PR Newswire | Jan 31, 2022 08:02AM EST

Silver over 0.7 Meters at Northwestern Torbrit Step-out

01/31 07:00 CST

Dolly Varden Silver Intersects 354 g/t Ag over 12.28 Meters at Kitsol, 1,220g/t Silver over 0.7 Meters at Northwestern Torbrit Step-out VANCOUVER, BC, Jan. 31, 2022

VANCOUVER, BC, Jan. 31, 2022 /PRNewswire/ - Dolly Varden Silver Corporation ("Dolly Varden" or the "Company") (TSXV: DV) (OTC: DOLLF), is pleased to announce drill results from the 2021 program at the Torbrit Silver deposit at the Dolly Varden Project. The purpose of this program was to upgrade Inferred Mineral Resources and to step-out from the multiple Zones that comprise the Torbrit Deposit, the largest of the four deposits that comprise the Mineral Resources on the Property.

Silver mineralization was encountered in most areas tested, usually with significant accessory zinc and lead values and commonly over widths suggesting potential amenably to bulk underground mining. Highlights include:

* DV21-274: 12.28m true width averaging 354 g/t Ag at Kitsol * DV21-275: 18.27m true width averaging 230 g/t Ag at Kitsol * DV21-275: 0.70m drilled length averaging 1,220 g/t Ag at Torbrit North Zone * DV21-277: 16.00m drilled length averaging 212 g/t Ag (incl. 4.70m of 507g/t Ag) at Torbrit * DV21-278: 5.10m drilled length averaging 364 g/t Ag at Torbrit Main

"Multiple holes intersecting over 4000 gram-meters of silver over wide intervals within the Kitsol epithermal vein is certainly encouraging, and the identification of wide intervals of syngenetic mineralization that connects the main Torbrit Deposit with the lesser drilled North Star Deposit to the west is also very significant. The next phase of drilling to commence this spring will include targetting high-grade silver shoots within this wide horizon, as well as step-outs to the north and south at Kitsol," said Rob Van Egmond, Chief Geologist for Dolly Varden.

"These results, as well as the previously released extension of the high grade silver mineralization at the Wolf deposit demonstrate the continued resource expansion potential within the two kilometer long gap between the known deposits on Dolly Varden property. These intercepts corroborate our geological and geochemical modelling suggesting that the continuity of the prospective mineralized horizon between our historic mines and current deposits of the Dolly Varden Project, but also within the 5.4 kilometer-long unexplored area trending towards the gold and silver deposits at Homestake Ridge," said Shawn Khunkhun, CEO of Dolly Varden Silver. "Additionally, the proposed acquisition of the Homestake Ridge deposits will consolidate this significant trend for the first time in the +110 year mining history of the Golden Triangle".

A total of 10,506m in 31 diamond drill holes were completed at Dolly Varden during the 2021 field season of which 6,838m in 21 holes tested the high-grade Torbrit Silver Deposit (including Kitsol). The 21 holes were drilled as part of a two-phase program with the objective of expanding Resources as well as upgrading current Inferred Resources to Measured and Indicated Classification. Results for the 10 holes that tested five regional exploration targets on the Property including the Wolf Vein extension and Western Gold-Copper Belt have been previously released (see December 20, 2021 news release).

The 2021 drilling at Dolly Varden initiated the Company's two-year strategy to aggressively expand and upgrade the Torbrit Silver Deposit and multiple satellite zones with the objective of advancing Dolly Varden to be the next high-grade silver mine in British Columbia.

Kitsol and Torbrit Extension Drilling

At the Kitsol vein, a three hole fan was completed to expand, infill and upgrade mineralization intersected wide intervals of epithermal-vein style mineralization. Additionally, these holes tested the northward extension of the Torbrit horizon at depth and to the east of Kitsol. Drill hole DV21-274 intersected705 g/t Ag, 0.65% Pb and 0.28% Zn over 3.70m (2.97 true width)within a wider interval of15.28m (12.28m true width) grading 354 g/t Ag, 0.38% Pb and 0.48% Znin the epithermal Kitsol vein between 134.85m and 150.13m.

