Dolly Varden Silver Corporation announced that final results from drilling during the 2022 season on the Dolly Varden area of the Kitsault Valley Project have been received, including significant results from both the southern and northern limits at the Wolf Deposit: the southwest Wolf Vein Extension as well as the East Wolf Vein offset. Results include the grade silver assay yet received from the Dolly Varden Property. Mineralization remains open for expansion at the deposit.

Wolf Vein Northeast: DV22-329: 1,499 g/t Ag, 1.89% Pb, 0.46% Zn over 15.94 meters (8.77 meters estimated true width), including the grade silver assay reported from the project to- date with coarse, native silver mineralization that returned 23,997 g/t Ag, 1.24% Pb, 0.34% Zn over 0.35 meters (0.19m estimated true width). Wolf Vein Southwest: DV22-320: 321 g/t Ag, 0.84% Pb, 0.84% Zn over 12.85 meters (6.81 meters estimated true width) including 664 g/t Ag, 1.24% Pb, 3.54% Zn over 1.63 meters (0.86 meters estimated true width). Kitsol Vein: DV22-323: 301 g/t Ag, 0.23 %Pb, 0.56% Zn over 15.00 meters (9.60 meters estimated true width) including 434 g/t Ag, 0.41% Pb, 0.69% Zn over 5.90 meters (3.78 meters estimated true width).

Red Point: DV22-321: 8.10 g/t Au, 244 g/t Ag and 5.16% Cu over 1.00 meter*. Red Point: DV22-322: 17.20 g/t Au and 1.65% Cu over 1.15 meters*. On the East Wolf offset, the 50m step out drill hole DV22-329 cut an interval of multi-phase veins and breccia, demonstrating the robust Wolf Vein system remains open along strike to the east and northeast.

Testing the southwestern known limits of the Wolf Vein, drill hole DV22-320 is the southernmost hole completed to-date and the vein intercept in that hole is over 825 meters distance down plunge on the system from the reported intercept in drill hole DV22-329. Drill hole DV22-320 is a 63m step-out down plunge from previously reported DV22-316, which intersected 550 g/t Ag over 9.80m. DV22-320 is located over 350m to the southwest from the 2021 discovery drill hole DV21-273, demonstrating that silver-rich mineralization hosted by the Wolf vein continues to depth and remains open for expansion to the southwest under the sedimentary cover rocks.

At the Kitsol Vein, step-out hole DV22-323 expanded high grade silver mineralization an additional 85 meters down-plunge from previously released results.