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Dolly Varden Silver Intersects 27.44 g/t Au and 463 g/t Ag over 9.16m, Including 75.13 g/t Au and 2,337 g/t Ag over 1.77m at Homestake Ridge

Vancouver, British Columbia–(Newsfile Corp. – November 29, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the "Company" or "Dolly…

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Vancouver, British Columbia–(Newsfile Corp. – November 29, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC’s Golden Triangle. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Resources.

Highlights include (intervals shown are core length):

  • HR22-314: 4.27 g/t Au and 64 g/t Ag (5.10 g/t AuEq*) over 16.06 meters including 18.76 g/t Au and 193 g/t Ag (21.49 g/t AuEq*) over 3.08 meters
  • HR22-322: 6.47 g/t Au and 27 g/t Ag (5.83 g/t AuEq*) over 6.00 meters
  • HR22-325: 7.18g/t Au and 30 g/t Ag, 0.49% Cu (8.26 g/t AuEq*) over 10.00 meters including 20.20 g/t Au and 68 g/t Ag (21.13 g/t AuEq*) over 1.47 meters
  • HR22-328: 27.44 g/t Au and 463 g/t Ag (33.34 g/t AuEq*) over 9.16 meters including 0.50 meters 216.00 g/t Au and 113 g/t Ag, 0.48% Cu (218.06 AuEq*) over 0.50 meters
  • HR22-330: 5.68 g/t Au and 147 g/t Ag (7.48 g/t AuEq*) over 15.00 meters, including 54.10 g/t Au, 4,890 g/t Ag and 0.11% Cu (113.25 g/t AuEq*) over 0.39 meters
  • HR22-337: 3.79 g/t Au and 2 g/t Ag (3.84 g/t AuEq*) over 21.00 meters including 11.15 g/t Au and 5.00 g/t Ag (11.22 AuEq*) over 2.00 meters
  • HR22-339: 14.56 g/t Au and 4.00 g/t Ag (14.63 g/t AuEq*) over 2.50 meters

“Our 2022 drill program has truly been exceptional. The recently acquired Homestake Ridge Deposit has delivered more high-grade gold and silver values, commonly with strong copper mineralization. These intercepts demonstrate strong continuity of mineralization over wide intervals, similar to the recently announced high-grade results at the Wolf and Kitsol Deposits, located six kilometers to the south. We eagerly anticipate additional assays from all of Dolly Varden’s Deposits, as well as new exploration targets drilled during the 2022 program,” said Shawn Khunkhun, President and CEO.

These results are primarily infill drilling from areas of Current Inferred Mineral Resources and suggest that the higher-grade gold-silver lenses may be continuous over more extensive areas than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence. Additional assays from the Homestake Main and Silver Deposits are pending

Complete Assay results for the first batch of drilling results at Homestake Main are in Table 1.

Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_002full.jpg

The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia system hosted in Jurassic aged Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system (see Figure 2). 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 shoots within a broader low grade zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 3 and 4).

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/11/3b1b222d88a274f0a1d5d3214fa529bb.jpg

Figure 2. Drill hole HR22-330 from the Homestake Main deposit showing breccia vein style mineralization.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_003full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/11/f302e3db1dbf6da674502a67df9aa0e0.jpg

Figure 3. Homestake Plan View with Current Mineral Resource block model, primarily of Inferred Classification

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_004full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/11/81a0284444fcf3c408686a8cc3552f2e.jpg

Figure 4. Homestake Main Cross Section (A-B) with 2022 and previous drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_005full.jpg

Table 1. Completed Drill Hole Assays from the Homestake Main Deposit

Hole ID From (m) To
(m)
Length (m) Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq* AgEq*
HR22-313 107.00 148.00 41.00 0.85 12 0.10 1.13 93
including 125.08 127.00 1.92 3.13 42 NSV 3.64 300
including 141.00 146.10 5.10 3.10 11 0.72 4.28 353
HR22-314 149.66 165.72 16.06 4.27 64 NSV 5.10 421
including 159.92 163.00 3.08 18.76 193 0.28 21.49 1,773
and 168.23 169.19 0.96 10.55 50 4.14 17.17 1,417
HR22-315 174.70 175.22 0.52 2.07 25 1.37 4.36 360
HR22-316 124.00 152.50 28.50 0.88 3 NSV 0.97 80
including 142.50 144.00 1.50 2.47 3 NSV 2.58 213
including 150.00 151.50 1.50 3.11 13 0.49 3.97 328
HR22-317 200.00 205.00 5.00 0.25 NSV NSV 0.03 21
and 232.00 235.60 3.60 0.21 NSV NSV 0.21 17
HR22-318 129.00 181.00 52.00 1.19 23 NSV 1.54 127
including 148.88 149.38 0.50 19.90 1990 0.39 44.47 3,669
including 152.00 160.20 8.20 2.57 8 0.19 2.95 243
including 172.00 177.00 5.00 3.23 3 0.09 3.39 280
HR22-319 200.34 207.00 6.66 1.16 3 NSV 1.26 104
HR22-320 108.50 125.50 17.00 0.83 6 NSV 0.91 75
including 123.87 124.60 0.73 5.98 17 NSV 6.21 512
HR22-321 179.00 192.00 13.00 1.16 4 0.12 1.38 114
including 189.00 190.55 1.55 5.18 10 0.15 5.52 455
HR22-322 83.00 143.12 60.12 1.69 21 NSV 2.01 166
including 113.00 119.00 6.00 6.47 27 NSV 6.83 563
including 134.13 138.71 4.58 5.23 17 0.50 6.15 508
HR22-323 190.30 222.00 31.70 0.91 6 0.37 1.52 125
including 198.00 203.00 5.00 2.36 5 0.08 2.53 208
including 207.60 209.56 1.96 0.49 37 3.50 6.03 497
including 214.00 214.55 0.55 0.52 16 1.97 3.57 295
HR22-325 174.00 201.00 27.00 3.11 12 0.20 3.54 292
including 174.00 184.00 10.00 7.18 30 0.49 8.26 681
including 175.00 175.50 0.50 18.00 23 1.92 21.06 1,738
including 177.30 177.80 0.50 15.60 92 2.95 21.00 1,733
including 180.00 181.47 1.47 20.20 68 0.08 21.13 1,743
HR22-327 217.28 227.50 10.22 1.01 17 1.43 3.29 271
including 220.75 223.23 2.48 2.15 35 3.98 8.36 689
and 231.00 274.00 43.00 0.35 5 0.10 0.56 46
including 248.55 251.48 2.93 1.85 65 1.13 4.28 353

