | NSV | 62 |
| including | 346.30 | 346.80 | 0.50 | 0.35 | 78 | 1.72 | 3.05 | 0.02 | 249 |
| and | 351.60 | 354.65 | 3.05 | 2.14 | 128 | 0.73 | 2.04 | 0.01 | 229 |
| including | 351.60 | 353.10 | 1.50 | 1.05 | 226 | 0.97 | 1.72 | 0.02 | 322 |
| DV22-300 | 325.50 | 345.35 | 19.85 | 13.90 | 584 | 0.92 | 0.56 | 0.19 | 649 |
| including | 342.00 | 343.60 | 1.60 | 1.12 | 4326 | 4.21 | 1.36 | 1.00 | 4590 |
| and | 353.25 | 354.70 | 1.45 | 1.02 | 347 | 0.65 | 0.53 | 0.10 | 395 |
*AgEq was calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 2. Drill hole collar locations and orientations
| Hole ID | Easting UTM83 (m) | Northing UTM83 (m) | Elev. (m) | Azimuth | Dip | Length (m) |
| DV22280 | 467089 | 6173630 | 388 | 120 | -45 | 392.00 |
| DV22281 | 467089 | 6173630 | 388 | 120 | -65 | 495.00 |
| DV22285 | 467089 | 6173630 | 388 | 120 | -70 | 573.00 |
| DV22288 | 467089 | 6173630 | 388 | 120 | -73 | 720.00 |
| DV22294 | 467089 | 6173630 | 388 | 110 | -60 | 423.00 |
| DV22300 | 467089 | 6173630 | 388 | 129 | -60 | 396.00 |
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.
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/136919
Vancouver, British Columbia–(Newsfile Corp. – September 7, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that a fourth drill rig has been added to the ongoing Kitsault Valley exploration drill program located in the Golden Triangle of northwest BC. Additionally, based on encouraging visual results, the program has been expanded to include an additional 5,000m of drilling bringing the total planned program to 35,000m.
“Our expanded program will focus on four key areas, prioritizing step-out drilling at Wolf and Kitsol where visual intercepts of mineralization and assays received to-date, have been very encouraging. Additionally, geophysical surveys, surface sampling and mapping have developed multiple exploration drill targets that will be tested during our expanded program,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
The additional drilling will be allocated to follow up on exploration success at multiple zones and to test new exploration targets in four key areas:
Over 25,000m of drilling in 80 drill holes has been completed to date with three drills. With the addition of the 4th drill, the program is on schedule to drill a total of 35,000m by the end of September 2022.
Initial Drilling at the Wolf Vein followed up on the 2021 intercept of 17.50m averaging 214 g/t Ag and 0.47% Pb including 1.22 m averaging 1,532 g/t Ag, 0.44 g/t Au, 2.11 % Pb and 1.07% Zn (news release, December 20, 2021) and associated alteration underneath the central valley sediment cap has encountered a robust mineralizing system that has been drilled so-far to a depth of 500m and along strike an additional 175m to the southwest. The system remains open thus far and is interpreted to be getting wider closer to the center of the valley fold axis and geophysical anomalies. Assays are currently pending for Wolf Zone drilling.
At the Red Point Prospect, surface grab samples of high level vein float returned 6,280g/t Ag and 106 g/t Ag with 5.82 g/t Au. A subsequent IP line completed by Simcoe Geoscience using their Alpha Wireless Time Domain Distributed IP technology crossed over the zone of veining and shows a strong Chargeability anomaly indicative of sulphides approximately 200m below surface with narrow extensions up to surface where the float samples were collected.
2D IP Chargeability Model
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/136214_05d5ce21d412a8ee_002full.jpg
Dolly Varden’s initial program includes 99 drill holes planned in the phase I program. Resource upgrade and down plunge expansion drilling is underway at the Homestake Ridge Deposit with three drills. The fourth drill is performing exploration drilling north of the Homestake Main resource area, testing the projection of the mineralized structures up to 500m north of the deposit.
The Kitsault Valley Project combined current mineral resource estimate 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, 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/136214
