Dolly Varden Silver Corporation announced 2023 step-out drilling at the Homestake Ridge property intersected a new gold-rich zone, to the northwest from the Homestake Silver Deposit. Highlights of Homestake Silver step-outs to the northwest include: HR23-389: 79.49 g/t Au and 60 g/t Ag (80.21 g/t AuEq) over 12.45 meters including 1,335 g/t Au and 781 g/t Ag (1,344.42 g/t AuEq®? over 0.68 meters within a broad mineralized zone grading 15.26 g/t Au and 20.05 g/t Ag (15.50 g/t AuEq* over 66.50 meters.

This new zone remains open to the northwest, projecting towards the Homestake Main Deposit. This release includes the remaining drill results from 48 drill holes from the 2023 drill program at the 100%-owned Kitsault Valley Project that includes the Homestake Ridge and Dolly Varden properties in BC's Golden Triangle. Reporting 26 drill holes at Homestake Main (11,054.90m), four drill holes (2,478.00m) from the new gold-rich zone at the Homestake Silver northwestern extension, and six exploration drill holes on the Homestake Ridge property (1,627.00m).

In addition, twelve holes (6,971.00m) from the Dolly Varden property including the North Star, Red Point and Wolf areas are reported in this release. Homestake Main Drilling. 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 Mineral 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 Mineral Resources. At Homestake Main, the 2023 drilling tested the depth extent of the structural corridor that hosts the mineralization and infilled in areas of higher grades. Estimated true widths vary depending on intersection angles and range from50% to 90% of core lengths.

determined using metallic screen fire assay on 1.0kg.