Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER INTERSECTS NEAR-SURFACE KITSOL VEIN EXTENSION WITH 342 G/T AG OVER 18M, INCLUDING 2,270 G/T AG OVER .5M AND ADDS FIFTH DRILL RIG

Dolly Varden Silver Corp. has released initial drill results from expansion drilling at Kitsol and Torbrit as part of the 2023 exploration program on the 100-per-cent-owned Dolly Varden property in British Columbia's Golden Triangle. Due to drilling success and efficiencies, a fifth drill has been mobilized to site and the 2023 program has been expanded by approximately 10,000 metres (m) to 55,000 m of drilling. Over 70 drill holes have been completed to date this season.

Highlights from the Kitsol vein in the Torbrit deposit area include:

• DV23-334: 297 grams per tonne (g/t) silver (Ag) over 8.32 metres, including 1,090 g/t Ag over 0.90 metre at Kitsol;
• DV23-336: 342 g/t Ag over 18.00 metres, including 2,270 g/t Ag over 0.50 metre and 995 g/t Ag with 3.6 per cent lead (Pb) over 0.60 metre at Kitsol;
• DV23-337: 496 g/t Ag over 9.57 metres, including 1,100 g/t Ag over 0.73 metre at Kitsol;
• DV23-348: 334 g/t Ag over 3.50 metres, including 672 g/t Ag over 1.34 metres at Torbrit Main, south extension.

"As the flow of results from our fully funded 2023 exploration drill program have started, we continue to see successful resource expansion drilling at the Kitsol vein, intersecting high-grade silver mineralization over wide intervals, that is potentially amenable to bulk underground mining methods," said Shawn Khunkhun, president and chief executive officer of Dolly Varden Silver. "We are excited to have the fifth drill turning as it will allow us to allocate extra meters to exploration drilling on our priority list of targets along the Kitsault Valley trend."

Holes DV23-334 and 336 extended the plunge extent of the wide, high-grade silver mineralization at the Kitsol vein for an additional 40 m toward surface. The plunge direction has been extended to over 250 m from the furthest southwest intercept, downplunge in drill hole DV22-323. Drilling has identified a consistent, high-grade interval within the wide vein interval, associated with multiple phases of brecciation (DV23-334: 1,090 g/t Ag over 0.90 metre and DV23-336: 2,270 g/t Ag over 0.50 metre).

Drill holes DV23-335, 337, 341 and 343 tested the high-grade shoot along strike; hole DV23-337 was a 41-metre stepout, up-plunge from DV18-131, confirming the consistent vertical dimension of the shoot to be of 50 to 75 metres, along the length of the plunge. The remaining holes intersected the Kitsol vein, either above or below the higher-grade mineralized shoot.

Exploration holes to the west, testing for new structures in the hangingwall of the Moose Lamb fault encountered a block of the Kitsol vein in drill hole DV23-338 within a fault splay. Further modelling with the new oriented core data will guide targeting of the possible offset of the Kitsol vein across the Moose Lamb fault.

At the southern end of the Torbrit Main deposit, drill holes DV23-348 and 350 were collared as a 31-metre stepout testing for the mineralized horizon. DV23-348 intersected mineralization consistent with the lower sequence of the basin fill-style silver zone at Torbrit, within potassic and chlorite altered volcanic tuff.

Addition of fifth diamond drill and start of geophysical survey

The 15-kilometre-long extent of the prospective Hazelton rocks on the property is host to numerous surface occurrences of alteration and silver mineralization that have been prioritized for drill testing. With the addition of approximately 10,000 metres to the initial 45,000-metre planned program, the extra drilling will be allocated to discovery-focused exploration targets. Efficiencies and excellent drill production have allowed for the additional drilling within the current budget.

In addition, an MT geophysical survey conducted by Simcoe Geoscience has commenced. The ground survey will be run over postmineralization sedimentary rocks over the centre of the valley. Additional surveys will be performed to the area west and north of Homestake Ridge, where extensive gold-in-soil anomalies coincident with strong quartz-sericite-pyrite (QSP) alteration in interpreted to suggest a possible source at depth for the structurally-controlled gold-silver mineralization at Homestake Main and Homestake Silver deposits.

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 to 70 oer 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. Gold 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 for Dolly Varden on the Kitsault Valley 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 kilometres by road to tidewater.

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