Dolly Varden Silver intersects 27.44 g/t gold and 463 g/t silver over 9.16m, together with 75.13 g/t Au and a pair of,337 g/t Ag over 1.77m at Homestake Ridge

December 14, 2022 ( Newswire) Dolly Varden Silver (TSXV:DV, OTC:DOLLF) continues to hit high-grade silver and gold at its Kitsault Valley Challenge, situated within the Golden Triangle exploration hotspot of northwestern British Columbia.

The 163-square-km property is an amalgamation of Dolly Varden’s namesake challenge, and the Homestake Ridge Challenge that DV acquired from Fury Gold Mines again in February.

The mixed mineral useful resource of 34.7Moz silver and 166,000 oz gold (indicated), and 29.3Moz silver and 817,000 oz gold inferred, inside a number of outcropping deposits, makes Kitsault Valley one of many largest high-grade, undeveloped treasured steel property in Western Canada.

The 2022 exploration drill program on the Kitsault Valley pattern has accomplished 37,061 meters in 108 drill holes, with 4 rigs turning. Drilling wrapped up in mid-October, with nearly all of assays nonetheless pending. Additionally, ground-based geophysics, floor mapping and prospecting work had been accomplished, evaluating historic prospects and figuring out new silver and gold occurrences.

Homestake Ridge

The target of drilling on the Homestake Foremost and Homestake Silver deposits this yr was to broaden a number of, sub-parallel mineralized zones and to improve inferred assets.

The highlights from a batch of drill outcomes launched on Nov.29, included:

  • 27.44 g/t Au and 463 g/t Ag (33.34 g/t gold-equivalent, or AuEq) over 9.16 meters in gap HR22-328, together with 75.13 g/t Au and a pair of,337 g/t Ag (103.66 g/t AuEq) over 1.77m, and half a meter of 216 g/t Au, 113 g/t Ag and 0.48% Cu (218.06 AuEq).
  • 5.68 g/t Au and 147 g/t Ag (7.48 g/t AuEq) over 15 meters in gap HR22-330, together with 54.10 g/t Au, 4,890 g/t Ag and 0.11% Cu (113.25 g/t AuEq*) over 0.39m.

Different key intercepts:

  • HR22-314: 4.27 g/t Au and 64 g/t Ag (5.10 g/t AuEq) over 16.06m, together with 18.76 g/t Au and 193 g/t Ag (21.49 g/t AuEq) over 3.08m;
  • HR22-322: 6.47 g/t Au and 27 g/t Ag (5.83 g/t AuEq) over 6m;
  • HR22-325: 7.18 g/t Au and 30 g/t Ag, 0.49% Cu (8.26 g/t AuEq) over 10m, together with 20.20 g/t Au and 68 g/t Ag (21.13 g/t AuEq) over 1.47m;
  • HR22-337: 3.79 g/t Au and a pair of g/t Ag (3.84 g/t AuEq) over 21m, together with 11.15 g/t Au and 5.00 g/t Ag (11.22 AuEq) over 2m;
  • HR22-339: 14.56 g/t Au and 4.00 g/t Ag (14.63 g/t AuEq) over 2.5m.

“Our 2022 drill program has really been distinctive. The not too long ago acquired Homestake Ridge Deposit has delivered extra high-grade gold and silver values, generally with sturdy copper mineralization,” stated Shawn Khunkhun, Dolly Varden’s President and CEO, within the Nov. 29 information launch. He added:

“These intercepts show sturdy continuity of mineralization over vast intervals, just like the not too long ago introduced high-grade outcomes on the Wolf and Kitsol deposits, situated six kilometers to the south. We eagerly anticipate further assays from all of Dolly Varden’s deposits, in addition to new exploration targets drilled in the course of the 2022 program.”

The outcomes had been primarily infill drilling from present inferred useful resource areas and recommend that the higher-grade gold-silver lenses could also be steady over extra intensive areas than beforehand interpreted. As well as, the drilling has generated new targets down-dip ofthe Homestake Foremost deposit, alongside the projected plunge of the higher-grade shoots which are vast open for enlargement. Extra assays from the Homestake Foremost and Silver deposits are pending.

