Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER INTERSECTS 1,049 G/T AG OVER 3.60M IN 200M DOWN PLUNGE STEP-OUT PLUS 1,646 G/T AG OVER 2.15M IN 400M DOWN DIP TEST AT WOLF

Dolly Varden Silver Corp. has dramatically extended the limits of silver mineralization at the Wolf vein through wide-spaced stepout drilling. Mineralization remains wide open for expansion, with further assays pending from the 2022 season.

Highlights from exploration stepout drilling at Wolf include:

• DV22-311: 412 grams per tonne silver over 12.80 metres (5.38-metre true width), including 2.15 metres (0.90-metre true width) grading 1,646 grams per tonne silver, 2.38 per cent lead, 3.10 per cent zinc and 0.10 gram per tonne gold;
• DV22-316: 551 grams per tonne silver over 9.80 metres (4.90-metre true width), including 3.60 metres (1.8-metre true width) grading 1,049 grams per tonne silver, 1.19 per cent lead and 0.29 per cent zinc.

Drill hole DV22-316 intersected wide, high-grade mineralization in multiple vein and breccia phases at Wolf, over 200 metres downplunge from previously reported drill hole DV22-300, which intersected 19.85 metres (13.90-metre true width) averaging 584 grams per tonne silver, 0.92 per cent lead, 0.56 per cent zinc and 0.19 gram per tonne gold (news release dated Sept. 19, 2022). In addition, drill hole DV22-311 intersected similar style mineralization grading 412 grams per tonne silver, 0.82 per cent lead and 2.14 per cent zinc over 12.80 metres (5.38-metre true width) located 400 metres down dip of mineralization in DV22-300.

"Dolly Varden Silver's wide-spaced stepout drilling this season has more than doubled the strike length of the Wolf deposit as well as extending high-grade silver mineralization to over 750 metres in dip extent. The highest grades are within robust, vein-hosted mineralization that is potentially amenable to underground bulk mining methods. We eagerly anticipate additional drilling results from the 2022 season at Wolf, Homestake Main, Homestake Silver and Red Point," said Shawn Khunkhun, president and chief executive officer.

The Wolf vein is interpreted as a wide, multiphase epithermal vein and breccia system. Mineralization consists of pyrargerite (ruby silver), argentite, native silver, argentiferous galena and sphalerite in a silica breccia vein system. At depth, as seen in drill hole DV22-316, the system appears to widen to a 143-metre (71-metre true width) package that consists of three distinct veins within an alteration zone that averages 0.48 per cent zinc over its width (see attached table). The northeast/southwest orientation of the Wolf vein system and nature of the plunge directions of high-grade silver mineralization is similar to what is seen at the Kitsol deposit, located approximately 1.4 kilometres to the south.

Drilling during the 2022 season at Wolf has significantly expanded the wide, high-grade silver mineralization, which occurs in wide as well as localized shoots hosted within silica vein and breccia sets. Drill intercepts outside of the high-grade shoots encountered anomalous silver mineralization within broad potassic alteration halos underneath a cap of sedimentary rocks. The continuity of silver mineralization underneath the sedimentary cover near the bottom of the Kitsault Valley is resulting in new, blind silver discoveries within the 100-year-old Dolly Varden silver mining camp, a result of innovative exploration and modelling techniques. Additional results from stepout drill holes testing for deeper, downplunge mineralization from DV22-316 at the Wolf vein are currently pending.

Complete drill results from recently received assays at Wolf are as shown in the attached table.

Quality assurance and 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 and quality control (QA/QC) procedures are overseen by the qualified person.

Dolly Varden's 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. 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 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 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. 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 and Red Chris).

We seek Safe Harbor.