Co. Expands 2023 Drill Program After First Results Positive
Research Report

Dolly Varden Silver Corp. (DV:TSX.V; DOLLF:OTCQX) expanded the drill program at its Kitsault Valley project in British Columbia to 55,000 meters (55,000m) from 45,000m and added a fifth rig after initial drill results "deliver[ed] the promise of growth in high-grade silver mineralization," reported Haywood Securities analyst Geordie Mark in an Aug. 8 research note.

"We see the maiden results as proving the growth potential of the mineral endowment across the Kitsault family of gold-silver mineralized systems," Mark wrote.

178% Return Potential

Notable for investors, Mark highlighted, is the impressive potential gain of 178% that Dolly Varden offers, as implied in Haywood's CA$2 per share target price on it. The explorer-developer's current share price is about CA$0.72.

"Now is the right time for leverage in precious metals through investment in Dolly Varden Silver on 2023 results and the upside potential to be germinated in the 2023 program," commented Mark.

As such, Haywood maintained a Buy rating on the Canadian mining company and suggested investors accumulate shares of it now.

Initial Data Encouraging

The drill results from Kitsault Valley's  Kitsol vein "are particularly encouraging," wrote Mark. They showed updip extensions of high-grade silver mineralization in the Kitsol vein, notably via hole DV23-336. It returned 18m of 342 grams per ton silver (342 g/t Ag), including 0.5m of 2,270 g/t Ag.

Two other Kitsol standout holes, returning high grades, were DV23-334 and DV23-337. The former showed 8.32m of 297 g/t Ag including 0.9m of 1,090 g/t Ag. The latter demonstrated 9.57m of 496 g/t Ag including 0.73m of 1,100 g/t Ag.

New drill results also indicated further downdip extensions of silver mineralization in an offset across the Moose Lamb fault.

"Building on the successful exploration of Wolf since 2021, we see Moose as the next analog in that exploration success," wrote Mark. "It is a site of former workings and is outlined to exhibit geological similarities to the silver-gold mineralization at Wolf."

Additional silver mineralization of high grade was also encountered in the Torbrit Main deposit. There, hole DV23-348 returned 3.5m of 334 g/t Ag including 1.34m of 672 g/t Ag.

More To Come

In addition to its original plan for the 2023 Kitsault Valley drill campaign, Dolly Varden aims to identify additional shallow, high-grade silver targets. It intends to follow up on the Moose Lamb fault finding as well.

"We are interested in what we see as the lower risk facets of the exploration drilling program to return high-grade gold and silver intersections expanding known mineralization across the project area (e.g.,) Wolf, Homestake Main, and Homestake Silver," Mark wrote.

He added that results from any of these areas constitute potential stock catalysts on the horizon for Dolly Varden.

Important Disclosures:

1. Dolly Varden Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dolly Varden Silver Corp. 
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
4. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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Disclosures for Haywood Capital Markets, Dolly Varden Silver Corp., August 8, 2023

This report is intended for institutional investors and may only be distributed to non-institutional US clients in the following states: Alaska, Arkansas, Colorado, Connecticut, Delaware, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Virgin Islands, Washington, West Virginia, Wisconsin, Wyoming. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.

Analyst Certification

I, Geordie Mark, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures

Of the companies included in the report the following Important Disclosures apply:

¨ Haywood Securities, Inc. has reviewed lead projects of Dolly Varden Silver Corp. (DV-V), Artemis Gold Inc. (ARTG-V) and a portion of the expenses for this travel may have been reimbursed by the issuer.

¨ Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for Dolly Varden Silver Corp. (DV-V), Artemis Gold Inc. (ARTG-V) in the last 12 months.

¨ Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from Dolly Varden Silver Corp. (DV-V) in the past 24 months.