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

Date/time : 2024-02-12 07:00 AM
Symbol :

DV

Company : Dolly Varden Silver Corporation
Price : 0.66
Market cap : 178,243,823
O/S : 270,066,399
Exchange :

TSXV

Industry :

Silver

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

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

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

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

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

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

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

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

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

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

Homestake Silver Step-Out Drilling

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

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

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

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

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

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

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

Homestake Ridge Exploration Drilling

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

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

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Figure 2. Long Section of Homestake Silver and Main. Modelled mineralized envelope from resource in Red (looking southwest)
 
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Figure 3. Drill hole HR23-389 at the gold zone from the Homestake Silver deposit hosting quartz carbonate vein and stockwork with high-grade gold and silver mineralization.
 
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Figure 4. Location of 2023 Drill holes at Homestake Main and northwest step outs at Homestake Silver in this release. Plan View with Current Mineral Resource block model in grey, primarily of Inferred Classification
 
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Figure 5. Homestake Silver northwest extension Cross Section (A-B) with 2023 and previous drill holes
 
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Table 1. Completed Drill Hole Assays from the Homestake Silver Deposit Northern Extension drilling

Hole IDFrom (m)To
(m)
Length (m)**Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR23-389329.50369.9340.430.11670.000.9176
including366.00368.002.000.525590.037.26602
including367.00368.001.000.999960.0413.001078
New Au Zone377.50444.0066.5015.26200.0115.501285
including401.00413.4512.4579.49600.0180.216649
including409.90410.580.681335***7810.011344.42111440
Lower Zone503.07550.3547.281.2210.011.23102
including510.60511.851.2513.7040.0113.751140
including522.77523.370.608.5340.018.57711
including525.79526.811.0213.6560.0113.721137
HR23-394416.50421.505.000.52140.020.6957
including416.50417.501.002.10260.032.42200
and484.00486.002.002.20500.022.79231
HR23-399
New Au Zone
377.90435.6057.702.68200.022.92242
including396.24397.251.0143.10660.2343.903639
including413.00414.751.7540.334180.1345.373761
and446.80452.005.201.4050.021.46121
Lower Zone545.10570.0024.900.36NSV
0.3630
HR23-410329.35329.850.500.1212150.0414.771225
and329.85330.350.500.061920.412.37197
75m Step out566.11572.726.6110.1770.0310.25850
including567.58571.473.8916.81100.0416.931403
including567.58568.200.6250.70260.0851.014229
including570.00571.471.4715.3090.0515.411277

 

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

Hole IDFrom (m)To
(m)
Length (m)**Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR23-367295.75304.809.051.6610.011.68139
including299.96300.800.843.1620.033.19264
including301.32301.820.5019.80110.0619.941652
HR23-368186.90188.902.000.18NSV
0.1815
and207.70212.955.250.17NSV
0.1714
HR23-369204.00211.007.000.60NSV
0.6050
including231.07231.620.550.8340.010.8873
and294.50317.3422.840.37NSV
0.3731
including313.19314.501.313.31180.003.52292
HR23-370288.00295.007.001.6520.011.67139
including293.00295.002.004.8350.014.89405
HR23-371323.00323.500.501.45NSV
1.45120
HR23-372234.36258.5024.140.8710.040.8873
including246.50250.504.003.5830.103.61299
including257.70258.500.801.0570.521.1394
HR23-373341.00343.002.000.45NSV
0.4537
HR23-374261.03344.5483.511.2220.041.24103
including268.48269.150.6722.60100.1722.721883
including311.00313.002.0018.7580.2218.851562
including321.00322.001.0010.1590.0910.26850
HR23-375234.00237.183.180.1420.010.1714
HR23-376402.09409.137.040.9710.050.9881
including408.32409.130.815.2950.325.35444
HR23-377475.75477.261.510.3240.040.3731
HR23-378523.55526.002.450.36NSV
0.3630
and569.85571.461.610.45NSV
0.4537
HR23-379264.00293.0029.000.4710.020.4940
including284.88286.501.624.96140.255.13425
and299.75315.3515.600.29NSV
0.2924
and387.00416.0029.000.38NSV
0.3831
including395.00399.504.500.80NSV
0.8066
including403.00406.003.000.92NSV
0.9276
HR23-380420.44446.0025.560.2500.000.2521
HR23-381259.97277.0017.030.56120.030.7159
including265.24265.890.653.381110.414.72391
including268.02268.610.591.3040.001.35112
HR23-382312.00394.4182.410.26NSV0.020.2622
including324.60325.120.523.3340.443.38280
including359.50360.220.721.95130.482.11175
and404.00434.0030.000.38NSV0.010.3831
including426.30427.120.824.86210.325.11424