Drill hole DV21-275 had a wide interval through the Kitsol vein averaging 220 g/t Ag, 0.79% Pb and 0.49% Zn over 23.88m (18.27 true width)as well as through the down plunge step-out from the Torbrit North Resource, intersecting 1,220 g/t Ag over 0.70mcore lengthat 362.05m to 362.75m depth. Of interest in hole DV21-275 was a 2m interval of core grading 5.4 g/t Au from 204m to 206m depth and could be an important vector during 2022 resource expansion drilling at Kitsol and towards the Western Gold belt trending to Homestake Ridge.

Mineralization along the northward projection of the Torbrit horizon was encountered in all three holes below the Kitsol Vein and confirms a synform of the Hazelton volcanic rocks that host the signature volcanogenic-related elevated potassic alteration under the center of the valley. Of significant importance is the presence of high grade silver mineralization along the horizon outside of the current resource.

From To Core True Ag Pb Zn AuTarget Hole ID (m) Length width (g/t) (m) (m) (m) (g/t) (%) (%)

Kitsol DV21274 134.85 150.13 15.28 12.28 354 0.38 0.48

including 142.00 145.70 3.70 2.97 705 0.65 0.28

Torbrit *extension DV21274 368.75 370.32 1.57 86 0.29 0.15

including 369.75 370.32 0.57 * 131 0.35 0.11

Kitsol DV21275 157.12 181.00 23.88 18.27 220 0.79 0.49

including 157.12 170.5 13.38 10.24 230 1.31 0.74

including 157.12 160.15 3.03 2.32 297 1.31 1.26

Au inAlteration DV21275 204.00 206.00 2.00 ? 5.4zone

Torbrit DV21275 361.45 362.75 1.30 * 725 NSV NSVextension

including 362.05 362.75 0.70 * 1220 NSV NSV

Kitsol DV21276 221 248 27.00 12.34 7.6 0.08 0.13

including 242.5 244 1.50 0.69 17 0.59 0.52

Torbrit DV21276 Geochem 394.5extension marker

* true width for the Torbrit Horizon is estimated at 90% to 100% of core length, using angle to core from oriented core data.

Table 1: Kitsol Infill and Torbrit Extension drilling results

Torbrit Western Connection to North Star

Wide intervals of stratabound debris-style volcanogenic-related mineralization (syngenetic) was discovered in a previously unknown northwest plunging extension of the Torbrit horizon to the west of the main Resource. Silver mineralization is associated with lead and zinc locally within the horizon in ratios similar to the North Star deposit. North Star is one of the four deposits that make up the Dolly Varden Mineral Resource Estimate with 1.99M oz Ag at an average grade of 263 g/t Ag in the Indicated and 35Koz Ag grading 224 g/t Ag in the Inferred category.

Three step-out drill holes (DV21-255, 256 and 257) identified the horizon. DV21-256 intercepted a zone averaging262 g/t Ag, 0.28% Pb and 0.43% Zn over a 3.00mcore length. Also noted in the results is gold and copper mineralization in association with the horizon but as more epithermal style as seen on the western gold belt leading north to the Homestake deposits. In drill hole DV21-255 a 0.95m interval graded 1.23% Cu and 0.39g/t Au within a section of epithermal crosscutting mineralization.

