Dolly Varden Silver Corporation announced initial drill results from expansion drilling at Kitsol and Torbrit as part of the 2023 exploration program on the 100%- owned Dolly Varden property in BC's Golden Triangle. Due to drilling success and efficiencies, a fifth drill has been mobilized to site and the 2023 program has been expanded by approximately 10,000m to 55,000m of drilling. Over 70 drill holes have been completed to-date this season.

Highlights from the Kitsol Vein in the Torbrit Deposit area include: DV23-334: 297 g/t Ag over 8.32 meters including 1,090 g/t Ag over 0.90 meters at Kitsol. DV23-336: 342 g/t Ag over 18.00 meters including 2,270 g/t Ag over 0.50 meters and 995 g/t Ag with 3.6% Pb over 0.60 meters at Kitsol. DV23-337: 496 g/t Ag over 9.57 meters including 1,100 g/t Ag over 0.73 meters at Kitsol.

DV23-348: 334 g/t Ag over 3.50 meters including 672 g/t Ag over 1.34 meters at Torbrit Main, south extension. Holes DV23-334 and 336 extended the plunge extent of the wide, high grade, silver mineralization at the Kitsol vein for an additional 40m towards surface. The plunge direction has been extended to over 250m from the furthest southwest intercept, down plunge in drill hole DV22-323.

Drilling has identified a consistent, high-grade interval within the wide vein interval, associated with multiple phases of brecciation (DV23-334: 1,090 g/t Ag over 0.90 meters and DV23-336: 2,270 g/t Ag over 0.50 meters). Drill holes DV23-335, 337, 341 and 343 tested the high-grade shoot along strike; hole DV23-337 was a 41 meter step-out, up plunge from DV18-131, confirming the consistent vertical dimension of the shoot to be of 50-75 meters, along the length of the plunge. The remaining holes intersected the Kitsol vein, either above or below the higher grade mineralized shoot.

Exploration holes to the west, testing for new structures in the hanging wall of the Moose Lamb fault encountered a block of the Kitsol vein in drill hole DV23-338 within a fault splay. Further modelling with the new oriented core data will guide targeting of the possible offset of the Kitsol Vein across the Moose Lamb fault. At the southern end of the Torbrit Main deposit, drill holes DV23-348 and 350 were collared as a 31m step outs testing for the mineralized horizon.

DV23-348 intersected mineralization consistent with the lower sequence of the basin fill-style silver zone at Torbrit, within potassic and chlorite altered volcanic tuff. 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 addition of approximately 10,000 meters to the initial 45,000 meter planned program, the extra drilling will be allocated to discovery-focused exploration targets.

Efficiencies and excellent drill production have allowed for the additional drilling within the current budget. In addition, a MT geophysical survey conducted by Simcoe Geoscience has commenced. The ground survey will be run over post-mineralization sedimentary rocks over the centre of the valley.

Additional surveys will be performed to the area west and north of Homestake Ridge, where extensive gold in soil anomalies coincident with strong quartz-sericite-pyrite (QSP) alteration in interpreted to suggest a possible source at depth for the structurally-controlled gold-silver mineralization at Homestake Main and Homestake Silver deposits.