Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER INTERSECTS 654 G/T SILVER OVER 21.48 METERS AT WOLF VEIN AND EXPANDS 2024 DRILL PROGRAM

Dolly Varden Silver Corp. has released results from the Wolf vein high-grade silver plunge expansion directional drilling. Drill hole DV24-416 averaged 654 grams per tonne silver, 0.47 per cent lead and 0.57 per cent zinc over 21.48 metres, and drill hole DV24-408 averaged 513 g/t Ag, 2.95 per cent Pb and 1.82 per cent Zn over 27.19 metres. Both holes are located on the same vertical section and are separated by 44 m vertically. The intersections demonstrate consistent thicknesses and indicate an increased vertical extent to the mineralized zone as it plunges to the southwest. The 2024 exploration drill program on the Kitsault Valley project has been expanded to 32,000 m from the initial planned 25,000 m based on the successful drilling and supported by the recently completed financing. Currently, three drills continue expansion drilling at the Homestake silver deposit.

Wolf vein extension drilling

Highlights include:

• DV24-416: 654 g/t Ag, 0.47 per cent Pb and 0.57 per cent Zn over 21.48 metres, including 1,000 g/t Ag, 0.11 g/t gold, 0.62 per cent Pb and 0.64 per cent Zn over 7.70 metres;
• DV24-408: 513 g/t Ag, 2.95 per cent Pb and 1.82 per cent Zn over 27.19 metres, including 2,520 g/t Ag, 0.34 g/t Au, 0.18 per cent Pb and 0.88 per cent Zn over 2.80 metres.

"The Wolf vein continues to deliver exceptional silver grades, often with significant base metal values and strong native silver mineralization over potentially bulk minable widths. The extended drill program will prioritize lateral and vertical stepouts from these new Wolf results and follow up at other exploration targets, including the silver zone at Moose. Resource expansion and exploration drilling efforts at the Homestake silver deposit continues within the projection of wider higher-grade gold and silver plunge zone defined in 2023," said Shawn Khunkhun, chief executive officer of Dolly Varden.

This release includes results for 3-D drill holes drilled from the same pad and intersecting the Wolf vein on the same section, approximately 80 metres to the northeast of that previously released (Aug. 18, 2024) that documents stepout holes DV24-404, 409, 412 and 414. Directional drilling technology from this second drill pad was used to precisely target areas for vertical extension. Drill holes DV24-416 and DV24-408 intersected wide and high-grade silver mineralization in Wolf vein breccias and coliform grey silica and carbonate approximately 14 metres above and 30 metres below, respectively, from previously reported (Sept. 11, 2023) drill hole DV23-368 that graded 381 g/t Ag, 0.46 per cent Pb and 0.39 per cent Zn over 29.34 metres including 583 g/t Ag, 0.13 g/t Au, 0.66 per cent Pb and 0.45 per cent Pb over 16.97 metres with 1,898 g/t Ag over 1.00 metre.

Drill hole DV24-416 confirms that high-grade silver mineralization extends farther updip than expected, increasing the potential for a broader mineralized zone. There is also an increase in gold associated with higher-grade silver as seen in a 0.60-metre interval from 676.04 to 676.64 metres grading 4,350 g/t Ag and 0.47 g/t Au. The mineralized vein remains open toward the sediment cap above it. Stepout drilling along the upper portion of the plunge has been prioritized for late season.

Drill hole DV24-408 intersected the wider central portion of the higher-grade silver plunge and shows that in the southwestern drilling on the Wolf vein, as the exploration approaches the projection of the intersection of the mid-valley north-northwest structures, there is an increase in gold values associated with the higher grades of silver and the vein and vein breccias occur within a wide consistent structure.

Drill hole DV24-410 intersected the lower projection of the high-grade plunge, approximately 43 metres vertically below DV24-408. The vertical expression of the Wolf vein shows increased base metals at depth and on section, and increased silver values into the high-grade plunge. This hole intersected 20.22-metre length of vein breccias that had a mix of low-grade and high-grade silver, lead and zinc mineralization averaging 198 g/t Ag, 1.68 per cent Pb and 3.42 per cent Zn over all, with a higher-grade interval attributed to more sulphide-rich breccias, grading 823 g/t Ag, 6.64 per cent Pb and 1.55 per cent Zn over 2.80 metres.

Wolf vein

The Wolf vein is hosted in Jurassic-age Hazelton formation volcanic rocks and is interpreted as a structurally controlled, multiphased, epithermal vein and vein breccias that occur along a southwest plunging zone of wider, higher-grade silver mineralization. Native silver, pyargerite, argentite and argentiferous galena are hosted in multiple phases of silica and iron carbonate veins and breccias. The extension of the mineralization discovered underneath the sedimentary rock cap and the outcropping Wolf deposit has a plunge extent of over 950 metres at minus 45 to the southwest.

Quality assurance and quality control

The company adheres to Canadian Institute of Mining, Metallurgy and Petroleum best practice guidelines for exploration-related activities conducted on its property. Quality assurance and quality control 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 to 70 per cent minus two millimetres (10 mesh), of which 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 also determined by fire assay on a 30-gram split with either atomic absorption or gravimetric finish, depending on grade range. Metallic screen on a 1.0-kilogram sample may be completed on high-grade gold samples.

Qualified person

Rob van Egmond, PGeo, vice-president, exploration, for Dolly Varden, 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 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 kilometres by road to tidewater. The 163-square-kilometre 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. Five kilometres to the east of the Kitsault Valley project is 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 and Red Chris).

We seek Safe Harbor.