Target Hole ID From To (m) Core Length* Ag Pb Zn (%) Au (ppm) (m) (m) (g/t) (%)

Torbrit DV21253 98.5 114.04 15.54 28.64 0.49 0.46 NSV

Torbrit North DV21253 445.18 451.5 6.32 30.5 0.38 0.61 NSV

Torbrit DV21254 107.1 119 11.90 135 1.21 1.99 NSV

including 107.1 109.6 2.50 156 3.38 2.50 NSV

including 111 115 4.00 215 0.42 1.50 NSV

including 112 113 1.00 449 0.79 0.64 NSV

Torbrit/North DV21255 208 224.24 16.24 4 0.07 0.25 NSVStar

including 220.05 221 0.95 13 NSV 0.13 0.39

Torbrit/North DV21256 227.5 246.35 18.85 66 0.17 0.63 0.16Star

including 230.5 233.5 3.00 262 0.28 0.43 NSV

Torbrit/North DV21257 249.88 279.83 29.95 5 0.10 0.43 NSVStar

including 249.88 252 2.12 14 0.80 2.43 NSV

* true width for the Torbrit Horizon is estimated at 85% to 95% of core length, using angle to core from oriented core data.

Table 2: Torbrit Resource Area Infill and west Step Out, North Star connection results

Torbrit Main and Torbrit North offset Infill and expansion Drilling

The objective of the 2021 near resource drilling was to test the extents of the mineralized lenses within the Torbrit Resource area in areas that had relatively widely spaced resulting in Inferred Classification of the Resource block model. Table four summarizes all the remaining intervals from the initial phase of this drilling. Torbrit remains open along the folded plunge of the deposit to the North and South along the prospective volcanogenic related mineralized horizon, and now within the connected area towards North Star. The area is poorly tested to the east due to increasing topography on the east side of the Kitsault Valley.

Target Hole ID From To (m) Core Length Ag (g/t) Pb (%) Zn (%) (m) (m)

Torbrit DV21249 128 162 34.00 31 0.05 0.15

including 135.05 137 1.95 158 0.22 0.46

Torbrit North DV21249 407 428 21.00 162 0.24 0.19

including 410.85 412 1.15 605 0.85 0.10

including 421.25 425 3.75 307 0.42 1.30

Torbrit DV21250 159 178.27 19.27 3 0.02 0.07

Torbrit North DV21250 417.9 437 22.05

Torbrit DV21251 110.65 113.4 2.75 6 NSV NSV

Torbrit North DV21251 328.15 353.1 24.95 12 0.03 0.10

Torbrit DV21252 127.5 158 30.50 78 0.47 0.03

including 136 139 3.00 256 1.49 0.72

Torbrit North DV21252 458 465.45 7.45

Torbrit DV21258 72 102.45 30.45 7 0.05 0.25

Torbrit DV21258 184.54 190 5.46 143 0.11 0.12

including 185.5 188 2.50 274 0.08 0.12

Torbrit DV21259 87 133 46.00 8 0.12 0.48

including 121 131 10.00 17 0.35 1.21

Torbrit DV21259 243 244.62 1.62 155 NSV NSV

Torbrit DV21260 128.87 129.87 1.00 274 0.33 4.26

including 128.87 129.37 0.50 473 0.55 8.28

Torbrit DV21261 69.73 71.83 2.10 206 0.25 0.45

including 69.73 70.23 0.50 575 0.32 0.92

Torbrit DV21262 20 24.04 4.04 10 0.03 0.05

and 58.4 66 7.60 6 0.03 0.10

Torbrit DV21263 14.95 24.5 9.55 12 0.07 0.13

and 51.5 53 1.50 9 0.82 3.42

Torbrit South DV21277 152 153 1.00 297 NSV NSV

Torbrit South DV21277 165 181 16.00 212 0.36 0.19

including 174 178.7 4.70 507 0.43 0.16

Torbrit DV21278 101.5 113.8 12.30 90 0.95 1.51

including 104.7 110.3 5.60 131 1.37 1.46

including 113.3 113.8 0.50 258 2.06 0.26

Torbrit DV21278 120.5 143.7 23.20 112 0.95 0.20

including 120.5 125.6 5.10 364 2.45 0.13

including 124.5 125.1 0.60 1095 7.70 0.29

Torbrit DV21279 81.5 84.4 2.90 70 0.25 0.74

Torbrit South DV21279 152.7 155.85 3.15 60 1.13 0.15

including 155 155.85 0.85 128 0.21 0.07

* true width has not been determined as there is insufficient drilling to model the orientation of the diffuse sheeted veins

