Explorer Encounters 'More Bonanza Grades' at Golden Triangle Project

Highlights of the last holes drilled in 2020 at Dolly Varden Silver's namesake property are covered in a Mackie Research Capital Corp. report.

In a Feb. 16 research note, Mackie Research Capital Corp. analyst Stuart McDougall reported the final assay results of Dolly Varden Silver Corp.'s (DV:TSX.V; DOLLF:OTCMKTS) 2020 drill program at its Dolly Varden project in the Golden Triangle region of British Columbia.

McDougall presented the result highlights of the last 14 holes drilled in Dolly Varden's Torbrit zone that hosts 80% of the project's resource of 4.7M tonnes grading 294 g/t silver. "The remaining holes targeted other known zones along the main silver-bearing trend, as well as a newly identified mineral system to the west, informally coined the "Western Gold Belt," he stated.

The analyst noted that these 14 holes returned silver grades up to and as high 1.6 kilograms per tonne.

Stepout hole 222, placed 35 meters west of the nearest hole in the main Torbrit deposit, intersected 22.5 meters (22.5m) of 95 grams per tonne (95 g/t) silver, including 3m at 195 g/t silver, followed by a separate 15.6m grading 204 g/t silver, including 6m at 310 g/t silver.

Hole 244 intersected 2.73m of 359 g/t silver, followed by a separate 45.8m of an average silver grade of 304 g/t. The latter intercept included 17.32m of 490 g/t silver, which included 1.06m of 1,595 g/t silver.

"The mineralization sits above the historic workings and is described as a vertical projection of the Torbrit resource 3.81 million tons of 291 g/t silver, for 35.6 million ounces of contained silver," McDougall relayed.

Another hole collared on the same pad, 246, hit 5.1m of 306 g/t silver, including 0.6m at 1,290 g/t silver.

A second stepout hole, 235, tested projected extensions 150m to the north and downdip of the Wolf deposit. It cut 14.4m of 53 g/t silver, including 4m of 79 g/t silver.

Along with silver, the drill bit encountered lead and zinc mineralization, "varying on a combined basis from less than 0.5% to about 2.5% in the latest batch," McDougall wrote.

He also pointed out that the reconnaissance component of Dolly Varden's 2020 drill program identified a new mineral system to the west. This "Western Gold Belt" was delineated via two holes placed 850 meters apart in the Starlight-Racehorse Trend, which showed 8m of 0.19 g/t gold and 0.62% copper, and 3.65m grading 0.06 g/t gold and 1.36% copper.

"Mineralization in the area is characterized by quartz-sericite-pyrite alteration," McDougall indicated.

Dolly Varden Silver's entire 2020 drill program comprised 40 holes over 11,397 meters. The company placed 19 holes in the main Torbrit area.

Mackie has a Speculative Buy rating and a CA$1 per share price target on Dolly Varden, the current share price of which is about CA$0.82.

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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from Mackie Research, Dolly Varden Silver Corp., Update, February 16, 2021

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.
1. This issuer has generated investment banking revenue for MRCC.
2. MRCC has holdings in this Issuer.

ANALYST CERTIFICATION
I, Stuart McDougall, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.