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Dolly Varden drills 6.72 m of 1,271.9 g/t AgEq at Dolly

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Dolly Varden drills 6.72 m of 1,271.9 g/t AgEq at Dolly

2017-08-29 08:11 ET – News Release

Mr. Gary Cope reports

DOLLY VARDEN MAKES ANOTHER NEW HIGH-GRADE SILVER DISCOVERY AND CONFIRMS THE EARLIER DISCOVERY WITH AN INTERCEPT OF 6.72 METRES GRADING 1,272 G/T SILVER-EQUIVALENT – EXPANDS THE 2017 EXPLORATION PROGRAM BUDGET

Dolly Varden Silver Corp. has released results from drilling on the Dolly Varden silver project in the Golden Triangle of northwestern British Columbia. Hole DV17-063 was drilled in the central sector and hit two zones of high-grade silver. Furthermore, the board of directors has approved an expansion to the 2017 exploration program budget from $3.5-million to $6.5-million.

Hole DV17-063 was drilled to test the position of the Moose-Lamb fault and to continue down to the area of the high-grade silver hit in the Dolly Varden-Torbrit horizon (DVTH), previously announced in hole DV17-058 (news release dated Aug. 14, 2017). Along the projection of the Moose-Lamb fault, hole DV17-063 intersected epithermal vein-style mineralization and farther down the hole intersected the VMS-style mineralization of the DVTH. This location of the DVTH is 220 metres north and 200 metres deeper than the north side of the Torbrit deposit.

Hole DV17-063, Moose zone, yielded a core length of 11.00 metres (7.07 m true thickness) grading 394.2 grams per tonne silver, 2.27 per cent lead and 0.46 per cent zinc for silver equivalent of 514.2 g/t. Within this zone interval is 4.00 metres (2.57 m true thickness) grading 987.5 g/t Ag, 5.90 per cent Pb and 0.90 per cent Zn for silver equivalent of 1,283.8 g/t.

The Torbrit North zone of hole DV17-063 yielded a core length of 22.74 metres (21.37 m true thickness) grading 433.3 g/t Ag, 0.74 per cent Pb and 0.22 per cent Zn for silver equivalent of 476.1 g/t. Within this Torbrit North zone interval is 7.15 metres (6.72 m true thickness) grading 1,180.7 g/t Ag, 1.83 per cent Pb and 0.26 per cent Zn for silver equivalent of 1,271.9 g/t.

“These drill results confirm the very high silver grades of the new discovery north of Torbrit and add an additional discovery along a major fault. Expansion of the exploration program is definitely warranted,” said Gary Cope, president and chief executive officer of Dolly Varden.

              DOLLY VARDEN PROJECT -- CENTRAL SECTOR DRILLING 2017 -- HOLE DV17-063

Hole            From         To       Core       True         Ag         Pb         Zn       AgEq
                 (m)        (m)     length      width      (g/t)        (%)        (%)      (g/t)

DV17-063      153.20     164.20      11.00       7.07      394.2       2.27       0.46      514.2
              154.20     158.20       4.00       2.57      987.5       5.90       0.90    1,283.8
              154.20     156.20       2.00       1.29    1,700.0      11.55       1.46    2,264.4
              415.80     438.54      22.74      21.37      433.3       0.74       0.22      476.1
              427.85     438.54      10.69      10.05      852.2       1.46       0.30      929.4
              427.85     435.00       7.15       6.72    1,180.7       1.83       0.26    1,271.9
              433.00     435.00       2.00       1.88    3,495.0       5.57       0.31    3,746.4

AgEq equals Ag plus (Pb percentage times 22.046 times Pb price times 31.103 divided by Ag price) 
plus (Zn percentage times 22.046 times Zn price times 31.103 divided by Ag price). Metal prices 
used for this formula: Ag equals $16.25 (U.S.)/ounce; Pb equals $1 (U.S.)/pound; and Zn equals 
$1.25 (U.S.)/pound. No provisions have been made for relative metal recovery, thus 100-per-cent 
recovery is used for the silver equivalent values. True width is an approximation given the 
limited amount of drilling in this area.

The Moose-Lamb fault is a syn-basinal structure, striking northwest-southeast and dipping steeply to the southwest. The DVTH is a horizon of VMS (volcanogenic massive sulphide) type, with jasper and barite enriched near the top and sulphides with smoky quartz present in the lower portions.

At the end of July, the 2017 exploration program was ahead of schedule, had drilled more metres than planned and was on budget. A proposal to expand the exploration budget by a further $3-million and increase the drilling to greater than 12,000 metres was approved by the board.

A drill hole location map of the mine and central sectors area is posted on the Dolly Varden Silver website.

About Dolly Varden Silver Corp.

Dolly Varden is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The current mineral resource estimate at Dolly Varden, effective date Aug. 27, 2015, consists of four deposits with an indicated resource of 3.07 million tonnes grading 321.6 g/t Ag, for 31.8 million ounces of silver, plus an inferred resource of 900,000 tonnes grading 373.3 g/t Ag, for 10.8 million ounces of silver.

Ben Whiting, PGeo, vice-president of exploration, and Robert van Egmond, PGeo, chief geologist for Dolly Varden, serve as qualified persons under National Instrument 43-101 and have approved the scientific and technical information contained in this news release.

We seek Safe Harbor.

© 2017 Canjex Publishing Ltd. All rights reserved.

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