Dolly Varden Silver discovers new, high-grade gold zone at Homestake Ridge

Dolly Varden Silver (TSXV: DV; OTC: DOLLF) has discovered a new, gold-rich zone to the northwest of its Homestake Silver deposit in British Columbia’s Kitsault Valley. The Kitsault Valley project is 100%-owned by Dolly Varden.

Step-out drilling returned 79.49 g/t gold and 60 g/t silver over 12.45 metres, including 1,335 g/t gold and 781 g/t silver over 0.7 metre in hole HR23-389. Hole 399 returned 43.10 g/t gold and 66 g/t silver over 1.01 metres and 40.33 g/t gold and 418 g/t silver over 1.7 metres within a broad zone grading 2.68 g/t gold and 20 g/t silver over 57.7 metres. A third hole (410) returned 10.17 g/t gold over 6.6 metres, including 50.70 g/t gold over 0.6 metre.

"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, VP exploration. "This new zone remains open to the northwest, projecting towards the Homestake Main deposit."

CEO Shawn Khunkhun said, "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."

The objective of drilling during 2023 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade inferred resources in the projected plunge of the wider, higher-grade zone. The drilling completed in 2023 at Homestake Main was primarily resource expansion drilling, targeting both down dip and along strike from current resources.

Dolly Varden conducted exploration drilling last year at the Red Point, North Star, and Wolf targets. Besides silver and gold, copper, zinc and lead were measured.

The indicated resource at Dolly Varden totals 3.4 million tonnes grading 300 g/t silver (32.9 million oz.), and the inferred resource totals 1.3 million tonnes grading 277 g/t silver (11.4 million oz.)

More detailed information is posted on www.DollyVardenSilver.com.