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Dolly Varden Silver Intersects 1.50m of 1,367 g/t Ag within 12.51 meters Grading 442 g/t Ag at Kitsol Vein

Press Release

VANCOUVER, BC, November 07, 2022 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTC: 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:

  • DV22-289: 979 g/t Ag over 0.49 meters true width, step out at Torbrit Main
  • DV22-291: 442 g/t Ag over 8.88 meters true width, infill at Kitsol
  • DV22-298: 372 g/t Ag over 10.78 meters true width, up-dip extension at Kitsol
  • DV22-308: 297 g/t Ag over 6.59 meters true width, step out at Torbrit Main
  • DV22-312: 585 g/t Ag over 3.30 meters true width, step out at Torbrit Main

“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

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

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.

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

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.

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.

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.

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

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