Determine 1. Dolly Varden’s Kitsault Valley pattern exhibiting seven deposits.

The Homestake Ridge deposits are interpreted as a structurally-controlled, multi-phase epithermal vein and breccia system hosted in Jurassic-aged Hazelton Group volcanic rocks. The mineralization consists of pyrite and chalcopyrite in a breccia matrix inside a silica breccia vein system (Determine 2). The northwest orientation of the principle Homestake pattern seems to have quite a few sub-parallel constructions which are interpreted to kind the controls for higher-grade gold shoots inside a broader low-grade zone on the Homestake Foremost deposit. The principle structural hall dips steeply to the northeast (Figures 3 and 4).

Determine 2. Drill gap HR22-330 from the Homestake Foremost deposit exhibiting breccia vein-style mineralization.

Determine 3. Homestake Plan view with present mineral useful resource block mannequin, primarily of inferred classification.

Determine 4. Homestake Foremost cross part (A-B) with 2022 and former drill holes.

Wolf Vein

Dolly Varden has additionally been profitable on the Wolf Vein goal space, the place wide-spaced step-out drilling has dramatically prolonged the boundaries of silver mineralization, which stays open for enlargement, with further assays pending from the 2022 season.

The highlights from step-out drilling included:

  • 412 g/t silver (Ag) over 12.80m (5.38 meters true width) at gap DV22-311, together with 2.15m (0.90m true width) @ 1,646 g/t Ag, 2.38% Pb (lead), 3.10% Zn (zinc) and 0.10 g/t Au (gold);
  • 551 g/t Ag over 9.80m (4.90m true width) at gap DV22-316, together with 3.60m (1.8m true width) grading 1,049 g/t Ag, 1.19% Pb and 0.29% Zn.

The corporate notes that drill gap DV22-316 intersected vast, high-grade mineralization in a number of vein and breccia phases, over 200 meters down plunge from a beforehand reported drill gap, DV22-300, that intersected 19.85m (13.90m true width) averaging 584 g/t Ag, 0.92 % Pb, 0.56% Zn and 0.19 g/t Au (Sept. 13, 2022 information launch).

Drill gap DV22-311 intersected similar-style mineralization 400m down dip of mineralization in DV22-300 (Determine 1).

Determine 1. Wolf Vein longitudinal part trying northwest.

“Dolly Varden Silver’s wide-spaced step-out drilling this season has greater than doubled the strike size of the Wolf deposit, in addition to extending high-grade silver mineralization to over 750 meters in dip extent. The very best grades are inside sturdy, vein-hosted mineralization that’s doubtlessly amenable to underground bulk mining strategies,”stated Shawn Khunkhun, President and CEO. “We eagerly anticipate further drilling outcomes from the 2022 season at Wolf, Homestake Foremost, Homestake Silver and Purple Level.”

The Wolf Vein is interpreted as a large, multi-phase epithermal vein and breccia system. Mineralization consists of pyrargerite (ruby silver), argentite, native silver, argentiferous galena and sphalerite in a silica breccia vein system (Determine 2). At depth, as seen in drill gap DV22-316, the system seems to widen to a 143-meter (71m true width) package deal that consists of three distinct veins inside an alteration zone that averages 0.48% Zn over its width, the corporate states.

The northeast/ southwest orientation of the Wolf Vein system, and the character of the plunge instructions of high-grade silver mineralization, is analogous to what’s seen on the Kitsol deposit, situated roughly 1.4 km to the south.

