VANCOUVER, BC, May 17, 2022
/CNW/ - Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF)
(the "Company" or "Dolly
Varden") is pleased to announce the initiation of field
activities on its Kitsault Valley Project, located near tidewater
in northwest British Columbia.
Objectives of the 2022 Program include: upgrade current Inferred
Mineral Resources to Measured and Indicated classification, expand
known deposits and to discover new silver and gold mineralization
along the Kitsault Valley trend of multiple deposits and historic
mines.
Shawn Khunkhun, President and CEO
comments, "With a robust $25 million
treasury, a discovery-focused technical team and a target-rich
environment, 2022 is setting up to be an historic year for
Dolly Varden Silver. With strategic
and technical input from our supportive corporate shareholder:
Hecla Mining, it is our goal to make new silver and gold
discoveries as well as to dramatically grow and upgrade resource at
our current deposits, setting the Company up to be the next
development Project in the Golden Triangle."
Three diamond drill rigs are being mobilized by barge to the
village of Alice Arm to complete an
initial 99 drill holes Program totaling 30,000 meters along the
Kitsault Valley Trend. Camp expansion and infrastructure upgrades
are underway to accommodate our expanded exploration team, with a
significant contingent of team members of the Nisga'a Nation.
Dolly Varden's Kitsault Valley
Project currently hosts Indicated Resources of 34.7 million ounces
of silver and 166 thousand ounces of gold with additional Inferred
Resources of 29.3 million ounces of silver and 817 thousand ounces
of gold within multiple outcropping deposits in the 163 square
kilometer Property. Resource upgrade and expansion drilling will
begin at the Torbrit silver deposit, initially targeting step-outs
at the Wolf Mine and between the Torbrit and North Star silver Deposits.
In late spring, drilling will commence at the Homestake Main and
Homestake Silver deposits with the purpose of expanding
mineralization along strike and down-dip as well upgrading current
Inferred Resources.
Through integration of excellent detailed geological mapping
integrated with innovative geochemical, geophysical and remote
sensing methods, Dolly Varden's
strong technical team has identified new greenfield target areas
along the Kitsault Valley trend. Additional surface mapping
and sampling coupled with IP geophysical surveys will help refine
drill targets to be tested during the 2022 Program. Twenty
exploration targets have been initially identified, eight of which
have been classified as Priority 1.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company
focused on advancing its 100% held Kitsault Valley Project (which
combines the Dolly Varden Project and the Homestake Ridge Project)
located in the Golden Triangle of British
Columbia, Canada, 25kms by road to tide water. The 163 sq.
km. project hosts the high-grade silver and gold resources of
Dolly Varden and Homestake Ridge
along with the past producing Dolly
Varden and Torbrit silver mines. It is considered to be
prospective for hosting further precious metal deposits, being on
the same structural and stratigraphic belts that host numerous
other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley
Project also contains the Big Bulk property which 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 in this release relates to, among other things,
completion of the Offering, TSX Venture 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 and our beliefs about the unexplored portion of the
property.
These forward-looking statements are based on management's
current expectations and beliefs and assume, among other things,
the ability of the Company to successfully pursue its current
development plans, that future sources of funding will be available
to the company, that relevant commodity prices will remain at
levels that are economically viable for the Company and that the
Company will receive relevant permits in a timely manner in order
to enable its operations, 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") and management information circular
dated January 21, 2022 (the
"Circular"), both of which are available on SEDAR at
www.sedar.com. The risk factors identified in the MD&A and the
Circular 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.