Dolly Varden Silver reports ‘Daughter Holes’ in Wolf Zone, Kitsault Valley, British Columbia
Dolly Varden Silver Corp. [TSXV-DV; OTC-DOLLF] released additional results from the Wolf Vein step-out directional drilling. Dolly Varden Silver is advancing its 100% held Kitsault Valley Project, located in the Golden Triangle of northern British Columbia, Canada. The 163 km2 project hosts high-grade silver and gold resources. The recently consolidated Big Bulk project 5 km to the east is prospective for porphyry and skarn style copper and gold mineralization.
Drill hole DV24-412 averaged 606 g/t silver over 16.20 metres on a 45-metre step-out from 2023 drilling and 31 metres below DV24-404.
Approximately 8,000 metres of an ongoing 25,000-metre drill program at the 100% owned Kitsault Valley Silver and Gold Project is being drilled at the Wolf Vein to expand and infill the plunge of high-grade silver mineralization.
Wolf Vein step-out drilling highlights: DV24-412: 606 g/t Ag, 0.61% Pb and 1.43% Zn over 16.20 meters, including 868 g/t Ag, 0.18% Pb and 0.88% Zn over 2.27 metres.
DV24-414: 771 g/t Ag, 2.93% Pb and 2.29% Zn over 3.77 metres, including 1,065 g/t Ag, 4.64% Pb and 3.48% Zn over 2.26 metres within a 15.02-metre wide vein breccia zone grading 254 g/t Ag, 0.86% Pb and 1.34% Zn.
“The strength of mineralization including strong native silver and pyrargyrite plus strong, accessory base metals appear to be increasing to the southwest as we vector towards a key structural intersection point,” stated Shawn Khunkhun, CEO. “These holes, oriented by directional drilling, show excellent continuity of the high-grades at the Wolf Vein.”
A total of four southwest step-out holes have been completed from one drill pad. Dolly Varden Silver is using directional drilling technology to precisely target areas for step-out and infill work.
Drillhole DV24-404 is the initial “mother” hole on a step-out collared at surface. DV24-404 intersected 1,091 g/t silver over 9.38 metres, with significant base metal grades. (intervals reflect core length, true width is estimated to be 60 to70%).
Drillholes DV24-409, DV24-412 and DV-414 reported in this release are “daughter” holes directed off the initial “mother” hole DV24-404.
The wide, high-grade silver intersection in drill hole DV24-412 is located 31 metres below previously reported drill hole DV24-404 and demonstrates that the vertical extent of the plunging high-grade zone is consistent at depth.
On August 20, 2024 Dolly Varden Silver announced that a previously announced bought-deal financing of $25 million has been upsized to $28 million.
The upsized financing consists of 10,000,000 common shares at a price of $1.00 per share for gross proceeds of $10 million. A total of 14,400,000 common shares that will qualify as “flow-through shares” at a price of $1.25 per FT Share for gross proceeds of $18 million.
DV’s precious metal inventory has increased 300% in the last four years through acquisition. Exploration drilling done after 2019 will be added in on the next property wide mineral resource estimate
Highlights of 2024 drilling program: Three drill rigs mobilized; initial 25,000 metres diamond drilling planned; focus on Homestake Silver and Wolf Deposits and follow up on new discoveries.
On November 2, 2023 Dolly Varden Silver closed a deal where Hecla Canada invested $10 million in DV Silver, raising its stake in DV Silver from 10.6% to 15.7%.