Silver Explorer Begins Off 12 months With Money Infusion

January 16, 2023 ( Newswire) Coming off a profitable 12 months of drilling, this firm declares closing a CA$22.6 million personal placement, together with continued participation by mining heavyweight Hecla.

Coming off a profitable 12 months of drilling at its Golden Triangle initiatives, Dolly Varden Silver Corp. (DV:TSX.V; DOLLF:OTCQX) introduced closing a CA$22.6 million personal placement together with continued participation by mining heavyweight Hecla Mining Co. (HL:NYSE).

Gross proceeds from the location had been about CA$20.7 million, and the corporate additionally acquired CA$1.9 million from Hecla Canada Ltd. to take care of its 10.21% possession within the firm on a completely diluted foundation.

Dolly Varden drilled greater than 37,000 meters in 108 holes at its Dolly Varden and Homestake Ridge British Columbia initiatives.

One gap at Homestake Ridge reported 75.13 grams per tonne gold (g/t Au) and a pair of,337 g/t silver (Ag) over 1.77 meters, adopted by just a few meters later by 216 g/t Au and 113 g/t Ag over 0.5 meters.

E-newsletter author Bob Moriarty of wrote in November that “Dolly Varden is silver.”

“That is the time to make your fortune” in metals, he stated. “When silver is scorching once more, and it is going to be, Dolly Varden goes to be the go-to silver inventory as soon as once more.”

Cash from the personal placement shall be used for additional exploration, mineral useful resource enlargement, and drilling on the initiatives after what Dolly Varden President and Chief Govt Officer Shawn Khunkhun known as the corporate’s “most profitable 12 months so far.”

“Drill outcomes acquired and launched so far have exceeded expectations, and we eagerly await the remaining 50 drill holes from our 2022 exploration season,” Khunkhun stated.

The Catalysts: Two ‘Equally Compelling’ Websites

Analyst Stuart McDougall of Analysis Capital Corp. wrote on Nov. 29 that outcomes from each Dolly Varden and Homestake Ridge display “equally compelling high-grade potential.”

Kitsault Valley hosts an indicated useful resource of 34.7 million ounces (Moz) Ag and 166,000 ounces gold (Au), with further inferred sources of 29.3 Moz Ag and 817,000 ounces Au inside a number of outcropping deposits.

“Dolly Varden is certainly one of just a few junior useful resource corporations placing out glorious drill ends in a tough market,” Rick Mills, editor of the e-newsletter Forward of the Herd, wrote on Dec. 14. “Drilling wrapped up in mid-October, with the vast majority of assays nonetheless pending. Shareholders can subsequently count on the information circulate to proceed effectively into 2023.”

Dolly Varden shall be drilling for an additional season to amass extra information on latest discoveries for a NI 43-101 compliant Up to date Mineral Useful resource Estimate, which would be the foundation for a Preliminary Financial Evaluation (PEA) for the entire challenge. A serious objective of that survey is to attach the Dolly Varden and Homestake Ridge sources alongside the 15-kilometer valley development.

A second gap at Homestake Ridge discovered 54.1 g/t Au, 4,890 g/t Ag, and 0.11% copper (Cu) over 0.39 meters beginning 112 meters downhole, adopted by two carefully spaced intervals averaging 74.8 g/t Au and 20 g/t Ag over 0.39 meters and 33.8 g/t Aug and 14 g/t Ag over 0.81 meters.

On the Wolf Vein at Dolly Varden, one gap intersected 412 g/t Ag over 12.8 meters, together with 2.15 meters grading 1,646 g/t Ag, 2.38% lead, 3.1% zinc, and 0.10 g/t Au. A second gap collared 551 g/t Ag over 9.8 meters, together with 3.6 meters grading 1,049 g/t Ag, 1.19% lead, and 0.29% zinc.

Silver Demand to Hit Multi-Decade Excessive

The Silver Institute has predicted that world silver demand will attain a brand new excessive of 1.21 billion ounces this 12 months, up 16% from final 12 months. Industrial demand is on the right track to develop to 539 million ounces (Moz).

“Developments corresponding to ongoing car electrification (regardless of sluggish car gross sales), rising adoption of 5G applied sciences, and authorities commitments to inexperienced infrastructure can have industrial demand overcome macro-economic headwinds and weaker client electronics demand,” the report stated.

The worldwide silver market is forecasted to report a second consecutive deficit between provide and demand this 12 months, the Institute stated. At 194 Moz, it is going to be a multi-decade excessive and 4 occasions 2021’s degree.

Possession and Share Construction

Fury Gold Mines Ltd. is Dolly Varden’s largest shareholder at 23%, in keeping with the corporate. Hecla owns 10.21%, and mining financier Eric Sprott owns 10%. Establishments personal 50% of the corporate, and seven% is retail.

The corporate is roofed by a plethora of analysts, together with Michael Grey of Agentis Capital, Geordie Mark of Haywood Securities, and McDougall. E-newsletter writers Maurice Jackson, The Crucial Investor, Clive Maund, Rick Mills, and Bob Moriarty additionally observe the corporate. Click on “See Extra Stay Information” within the information field above to view extra protection.

Dolly Varden has a market cap of CA$205.31 million and 233.1 million shares excellent, with 121.9 million shares free floating. It trades in a 52-week vary of CA$1.02 and CA$0.355.


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