Dolly Varden Silver’s step-out drilling at Homestake Ridge discovers new, high-grade gold zone, British Columbia

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Dolly Varden Silver Corp. [TSXV-DV; OTC-DOLLF] reported 2023 step-out drilling at the Homestake Ridge property, British Columbia, intersected a new gold-rich zone, to the northwest from the Homestake Silver Deposit.

Highlights of Homestake Silver step-outs to the northwest include: HR23-389: 79.49 g/t Au and 60 g/t Ag (80.21 g/t AuEq) over 12.45 metres, including 1,335 g/t Au and 781 g/t Ag (1,344.42 g/t AuEq) over 0.68 metres 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 metres.

HR23-399: 43.10 g/t Au and 66 g/t Ag (43.90 g/t AuEq) over 1.01 metres and 40.33 g/t Au and 418 g/t Ag (45.37 g/t AuEq) over 1.75 metres within a broad mineralized zone grading 2.68 g/t Au and 20 g/t Ag (2.92 g/t AuEq) over 57.70 metres. HR23-410: 10.17 g/t Au over 6.61 metres, including 50.70 g/t Au over 0.62 metres.

Highlights from Homestake Main infill drilling below high-grade plunge include: HR23-374: 22.60 g/t Au over 0.67 metres, 18.75 g/t Au over 2.00 metres and 10.15 g/t Au over 1.00 metre 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 metres.

HR23-386: 18.14 g/t Au and 30 g/t Ag (18.51 g/t AuEq) over 2.50 metres, including 69.9 g/t Au and 42 g/t Ag (70.41 g/t AuEq) over 0.50 metres.

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 metres.

“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.

Three holes were drilled in the Red Point area, located at the southern end of the western gold belt, approximately 10 km 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: HR23-360: 1.92 g/t Au over 13.10 metres including 7.25 g/t Au and 1.12% Cu over 2.30 metres near surface all within a broad mineralized halo grading 0.44 g/t Au over 120.62 metres.

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

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 metres including 1,510 g/t Ag, 1.23% Pb and 5.34% Zn (1,755 g/t AgEq) over 0.58 metres 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 metre.

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.

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.

Dolly Varden Silver is 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, 25 km by road to tide water.

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