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Dolly Varden Intersects 50.2 meters of 414 g/t Silver in Step-out Drilling at Kitsol Vein

Press Release

VANCOUVER, BC, August 10, 2022 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce significant results from drilling at the Kitsol Vein located near the historic Torbrit Mine on the Company’s Property in northwest BC.

Highlights from drill hole DV22-283 include:

  • 18m (~30.0m true width) averaging 414 g/t Ag
  • Including 15m (4.29m true width) averaging 646 g/t Ag
  • Including 74m (7.04m true width) averaging 658 g/t Ag
  • Including 34m (3.20m true width) averaging 801 g/t Ag

Drill hole DV22-283 is a 25m step-out along strike and down dip of high grade silver mineralization zone within the Kitsol Vein and suggests that thickness and grade of the Kitsol Vein is increasing at depth.  Within the mineralized interval, three 0.50m long samples assayed 2,910 g/t Ag, 2,390 g/t Ag and 2,500 g/t respectively.  The Kitsol Structure is a vein-hosted, high-grade silver system located immediately west of the Torbrit Mineral Resource and historic mine. Mineralization consists of multiple, overlapping epithermal vein and brecciation events along a northeast striking, steep westerly dipping zone. Silver mineralization includes native silver, pyrargyrite, tennantite, argentite and argentiferous galena hosted in highly siliceous breccias and veins.

“As one of the widest and highest grade drill holes on the Dolly Varden Property, we will be prioritizing additional step out drilling at the Kitsol Vein area.  We are targeting potentially underground bulk-mineable mineralization and this certainly meets our criteria. In addition to the ongoing drilling at priority exploration targets including the Wolf Mine and at Homestake Ridge, we are thrilled with these results and look forward to receiving additional assays soon,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

Complete results from drill hole DV22-283 are as follows:

Target Hole ID From (m) To     (m) Core Length (m) True width (m) Ag   (g/t) Pb   (%) Zn   (%) Au  (g/t)
Kitsol Vein DV22-283 181.32 231.50 50.18 30.11 414 0.18 0.19 0.07
Includes:
Zone 1 DV22-283 189.11 196.26 7.15 4.29 634 0.47 0.31 0.11
including DV22-283 191.00 193.75 2.75 1.65 1121 0.66 0.37 0.21
including DV22-283 191.00 191.50 0.50 0.30 2910 2.81 1.32 0.54
including DV22-283 193.25 193.75 0.50 0.30 2390 0.12 0.14 0.42
Zone 2 DV22-283 207.00 218.74 11.74 7.04 658 0.21 0.14 0.07
including DV22-283 211.00 217.90 6.90 4.14 849 0.20 0.16 0.10
including DV22-283 212.70 215.04 2.34 1.40 1245 0.22 0.11 0.23
including DV22-283 212.70 213.20 0.50 0.30 2500 0.03 0.08 0.23
Zone 3 DV22-283 223.02 228.36 5.34 3.20 801 0.07 0.22 0.02

Photo showing Native Silver mineralization from Kitsol drill hole DV22-283

Photo showing siliceous breccia and epithermal vein mineralization from Kitsol drill hole DV22-283

2022 Kitsault Valley Drill Program

The Company is currently utilizing three diamond drill rigs with 99 drill holes planned in the Phase I program. To-date, over 18,000m of drilling has been completed. Resource upgrade and expansion drilling is underway at the Homestake Ridge Main Gold zone with two drills, with one drill continuing exploration and resource expansion drilling at the silver-rich Torbrit area and at the Wolf Deposit.

Concurrent with the diamond drilling, geological and geophysical work along the Kitsault Valley trend is ongoing to help refine targets for exploration drilling in the latter part of the summer.

The Kitsault Valley Project combined current mineral resource contains 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category within a 163 square km consolidated land package.

Quality Assurance and Quality Control

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

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

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively–Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

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

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com;

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