Dolly Varden provides:

Drilling in the course of the 2022 season at Wolf has considerably expanded the vast, high-grade silver mineralization, which happens in vast, in addition to localized shoots hosted inside silica vein and breccia units. Drill intercepts exterior of the high-grade shoots encountered anomalous silver mineralization inside broad potassic alteration halos beneath a cap of sedimentary rocks. The continuity of silver mineralization beneath the sedimentary cowl close to the underside of the Kitsault Valley is leading to new, blind silver discoveries inside the 100-year-old Dolly Varden silver mining camp, a results of revolutionary exploration and modelling strategies. Further outcomes from step-out drill holes testing for deeper, down plunge mineralization from DV22-316 on the Wolf Vein are pending.

Determine 2. Drill gap DV22-316 from >200m step out on the Wolf deposit, core interval from inside Vein 1 of the multi-phase epithermal breccia vein system.

Determine 3. Wolf’s location alongside the Kitsault Valley pattern.

Determine 4. Homestake Foremost cross part (A-B) with 2022 and former drill holes.


A collection of drill outcomes had been additionally launched in early November from the Torbrit useful resource space, the place the high-grade and doubtlessly bulk-mineable Kitsol Vein continues to ship contiguous silver and base-metal mineralization.

Gap DV22-291 intersected 12.51m (8.88m true width) averaging 442 g/t Ag, 0.68% Pb and 0.42% Zn, together with 1,367 g/t Ag over 1.50m (1.07m true width), as an up-dip infill gap from earlier high-grade intercepts.

Highlights embrace:

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

“Along with discovery-focused exploration drilling, Dolly Varden Silver has been prioritizing useful resource enlargement and upgrading on the Torbrit/Kitsol, Wolf, Homestake Foremost and Homestake Silver deposits. We proceed to come across vast, doubtlessly bulk-mineable vein-hosted silver mineralization at Kitsol,” stated President and CEO Shawn Khunkhun, within the Nov. 7 information launch.

The Torbrit Foremost and North deposits include strata-bound silver mineralization related to a excessive potassium and coincident sodium depletion alteration signature. Layers include purple jasper with bladed crystal growths after barite, later changed by silica. Comparatively fast capping of the system by volcanic exercise induced an overprinting of epithermal brecciation and veining which additional augmented the silver grades inside the deposit space.

Determine 1. Drill gap DV22-308 from Torbrit Foremost exhibiting typical purple jasperoid strata-bound mineralization with epithermal overprint carrying greater silver grades.

In keeping with Dolly Varden, the principle focus of step-out drilling on the Torbrit Foremost deposit focused the southern limits of the present useful resource. The drill holes had been oriented to step out from, in addition to infill, areas of modeled inferred assets (Determine 3). The Torbrit horizon was intersected in all enlargement holes; future infill drilling applications will goal high-grade shoots inside the decrease grade horizon, which had been generally encountered in historic mining on the Torbrit, Wolf and Dolly Varden deposits.

Determine 2. Location alongside the Kitsault Valley pattern. The Kitsol Vein is taken into account a part of the epithermal, structurally managed system that over-printed the strata-bound 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 analogous to what’s creating on the Wolf deposit 1.4 km to the north (Determine 2).

Dolly Varden provides:

Drilling in the course of the 2022 season at Kitsol has encountered vast, high-grade silver mineralization, generally with overprinting high-grade vein shoots inside vast vein units. Beforehand reported step-out drill gap DV22-283 that intersected 50.18m (~30.0m true width) averaging 414 g/t Ag (August 10, 2022 information launch) recommend a number of high-grade, steeply plunging but vast silver shoots that reach to floor, as demonstrated by up-dip gap DV22-298 which intersected 21.55m (10.78m true width) grading 372 g/t Ag (Determine 5). Further outcomes from step-out drill holes testing deeper, down plunge mineralization from DV22-283 on the Kitsol Vein are pending.

Determine 3. Plan map of the Torbrit useful resource space with 2019 useful resource block mannequin. Yellow/orange blocks point out focused enlargement areas of inferred and exploration potential, respectively.

Determine 4. Geological cross part (A-B) of southern Torbrit deposit with 2019 modeled mineralized envelope in purple, and 2022 drilling with mineralized intercepts as pink lithology.

