Nov 5, 2024

Dolly Varden Silver Intersects 12.23 g/t Au and 84 g/t Ag over 34.93m at Homestake Silver, British Columbia

Introduction:

Dolly Varden Silver Corporation (TSXV: DV) has reported high-grade gold and silver intercepts from its 2024 drill program at the Homestake Silver deposit in British Columbia's Golden Triangle, highlighted by 12.23 g/t Au and 84 g/t Ag over 34.93m.

Drill Results:

34.93m @ 12.23 g/t Au and 84 g/t Ag from 329.74m (within a broader 100.80m @ 4.64 g/t Au and 38 g/t Ag zone) (HR24-435)
13.94m @ 29.24 g/t Au and 16 g/t Ag from 338.75m (within a broader 48.23m @ 8.85 g/t Au and 5 g/t Ag zone) (HR24-432)
9.95m @ 4.58 g/t Au from 664.54m (including 1.69m @ 14.96 g/t Au) (HR24-442)‍
9.36m @ 1.55 g/t Au and 154 g/t Ag from 291.97m (including 1.00m @ 12.47 g/t Au and 1374 g/t Ag) (HR24-434)

Project Overview:

The Homestake Silver deposit is part of Dolly Varden's 100% owned Kitsault Valley Project, which combines the Dolly Varden and Homestake Ridge projects. The property covers 163 sq. km in the Golden Triangle region of British Columbia, a Tier 1 mining jurisdiction. It is located 25 km by road from tidewater, providing good infrastructure access.

The project hosts high-grade silver and gold resources at both Dolly Varden and Homestake Ridge, including past-producing silver mines. It is considered prospective for further precious metal discoveries, being on the same structural and stratigraphic belts as other major deposits in the region like Eskay Creek and Brucejack.

Program Details:

The 2024 drill program at Kitsault Valley has completed 69 holes totaling 31,726m, with 28 holes (16,181m) drilled at Homestake Ridge. This release reports results from 5 holes targeting a wide, high-grade zone within the Homestake Silver deposit. The drilling has identified a gold-rich area within a previously sparsely drilled gap. Mineralization consists of pyrite, galena and sphalerite with visible gold in silica breccia veins hosted in Jurassic Hazelton volcanic rocks.

Understanding These Results:

The reported intercepts represent significant widths of high-grade gold and silver mineralization within the central portion of the Homestake Silver deposit. The results suggest the plunge of mineralization has a similar orientation to the nearby Homestake Main deposit.

The wide intersections, such as 100.80m @ 4.64 g/t Au and 38 g/t Ag in HR24-435, demonstrate the potential for bulk tonnage mineralization. Higher-grade internal zones, like 34.93m @ 12.23 g/t Au and 84 g/t Ag, highlight the presence of high-grade precious metal veins within the broader mineralized envelope.

Management Commentary:

Shawn Khunkhun, CEO of Dolly Varden Silver:

"The identification of a gold-rich, wide and high-grade area within the Homestake Silver Deposit is highly encouraging. Our geological team is encouraged by overlapping mineralizing phases of silver and gold rich veins and breccias; the deposit remains open for expansion."

Next Steps & Catalysts:

Results are pending for an additional 23 drill holes from Homestake Silver and property-wide exploration drilling. The company will likely incorporate these results into an updated resource estimate for the Kitsault Valley project.

Commodity Outlook:

Gold and silver continue to be sought-after precious metals with strong fundamentals. The project's location in British Columbia's Golden Triangle, a world-class mining district, adds strategic value due to the area's exceptional mineral endowment and well-developed infrastructure.

Conclusion:

The latest results from Homestake Silver demonstrate the potential for a significant high-grade gold and silver deposit within Dolly Varden's Kitsault Valley project. The wide intercepts of strong mineralization, including bonanza-grade zones, highlight the robust nature of the mineralizing system. With the deposit remaining open and additional results pending, there is clear potential to expand the resource base.

Sources:

DV Drill Results Announcement

Additional Figures:

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Rare Earths

Nov 21, 2024