Dolly Varden Silver Corporation announced drill results from the 100%-owned Homestake Ridge property in BC's Golden Triangle. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Mineral Resources. A total of 41 holes for 10,472 meters were completed at the Homestake Main Deposit, 12 holes for 6,076 meters were completed at the Homestake Silver Deposit and 3 additional exploration holes for 1,900 meters were completed along the Homestake Ridge Trend during the 2022 season.

The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia systems hosted in early Jurassic-age Hazelton Group volcanic rocks. Mineralization consists primarily of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system, locally with native gold, silver and electrum. The northwestern strike of the main Homestake structural trend hosts multiple, subparallel internal structures that are interpreted to form the controls for high-grade gold shoots within a broader interval of mineralization at the Homestake Main deposit.

The main structural corridor dips steeply to the northeast. The results from Homestake Main are primarily infill drilling from areas of current Inferred Mineral Resources and suggest that the higher-grade gold-silver shoots may be more extensive than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion.

Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence. Four of the drill holes at Homestake Main were drilled below the Mineral Resource domains to test for down dip extensions. Drill holes HR22-326, 329, 351 and 354 all intersected the structures that host gold mineralization below the resource.

One step out drill hole, HR22-355, was drilled along trend and approximately 250m north of Homestake Main. Alteration associated with the main deposit was encountered with minor brecciation returning anomalous pathfinder elements as seen in the upper levels of the mineralization system at the Homestake Main Deposit indicating the system continues to the north. The 2022 drilling at the Homestake Silver Deposit area was a combination of step out holes below the primarily Inferred Mineral Resource as well as some infill drilling designed to convert Inferred resources to Indicated classification.

Six infill drill holes, HR22-340, 344, 349, 353, 358 and 361, were collared off three drill pads at the southern end of the deposit. The mineralization encountered in these holes is consistent with previous drilling. Expansion drill Holes HR22-364, 365 and 366 targeted the south end while HR22-357 and 360 in the northern end of Homestake Silver testing below several of the resource domains.

Drilling intersected silver mineralization within multiple vein stockwork zones extending the zones to depth. These areas remain open down dip. Step out drill hole HR22-362, located approximately 200m down dip and along the targeted projection of a Homestake Silver resource domain intersected vein breccia over 2.50m core length grading 1,252 g/t Ag, including 0.75m grading 3,330 g/t Ag.

Relatively little drilling has been completed at Homestake Silver and with these step out mineralized intersections the expansion potential to depth and along strike has been demonstrated. Two new areas within the Homestake Trend were tested with three drill holes. Drill holes HR22-311 and 312 were collared 425m to the south of the Homestake Silver Deposit to test below sedimentary cover rocks.

Although alteration of the volcanic rock below the sediment cover was present, no significant mineralization was encountered. Further geophysics will be completed over this area to aid in targeting the southern projection of the Homestake Ridge structural corridor below the sediment cover. Drill hole HR22-363 was drilled 1.2 kilometers to the east of Homestake Main to test a dominant Northeast trending controlling structure within the centre of the valley.

No significant mineralization was encountered within the structure in that area.