Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER OUTLINES 2024 RESOURCE EXPANSION AND DISCOVERY-FOCUSED EXPLORATION DRILL PROGRAM

Dolly Varden Silver Corp. is talking about its plans for the 2024 exploration drilling program at its 100-per-cent-owned Kitsault Valley project. An initial 25,000 metres of diamond drilling is planned, starting with three drills. The focus will be on following up on new discoveries as well as stepping out from wide, higher-grade intercepts from the 2023 drilling, particularly at the Homestake Silver and Wolf deposits. Mobilization will be in the first week of May, allowing for an earlier start on exploration than previous years due to a low snow pack.

The drill program will be split approximately 50/50 between the Dolly Varden property and the Homestake Ridge property, with an overall project split of one-third to the Homestake Silver deposit area, one-third to the Wolf deposit area and one-third to the project-wide exploration targets with new discovery potential.

"Our drill results from Homestake Silver were among the highest-grade gold and silver intercepts anywhere in the Golden Triangle in 2023; our priority with this early start is to continue with stepouts as well as infill drilling to confirm continuity of the potentially bulk-minable mineralization. Further south, silver mineralization at Wolf remains wide open for expansion and this seasons' introduction of directional drilling technology will allow for highly accurate placement of drill intercepts," said Shawn Khunkhun, chief executive officer of Dolly Varden Silver.

Wolf vein

At the Wolf vein, drilling is planned to delineate the width and extent of the southerly plunge of wider and higher-grade silver mineralization. Stepout holes that define the trace of the plunge are spaced so that any new mineralization can be included in a future resource update. The company will implement directional drilling technology with the objective of more cost-effective and accurate exploration at Wolf, particularly for deep holes.

Wolf Vein remains open to depth, where results from 2023 drilling indicate an increase in base metal (lead and zinc) content, as well as wider epithermal breccia vein silver mineralization, such as previously released stepout drill hole DV23-375, that intersected 296 grams per tonne (g/t) silver (Ag), 1.68 per cent lead (Pb) and 3.01 per cent zinc (Zn) (461 g/t AgEq (silver equivalent)) over 26.99 metres, including 1,475 g/t Ag, 10.65 per cent Pb and 12 per cent Zn (2,260 g/t AgEq) over 0.50 metre from an 81-metre stepout (from previous news release dated Nov. 6, 2023).

Homestake Silver

The program planned for Homestake Silver will start with follow-up drilling on the newly discovered gold zone at the northern extent of deposit, where coarse-grained native gold in late-stage quartz-carbonate veins returned grades of 1,335 g/t Au (gold) and 781 g/t Ag over 0.68 metre, within a wider interval of stockwork grading 79.49 g/t Au and 60 g/t Ag over 12.45 metres in drill hole HR23-389 (from previous news release dated Feb. 12, 2024). Data from oriented core drilling indicate these quartz-carbonate veins are geologically younger and crosscut the Homestake trend at a low angle.

The second part of Homestake Silver drilling will be resource expansion and upgrade holes that target the low-angle, north-dipping plunge of wide and high-grade gold and silver mineralization encountered in 2023. The mineralized plunge orientation at Homestake Silver was initially recognized in 2023, with results such as previously reported drill hole HR23-416, which intercepted the newly defined mineralized envelope returned a 93.95-metre wide zone grading 1.74 g/t Au and 213 g/t Ag (357 g/t AgEq), which included several distinct breccia vein intervals grading 11.80 g/t Au and 1,824 g/t Ag (2,802 g/t AgEq) over 9.16 metres length, 13.16 g/t Au and 3,085 g/t Ag (4,176 g/t AgEq) over 2.26 metres, and 55.40 g/t Au and 4,830 g/t Ag (9,422 g/t AgEq) over 1.02 metres (previous news release dated Jan. 16, 2024).

Note: AuEq (gold equivalent) and AgEq are calculated using two precious metal components at $1,650 (U.S.)/ounce (oz) Au, $20 (U.S.)/oz Ag. Assays are not capped and 100-per-cent recovery is used for Ag and Au. Estimated true widths vary depending on intersection angles and range from 50 per cent to 85 per cent of core lengths; further modelling of the new interpretation is needed before true widths can be calculated.

Exploration targets, including Moose vein

The Moose vein is located 1.5 kilometres north of the Wolf vein and is interpreted to be hosted within a similar crosscutting structure as Wolf. In 2023, drill hole DV23-371 from the Moose vein intercepted veining and mineralization similar to that seen at Wolf that graded 712 g/t Ag over one metre within a 7.55-metre-length interval averaging 269 g/t Ag (from previous news release dated Nov. 6, 2024). This mineralization will be followed up by targeting down the same plunge trend as defined at Wolf.

Other exploration targets on both the Homestake Ridge and Dolly Varden properties include targets within the 5.4 km long area between the southern end of Homestake Silver and Wolf vein, under the mid-valley sedimentary cap rocks. Additionally, geophysical targets west of the Homestake Main deposit will be tested, within a parallel basin bounding structures similar to those hosting the Homestake Main and Homestake Silver deposits.

Other studies on road access, advanced metallurgy, wildlife and baseline environmental monitoring, as well as field mapping in underexplored areas of the property, will be completed.

Quality assurance/quality control

The company adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Best Practices Guidelines for exploration-related activities conducted on its property. Quality assurance/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 per cent minus two millimetres (mm) (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 g split with either atomic absorption or gravimetric finish, depending on grade range. Metallic screen on a one-kilogram (kg) sample may be completed on high-grade gold samples.

Qualified person

Rob van Egmond, PGeo, vice-president of 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 kilometres by road to tide water. 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. 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.