 

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

Hole IDFrom (m)To
(m)
Length (m)**Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR23-383166.08168.001.920.86390.001.33110
HR23-384338.12371.1032.980.3110.010.3327
and391.00444.0053.000.3010.000.3126
HR23-385485.67515.0529.380.2520.070.2722
and510.00510.700.700.93150.631.1192
HR23-386156.69208.9552.261.47250.131.78147
including159.00160.001.001.359690.0913.041081
including161.00163.502.5018.14300.2418.511534
including161.00161.500.5069.90420.1870.415836
including183.90190.006.102.19160.912.39198
HR23-387146.84190.1043.260.6260.130.6957
including150.00150.500.506.18100.166.31523
including166.00168.652.652.54351.682.96246
including189.10189.600.502.6210.112.64219
HR23-388211.90229.5017.601.0040.141.0486
including213.86215.001.141.90170.932.10174
including219.48220.200.727.8080.137.90655
including221.50222.000.501.0390.161.1494
including225.60228.402.802.0540.142.10174
and372.50381.509.001.7630.131.80149
including373.38373.880.5028.80472.2329.372434
HR23-390167.70218.0050.301.9240.031.96162
including169.68170.180.50129.002181.09131.6310911
including173.95174.450.505.5980.135.68471
including206.00207.001.002.7210.002.73227
including216.00218.002.002.1250.032.18180
HR23-391159.00167.508.500.12NSV
0.1210
and232.00239.557.551.2250.141.28106
including234.00236.552.553.29110.363.43284
and246.04306.9060.860.7230.090.7663
including246.04246.610.573.56400.124.04335
including254.48273.3018.821.5240.141.56130
including304.70305.200.5013.55500.2714.151173
and324.00346.2022.200.2600.020.2722
including331.80332.300.503.9650.844.03334
HR23-392113.00119.006.000.45470.021.0184

 

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

Hole IDFrom (m)To
(m)
Length (m)**Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR23-422193.00194.171.170.36240.130.6554
HR23-42410.0017.007.000.27NSV


HR23-42412.0013.161.161.069
1.1797
and23.2523.750.505.72220.405.98496
and95.2095.700.500.5420
0.7965
and196.05196.660.611.762
1.79148
and199.35199.850.501.973
2.00166
and249.35249.930.581.842
1.86154
HR23-423168.60169.701.101.521
1.53127
and246.75247.751.000.78NSV
0.7865
HR23-420NSV






HR23-42197.60206.00108.400.11NSV
0.1129
HR23-417156.20161.205.000.98NSV
0.97881
including158.20159.201.002.09NSV
2.09173