Table 3: Torbrit Resource Area Infill and Step Out results

Target Easting Northing Elevation DepthHole ID NAD 83 NAD 83 (m) Azimuth Dip (m) Zone

DV21-249 Torbrit 467853 6171644 354.8 55 -69 470

DV21-250 Torbrit 467853 6171644 354.7 55 -79 491

DV21-251 Torbrit 467871 6171626 357.5 55 -55 404

DV21-252 Torbrit 467871 6171626 357.5 55 -77 509

DV21-253 Torbrit 467890 6171606 360.2 55 -76 476

DV21-254 Torbrit 467890 6171606 360.2 35 -70 191

DV21-255 Torbrit 467890 6171606 360.2 235 -74 257

DV21-256 Torbrit 467890 6171606 360.2 235 -60 287

DV21-257 Torbrit 467890 6171606 360.2 235 -50 304

DV21-258 Torbrit 467802 6171767 352.7 45 -50 227

DV21-259 Torbrit 467802 6171767 352.7 45 -75 380

DV21-260 Torbrit 467998 6171524 399.1 85 -47 190

DV21-261 Torbrit 467998 6171524 399.1 85 -73 200

DV21-262 Torbrit 467998 6171524 399.1 45 -60 365

DV21-263 Torbrit 467998 6171524 399.1 65 -45 169

DV21-274 Kitsol/Torbrit 467543 6172134 404.3 100 -45 409

DV21-275 Kitsol/Torbrit 467543 6172134 404.3 100 -62 449

DV21-276 Kitsol/Torbrit 467543 6172134 404.3 100 -76 467

DV21-277 Torbrit 468220 6171349 534 55 -44 201

DV21-278 Torbrit 468220 6171349 534 60 -62 191

DV21-279 Torbrit 468220 6171349 534 60 -84 200

Table 4: 2021 Torbrit Resource Area Infill and Step Out program: drill hole location data

Current Mineral Resource Estimate

Dolly Varden Property Mineral Resource Estimate is reported in pure silver, lead and zinc credits have not been included.

Cut-off** SilverContained Category*Deposit Tonnes (g/t Ag) (g/t) oz*** Ag

Torbrit 150 2,623,000296.8 25,025,000 Dolly Varden 150 156,000 414.2 2,078,000 IndicatedWolf 150 402,000 296.6 3,834,000 North Star 150 236,000 262.8 1,994,000 Total Indicated 3,417,000299.8 32,931,000

Torbrit 150 1,185,000278.0 10,588,000 Dolly Varden 150 86,000 271.5 754,000 Inferred Wolf 150 9,500 230.6 70,000 North Star 150 4,800 223.6 35,000 Total Inferred 1,285,300277.0 11,447,000

Indicated and Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred* resource as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading the resource to a measured resource category. There is no guarantee that any part of the mineral resource discussed herein will be converted into a mineral reserve in the future.

** A 150 g/t Ag lower cut-off was chosen to reflect conceptual underground mining and processing cut-off grade.

*** Contained oz may not add due to rounding.

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo., Chief Geologist for Dolly Varden Silver, the "Qualified Person" as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property that hosts a unique pure silver mineral resource as well as the nearby Big Bulk copper-gold porphyry property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). Dolly Varden has recently entered into an agreement with Fury Gold Mines to acquire the Homestake Ridge Project adjacent to the current property to consolidate the Kitsault Valley Gold-Silver mineralization trend into one large, high-grade precious metals project with vast exploration upside. The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "potential" and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, completion of the Offering, Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our beliefs about the unexplored portion of the property. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company's most recently filed annual management discussion & analysis ("MD&A"), which is available on SEDAR at www.sedar.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE Dolly Varden Silver Corp.