Dolly Varden Silver Corporation announced drill results from the Wolf Vein, which includes drill hole DV23-368, a 75 meter step-out down plunge, which intersected 1,898 g/t Ag over 1.00 meters within 381 g/t Ag over 29.34 meters core length. Five drills have completed over 43,000 meters of the expanded 55,000 meter drill program at the Dolly Varden and Homestake Ridge areas. This release includes 19 drill holes from early season drilling at the Wolf.

Highlights from the Wolf Vein drilling include: DV23-368, Southwest Extension step-out: 381 g/t Ag, 0.46% Pb, 0.39% Zn over 29.34 meters (22.59 meters estimated true width), including 1,898 g/t Ag over 1.00 meter (0.77 meter estimated true width) from a 75m step-out. DV23-352, Southwest Extension: 246 g/t Ag over 18.07 meters (12.29 meters estimated true width) including 712 g/t Ag over 2.95 meters (2.01 meters estimated true width). DV23-339: 287 g/t Ag.

0.35 g/t Au and 22.83% Pb over 2.65 meters (1.67 estimated true width). Holes DV23-368 is a 75m step-out along plunge from drill hole DV22-320 that graded 321g/t Ag over 12.85 meters. Drilling continues to expand the length of the Wolf Vein mineralization with consistent, high-grade silver mineralization within the wide vein breccia.

The mineralization within the Wolf vein is comprised of multiple phases of brecciation within a northeast- southwest oriented epithermal vein system. Initial holes at Wolf during the 2023 drill program tested between the widely-spaced holes completed the previous season and successfully intersected the vein structure both within and peripheral to the southwest plunge of the high grade silver mineralization. Drilling has been ongoing at Wolf since the start of the 2023 program and continues with infill and testing for extensions to the high-grade silver mineralization.

Drill hole DV23-359 is a 50 meter step-out from drill hole DV22-311 that graded 412 g/t Ag over 12.80 meters, including 1,646 g/t Ag over 2.1 meters within a vein spay. Deviation in hole DV23-359 shallowed the planned dip, encountering the vein over 100m up dip from DV22-311. It intersected the Wolf splay vein as a 30 cm wide sulphide-rich vein (2.25% Pb over 0.50 meters core length).

Subsequent drilling, with assays currently pending, intersected the subparallel vein splay vein on either side of DV22-311. Drill holes DV23-347, 351, 354 and 356 are step outs targeting the eastern extension of the veins, collared east of the high-grade intercept of DV22-329. The drill holes did not intercept mineralization, suggesting that the vein breccia may have a more northeasterly strike and parallel the main host structure.

It remains open to the northeast and will be drilled shortly. 2023 Drill Program Update: The 15km long extent of the prospective Hazelton rocks on the property is host to numerous surface occurrences of alteration and silver mineralization that have been prioritized for drill testing. With the additional meters available under the current budget, drill holes have been planned at discovery-focused exploration targets.

Currently, the drills are testing exploration targets peripheral to the Homestake Ridge deposits and will be moved down the valley to follow up on exploration targets beneath the sediment cap as well as at the southern end of the western Gold Belt that extends 10 kilometers from Homestake Ridge to Red Point.