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

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

Hole IDEasting UTM83 (m)Northing UTM83 (m)Elev. (m)AzimuthDipLength (m)
HR23-3674628406179693952211-58351.00
HR23-3684628406179693952202-68402.00
HR23-3694630716179531927237-55414.00
HR23-3704628406179693952226-56324.90
HR23-37146277161798491091200-75589.00
HR23-3724630716179531927235-62390.00
HR23-3734628406179693952230-68450.00
HR23-3744631666179562895232-53441.00
HR23-37546277161798491091200-62582.00
HR23-3764628976179729964140-65609.00
HR23-3774631666179562895232-71552.00
HR23-37846277161798491091200-73609.00
HR23-3794630156179634918210-59450.00
HR23-3804631326179539914221-70501.00
HR23-38146279461792711116106-45402.00
HR23-3824630756179672902212-55450.00
HR23-3834631296179330986220-53285.00
HR23-3844631326179539914205-66501.00
HR23-3854628976179729964240-74600.00
HR23-3864631206179391969223-57300.00
HR23-3874631206179391969231-52306.00
HR23-3884631336179500925223-47399.00
HR23-3904631206179391969205-62354.00
HR23-3914631336179500925218-61439.00
HR23-39246279461792711116116-45354.00
HR23-3894635906179193825228-46603.00
HR23-3944635906179193825228-53654.00
HR23-3994635906179193825232-48621.00
HR23-4104635606179124834220-50600.00
HR23-417exp46318261786301070240-50283.00
HR23-420exp46348261782461014240-50279.00
HR23-421exp46329561778291200282-46222.00
HR23-422exp46330561771431117166-46261.00
HR23-423exp46371361763891038315-50255.00
HR23-424exp46331861780591169230-46327.00

 

Dolly Varden Exploration Drilling

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

Red Point Drilling

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

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

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

North Star Drilling

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

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

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

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

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

Wolf Drilling

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

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Figure 6. Drill hole location map for Dolly Varden Property holes reported in this release.
 
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Figure 7. Wolf Long Section with 2023 drill holes in this release highlighted in white. The 2023 result highlights shown from step-outs along the wide, high-grade plunge are from previous releases (Sept 11th and Nov 06th, 2023).
 
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Table 5. Completed Drill Hole Assays from the Dolly Varden Property Exploration Drilling in this release.

Hole IDFrom
(m)
To
(m)
Length (m)**Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
AgEq
(g/t)
DV23-353
North Star
251.05254.503.451380.073.507.69543
including252.50254.502.002110.105.749.82769
and266.45267.100.654260.390.590.24485
and291.50292.501.002190.470.051.29308
DV23-358
North Star
278.96280.801.84520.030.8011.10500
and293.32311.4218.101990.081.281.21292
including293.32300.757.433455.922.751.6491
including293.32293.900.5815100.061.235.341755
including296.00297.001.007530.5115.204.321430
DV23-360
Red Point
1.85122.47120.6230.440.020.0542
including34.9048.0013.1061.920.030.08169
including44.0046.302.30157.250.030.07619
DV23-363
Red Point
29.00109.0080.00NSV0.38


including51.0054.103.10123.45

298
DV23-384
Red Point
724.20783.0058.8010.280.010.0326
including737.50761.8124.3110.450.000.0239
DV23-377
Surprise
NSV






DV23-378
Surprise
NSV






DV23-380
Wolf
575.60584.288.682NSV0.120.5526
DV23-381
Wolf
593.13594.100.971150.031.601.73233
and669.20670.201.001840.040.522.44295
and671.92673.901.982150.010.233.17343
and675.40676.401.001380.0315.043.12725
DV23-382
Wolf
549.83570.7020.87390.181.250.70119
including551.00552.301.302500.2815.383.80895
DV23-383
Wolf
274.00276.722.7260.030.061.1453
DV23-385
Wolf
369.02384.6215.60210.050.770.6172
including372.10372.920.821310.280.340.55185

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

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

Hole IDEasting UTM83 (m)Northing UTM83 (m)Elev. (m)AzimuthDipLength (m)
DV23-353 North Star4675756171329533115-60431.00
DV23-358 North Star4675756171329533155-58413.00
DV23-360 Red Point4670266172064618205-50384.00
DV23-363 Red Point4667826172288707220-63378.00
DV23-384 Red Point4665006171968759260-60912.00
DV23-377 Surprise4668156173693446232-46300.00
DV23-378 Surprise4668156173693446340-60618.00
DV23-380 Wolf4670136173643383140-71803.00
DV23-381 Wolf4670136173643383140-74824.00
DV23-382 Wolf4670136173643383142-65648.00
DV23-383 Wolf4672656172994372305-55762.00
DV23-385 Wolf4671276173757364138-57498.00

 

Quality Assurance and Quality Control

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

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

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

Qualified Person

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

About Dolly Varden Silver Corporation

Dolly Varden Silver 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/197571