VANCOUVER, Aug. 14, 2017 /CNW/ - Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the "Company" or "Dolly Varden") is pleased to announce results from exploration drilling on the Dolly Varden Silver Project in the Golden Triangle of northwestern British Columbia. This constitutes the discovery of a new zone located 200 metres north and 200 metres deeper than the north side of the Torbrit Deposit.
Hole DV17-058 has all the mineralogical signatures of the Dolly Varden-Torbrit Horizon (DVTH), but is located in host rocks of the footwall of the Moose-Lamb Fault, whereas the Torbrit Deposit is hosted in the hanging wall. In addition, 300 metres further north, hole DV17-057 also hit the DVTH. The Torbrit Deposit is interpreted as a northwestward plunging synform. The new discovery may represent a deeper offset, or parallel deposit. These intercepts greatly expand the mineral potential of this sector of the property.
Hole DV17-058 – Lower Zone yielded a core length of 16.10 metres (13.19 m true thickness) grading Ag 269.0 g/t, Pb 0.30 % and Zn 0.21 % for a silver-equivalent of 292.8 g/t. Within this Lower Zone interval is 7.65 metres (6.27 m true thickness) grading Ag 481.1 g/t, Pb 0.50 % and Zn 0.29 % for a silver-equivalent of 517.3 g/t.
The 2017 exploration program is ahead of schedule and on budget. It was planned to consist of over 5,000 metres of diamond drilling in about 25 to 35 drill holes. A proposal is being considered to expand the 2017 Exploration program to about 12,000 metres.
"A new discovery in this historic mining camp is exactly what we have been hoping for and we are proud of our exploration team," said Gary Cope, President and CEO of Dolly Varden.
| Dolly Varden Project – Central Sector Drilling 2017 – Holes DV17-057 to 058 | |||||||||
| Hole | Zone | From | To | Core | True | Ag | Pb | Zn | Ag-Eq |
| (m) | (m) | Length | Width | (g/t) | (%) | (%) | (g/t) | ||
| DV17-057 | 278.10 | 300.10 | 22.00 | 18.02 | 14.6 | 0.07 | 0.07 | 21.6 | |
| includes | 296.00 | 298.00 | 2.00 | 1.64 | 101.3 | 0.52 | 0.17 | 132.3 | |
| includes | 296.00 | 297.00 | 1.00 | 0.82 | 170.0 | 0.41 | 0.08 | 191.2 | |
| DV17-058 | Upper | 447.70 | 457.55 | 9.85 | 8.07 | 155.3 | 0.09 | 0.07 | 162.5 |
| includes | 447.70 | 450.70 | 3.00 | 2.46 | 445.5 | 0.19 | 0.10 | 458.6 | |
| includes | 447.70 | 449.25 | 1.55 | 1.27 | 783.0 | 0.33 | 0.17 | 806.0 | |
| Lower | 466.10 | 498.40 | 32.30 | 26.46 | 166.6 | 0.21 | 0.20 | 185.9 | |
| includes | 481.30 | 497.40 | 16.10 | 13.19 | 269.0 | 0.30 | 0.21 | 292.8 | |
| includes | 489.75 | 497.40 | 7.65 | 6.27 | 481.1 | 0.50 | 0.29 | 517.3 | |
| includes | 492.75 | 495.75 | 3.00 | 2.46 | 905.7 | 0.82 | 0.27 | 954.3 | |
Note: Ag-Eq = Ag + (Pb%*22.046*Pb price*31.103/Ag price) + (Zn%*22.046*Zn price*31.103/Ag price). Metal prices used for this formula: Ag = $US 16.25/oz, Pb = $US 1.00/lb, Zn = $US 1.25/lb. No provisions have been made for relative metal recovery, thus 100% recovery is used for the silver-equivalent values. "True Width" is an approximation given the limited amount of drilling in this area.
In hole DV17-057 a considerable thickness of the Torbrit Upper Zone style mineralization of the DVTH was intercepted. This area is considered to have high exploration potential to encounter the favorable Lower Zone style mineralization with further drilling.
A drill hole location map of the Mine and Central Sectors area is posted on the Dolly Varden Silver Corporation website at www.dollyvardensilver.com
About Dolly Varden
Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other, on-trend, high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
The current mineral resource estimate at Dolly Varden, effective date August 27, 2015, consists of four deposits with an Indicated Resource of 3.07 million tonnes grading 321.6 g/t Ag, for 31.8 million ounces of silver, plus an Inferred Resource of 0.9 million tonnes grading 373.3 g/t Ag, for 10.8 million ounces of silver. These resources were estimated at a cut-off grade of 150 g/t Ag. For more details, please refer to a NI 43-101 compliant Technical Report filed on www.sedar.com and on the Company's website.
Ben Whiting, P.Geo., Vice President of Exploration and Robert van Egmond, P.Geo., Chief Geologist for Dolly Varden, serve as 'Qualified Persons' under National Instrument 43-101, and have approved the scientific and technical information contained in this news release.
The Company's Common Shares are listed and traded on the TSX.V under the symbol "DV" and on the OTCBB system under the symbol "DOLLF".