 

Table 1 con’t. Completed Drill Hole Assays from the Homestake Main Deposit

Hole ID From (m) To
(m)
Length (m) Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq* AgEq*
HR22-328 160.81 169.97 9.16 27.44 463 0.21 33.34 2,751
including 163.13 164.90 1.77 75.13 2337 0.23 103.66 8,552
including 168.00 168.50 0.50 216.00 113 0.48 218.06 17,991
HR22-330 111.00 126.00 15.00 5.68 147 NSV 7.48 617
including 112.00 112.39 0.39 54.10 4890 0.11 113.25 9,344
including 116.30 116.69 0.39 74.80 20 NSV 75.05 6,192
including 118.00 118.81 0.81 33.80 14 NSV 33.98 2,803
and 131.00 143.00 12.00 0.24 8 NSV 0.38 31
HR22-331 101.00 113.00 12.00 0.92 63 NSV 1.70 140
including 111.00 111.80 0.80 9.43 224 0.10 12.27 1,013
and 130.00 144.00 14.00 1.02 5 0.15 1.30 107
including 134.10 134.82 0.72 11.95 70 2.45 16.36 1,349
HR22-334 123.00 154.61 31.61 1.75 15 0.27 2.32 191
including 131.00 139.20 8.20 3.66 30 0.27 4.42 364
including 131.00 132.00 1.00 7.67 198 0.04 10.11 834
including 138.70 139.20 0.50 19.55 50 4.26 26.35 2,174
including 145.13 147.39 2.26 5.38 19 1.09 7.19 593
including 152.06 152.41 0.35 6.92 48 7.27 18.07 1,491
HR22-335 177.00 202.55 25.55 0.55 1 NSV 0.57 47
including 184.50 190.00 5.50 1.40 1 NSV 1.42 117
and 220.00 245.50 25.50 0.34 2 NSV 0.43 35
HR22-337 145.00 175.84 30.84 2.74 2 NSV 2.79 230
including 151.00 172.00 21.00 3.79 2 NSV 3.84 317
including 151.00 152.64 1.64 12.90 4 NSV 12.95 1,069
including 161.00 163.00 2.00 11.15 5 NSV 11.22 926
including 171.00 172.00 1.00 6.58 3 NSV 6.65 548
HR22-339 148.25 172.50 24.25 2.33 2 NSV 2.37 195
including 156.50 159.00 2.50 14.56 4 NSV 14.63 1,207
including 156.50 157.50 1.00 33.40 7 NSV 33.52 2,765
and 164.75 165.60 0.85 5.05 3 NSV 5.11 422

 

*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag, $US3.50/lb Cu

**Estimated true widths vary depending on intersection angles and range from 80% to 90% of core lengths

Table 2. Drill Hole Collars for 2022 Homestake Main Deposit Drilling

Hole ID Easting
UTM83 (m)
Northing
UTM83 (m)
Elev.
(m)
Azimuth Dip Length
(m)
HR22-313 463002 6179472 954 225 -47 201.00
HR22-314 463050 6179452 956 226 -50 180.00
HR22-315 463050 6179452 956 226 -59 228.00
HR22-316 463002 6179472 954 225 -57 201.00
HR22-318 463002 6179472 954 245 -50 207.00
HR22-317 463050 6179452 956 226 -68 237.00
HR22-319 463050 6179452 956 250 -68 237.00
HR22-320 462956 6179462 956 225 -45 165.00
HR22-321 463113 6179429 953 229 -53 210.00
HR22-322 462956 6179462 956 225 -60 180.00
HR22-323 463113 6179429 953 229 -62 231.00
HR22-325 463132 6179416 949 228 -51 220.00
HR22-327 463132 6179416 949 228 -70 276.00
HR22-328 463052 6179417 973 225 -68 255.00
HR22-330 463052 6179417 973 225 -59 220.00
HR22-331 463052 6179417 973 220 -50 216.00
HR22-334 463089 6179383 982 230 -58 250.00
HR22-335 462965 6179544 922 250 -54 252.00
HR22-337 462937 6179513 935 225 -50 192.00
HR22-339 462937 6179513 935 215 -65 210.00

 

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. 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).

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/145912










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