DOLLY VARDEN SILVER INTERSECTS 15.94 METERS AVERAGING 1,499 G/T SILVER INCLUDING 0.35 METERS OF 23,997 G/T SILVER AT THE WOLF DEPOSIT

Final results from drilling during Dolly Varden Silver Corp.’s 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 highest-grade silver assay yet received from the Dolly Varden property. Mineralization remains open for expansion at the deposit.

Highlights from the Wolf vein include:

• Wolf vein northeast — DV22-329: 1,499 grams per tonne silver, 1.89 per cent lead and 0.46 per cent zinc over 15.94 metres (8.77 metres estimated true width), including the highest-grade silver assay reported from the project to date with coarse, native silver mineralization that returned 23,997 g/t Ag, 1.24 per cent Pb and 0.34 per cent Zn over 0.35 metre (0.19 m estimated true width);
• Wolf vein southwest — DV22-320: 321 g/t Ag, 0.84 per cent Pb and 0.84 per cent Zn over 12.85 metres (6.81 metres estimated true width), including 664 g/t Ag, 1.24 per cent Pb and 3.54 per cent Zn over 1.63 metres (0.86 metre estimated true width).

Highlights from exploration drilling at Kitsol vein and a new discovery at the Red Point target include:

• Kitsol vein — DV22-323: 301 g/t Ag, 0.23 per cent Pb and 0.56 per cent Zn over 15 metres (9.60 metres estimated true width), including 434 g/t Ag, 0.41 per cent Pb and 0.69 per cent Zn over 5.90 metres (3.78 metres estimated true width);
• Red Point — DV22-321: 8.10 g/t gold, 244 g/t Ag and 5.16 per cent copper over one metre;*
• Red Point — DV22-322: 17.20 g/t Au and 1.65 per cent Cu over 1.15 metres.*

*Intervals stated in core length unless otherwise indicated

“Results from the Wolf vein continue to exceed expectations, returning the highest-grade silver assay yet received, more than doubling the strike length of the deposit through stepouts to the north and south as well as returning wide, robust silver and base metal grades at depth. Our priority during the 2023 will be to connect the Wolf deposit with the Kitsol deposit, located 1,400 metres to the south. Additionally, encouraging gold, silver and copper mineralization at the new Red Point discovery is encouraging,” said Shawn Khunkhun, president and chief executive officer of Dolly Varden Silver.

On the East Wolf offset, the 50 m stepout drill hole DV22-329 cut an interval of multiphase 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 metres distance down plunge on the system from the reported intercept in drill hole DV22-329. Drill hole DV22-320 is a 63 m stepout down plunge from previously reported DV22-316, which intersected 550 g/t Ag over 9.80 m (see news release dated Nov. 21, 2022). DV22-320 is located over 350 m 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, stepout hole DV22-323 expanded high-grade silver mineralization an additional 85 metres down plunge from previously released results.

At the Red Point exploration target, high-grade gold and silver mineralization was discovered, with significant copper in strong pyrite-chalcopyrite mineralization in a new area. Mineralization is wide open for expansion.

Drilling objectives during 2022 at the Dolly Varden property were to expand the wide high-grade silver mineralization on the Wolf vein, step out and infill at Torbrit and Kitsol, as well as test several other nearby exploration targets. A total of 52 holes for 18,614 metres were completed at the Dolly Varden project during 2022; 20 holes for 9,994 metres were completed at the Wolf vein, 18 holes for 3,524 metres at the Torbrit deposit, eight holes for 2,900 metres of infill and stepout drilling at Kitsol vein, and six holes for 2,196 metres in additional exploration. This is in addition to 18,448 m in 56 holes at the Homestake Ridge property for a total of 37,062 m in 108 holes on the Kitsaut Valley project in 2022.

Wolf vein

Mineralization at the Wolf vein consists of multiple epithermal silica vein and brecciation events along a northeast-trending, steeply northwest-dipping zone. Silver-bearing minerals include: native silver, silver sulphosalts, tennantite, argentite and argentiferous galena.