Determine 5. Kitsol Vein lengthy part highlighting six 2022 infill and enlargement drill holes that outline a steep plunge to high-grade silver mineralization. Part view trying northwest.

$18M financing

Dolly Varden’s success on the drill-bit this yr has been matched by a stellar fund-raising effort.

In early October, Dolly Varden introduced that its largest shareholder, Fury Gold Mines, agreed to promote 17 million DV frequent shares @ CAD$0.40, to an un-named institutional investor. Fury approached the corporate about promoting a portion of its DV shares, to fund exploration of itsEau Claire and Éléonore South Joint Enterprise initiatives in Quebec. The transaction was considered helpful to each events, asit brings one other skilled institutional investor to Dolly Varden whereas offering Fury with exploration funding. Fury continues to be Dolly Varden’s high shareholder, with a couple of 26% stake.

October’s monetary information was adopted in early December by an announcement that Dolly Varden has launched a brokered personal placement financing to boost gross proceeds of as much as $18 million. Widespread shares of DV can be offered as “flow-through shares” at $0.90 per share, and “charity provided shares” at $1.05/sh.

CEO Shawn Khunkhun took the chance of the personal placement information to summarize Dolly Varden’s yr:

“2022 has been a transformational yr for Dolly Varden Silver. The technical breakthrough of the invention of high-grade silver mineralization beneath the sedimentary cap has: (i) led to vital enlargement of the Wolf deposit footprint, by way of distinctive and impressive step-out discoveries; and (ii) opened up over 5 kilometers of potential pattern heading north to Homestake Ridge. As well as, vital broad high-grade silver mineralization has continued to broaden and lengthen the Torbrit deposit, particularly on the Kitsol Vein. Lastly, current outcomes of each high-grade gold and silver from Homestake has validated the acquisition and set us up for concentrating on high-grade shoots round the principle deposit. These funds will enable Dolly to proceed to aggressively discover and comply with up on current success on some of the potential land packages in BC’s Golden Triangle.”


321gold’s Bob Moriarty makes a couple of fascinating factors relating to Dolly Varden’s exploration success and its share construction.

“With a $133 million CAD market cap and $10 million in money, Dolly is getting lower than $1 CAD an oz or $.70 USD. Properly earlier than the marvelous run as much as close to $50 an oz in 2011 silver corporations had been getting $3 to $5 an oz USD and it’ll occur once more. Dolly actually might have a 400-700% transfer greater when silver buyers get up.”

“Dolly’s 2022 drill program known as for 30,000 meters of drilling in 99 holes with 4 rigs turning. The corporate is releasing outcomes regularly. Their press launch from November 7, 2022 confirmed 12.51 meters of 442 g/t Ag. That is nearly $300 rock in USD and extremely financial.”

Moriarty’s second level considerations Dolly Varden’s shares, that are nearly completely within the palms {of professional} buyers. Sprott holds 11%, Hecla Mining 10%, Fury 26% and 45% belongs to establishments. Retail buyers personal simply 8% of the corporate.

“There’s a mere 8% within the clutches of retail buyers but they’re the individuals who transfer the inventory. When silver is scorching once more and it will likely be, Dolly Varden goes to be the go-to silver inventory as soon as once more.”

The case for silver

Dolly Varden is one in every of just a few junior useful resource corporations placing out glorious drill ends in a troublesome market. The inventory hit an eight-month excessive of $0.84 on Dec. 1, and it is holding regular at $0.75/sh. Since Sept. 27 DV has greater than doubled in worth.

This yr crews accomplished 37,061 meters in 108 drill holes, with 4 drills. Drilling wrapped up in mid-October, with nearly all of assays nonetheless pending. Shareholders can subsequently anticipate the information circulate to proceed effectively into 2023.

Dolly Varden Silver Corp.
Cdn$0.74, 2022.12.13
Shares Excellent 230m
Market cap Cdn$170.6m
DV web site

Richard (Rick) Mills
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