The mineralized interval in DV22-320 suggests an open-ended 350 m long mineralized shoot to the southwest of discovery hole DV21-273, which returned 17.50 m averaging 214 g/t Ag and 0.47 per cent Pb, including 1.22 m averaging 1,532 g/t Ag, 0.44 g/t Au, 2.11 per cent Pb and 1.07 per cent Zn (see Dolly Varden news release dated Dec. 20, 2021). Drilling to the southwest tested mineralization within volcanic rocks, below the Upper Hazelton sediment cap and associated with strong potassic alteration. This trend continues south for 1,400 m to the Kitsol vein.

Drill holes DV22-315 and 317 are on section with DV22-316 but intersected the Wolf structure approximately 100 metres above and 75 metres below, respectively, the projection of the higher-grade silver zone intersected in DV22-316.

High-grade silver in drill hole DV22-329 occurs within a very strong, multiphase vein and breccia vein that is offset to the main Wolf vein by a postmineral fault. The dip of the offset limb is approximately 55 degrees to the northwest, is open to the east and northeast, projecting just below the slope surface. Two other stepouts from the same pad include DV22-325 and 327. Drill hole DV22-327 is approximately a 25 m stepout returning 1,457 g/t Ag over 3.06 m (1.68 m estimated true thickness). Drill hole DV22-325 intersected a postmineral mafic dike at the projected depth of vein mineralization.

Kitsol vein

Mineralization in drill hole DV22-323 at the Kitsol vein demonstrates the continuity of steeply plunging, high-grade silver mineralization within the Kitsol structure. Mineralization was encountered 85 metres down plunge from previously reported drill hole DV22-283 with 414 g/t Ag over 50 m (see news release dated Aug. 10, 2022). A further stepout, drill hole DV22-326, crossed the northwest-striking Moose Lamb fault into the hangingwall rock and did not encounter the Kistsol vein.

Dolly Varden exploration targets

Three exploration drill holes from one drill pad tested an induced polarity chargeability anomaly and the depth extent of gold-bearing veins from the Red Point area. The target is located approximately 500 m west of the Kitsol vein. All holes intersected strong QSP (quartz-pyrite-sericite) alteration with stockwork veining that returned anomalous gold over broad intervals. In areas where the quartz veining intensified and brecciation occurred, gold and copper grades increased.

Highlights from the two drill holes oriented to the southwest that tested below the surface veining at the Red Point prospect include:

• DV22-321: 0.59 g/t Au over 49 m;
• DV22-321: 2.94 g/t Au and 1.65 per cent Cu over five m;
• DV22-321: 8.10 g/t Au, 244 g/t Ag and 5.16 per cent Cu over one m;
• DV22-322: 17.20 g/t Au and 1.93 per cent Cu over 1.15 m.

The North Star Connection target, located to the west of Torbrit in the centre of the Kitsault River Valley, was tested with drill holes DV22-328 and 331. Vein-style mineralization was intersected along the projected trace of the North Star structure and appears to be continuous with the Torbrit deposit. No significant silver mineralization was encountered; however, anomalous gold values within the vein were received.

Exploration drill hole DV22-324 was drilled approximately 1,200 metres northwest of the Wolf deposit, testing underneath the sediment cap. The drill pad was located in the centre of the valley, west of the Silver Horde alteration zone. Minor veining and moderate alteration were encountered with no significant assay results. Further targeting work is continuing in this area.

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 per cent 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, B.C. The entire sample is crushed and a 500-gram split is pulverized to minus 200 mesh. Multielement analyses were determined by inductively coupled plasma mass spectrometry (ICP-MS) for 48 elements following a four-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 30-gram split.

Qualified person

Rob van Egmond, PGeo, vice-president, exploration, for Dolly Varden Silver, the qualified person as defined by National Instrument 43-101, has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the continuing exploration program at the Dolly Varden project.

About Dolly Varden Silver Corp.

Dolly Varden Silver is a mineral exploration company focused on advancing its 100-per-cent-held Kitsault Valley project (which combines the Dolly Varden project and the Homestake Ridge project) located in the Golden Triangle of British Columbia, Canada, 25 km by road to tidewater. The 163 square 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).

We seek Safe Harbor.