VANCOUVER, Aug. 29, 2017 /CNW/ - Dolly Varden Silver
Corporation (TSX.V: DV | U.S.: DOLLF) (the "Company" or
"Dolly Varden") is pleased to announce results from drilling
on the Dolly Varden Silver Project in the Golden Triangle of
northwestern British Columbia.
Hole DV17-063 was drilled in the Central Sector and hit two zones
of high-grade silver. Furthermore, the Board of Directors has
approved an expansion to the 2017 exploration program budget from
$3.5 million to $6.5 million.
Hole DV17-063 was drilled to test the position of the Moose-Lamb
Fault and to continue down to the area of the high-grade silver hit
in the Dolly Varden-Torbrit Horizon (DVTH), previously announced in
hole DV17-058 (news release dated 14 August
2017). Along the projection of the Moose-Lamb Fault, hole
DV17-063 intersected epithermal vein-style mineralization and
further down the hole intersected the VMS-style mineralization of
the DVTH. This location of the DVTH is 220 metres north and 200
metres deeper than the north side of the Torbrit Deposit.
Hole DV17-063 – Moose Zone yielded a core length of 11.00 metres
(7.07 m true thickness) grading Ag 394.2 g/t, Pb 2.27 % and Zn 0.46
% for a silver-equivalent of 514.2 g/t. Within this zone interval
is 4.00 metres (2.57 m true thickness) grading Ag 987.5 g/t, Pb
5.90 % and Zn 0.90 % for a silver-equivalent of 1,283.8 g/t.
The Torbrit North Zone of hole DV17-063 yielded a core length of
22.74 metres (21.37 m true thickness) grading Ag 433.3 g/t, Pb 0.74
% and Zn 0.22 % for a silver-equivalent of 476.1 g/t. Within this
Torbrit North Zone interval is 7.15 metres (6.72 m true thickness)
grading Ag 1,180.7 g/t, Pb 1.83 % and Zn 0.26 % for a
silver-equivalent of 1,271.9 g/t.
"These drill results confirm the very high silver grades
of the new discovery north of Torbrit and add an additional
discovery along a major fault. Expansion of the exploration program
is definitely warranted," said Gary
Cope, President and CEO of Dolly Varden.
Dolly Varden
Project – Central Sector Drilling 2017 – Hole
DV17-063
|
Hole
|
Zone
|
From
|
To
|
Core
|
True
|
Ag
|
Pb
|
Zn
|
Ag-Eq
|
|
|
(m)
|
(m)
|
Length
|
Width
|
(g/t)
|
(%)
|
(%)
|
(g/t)
|
|
|
|
|
|
|
|
|
|
|
DV17-063
|
Moose
|
153.20
|
164.20
|
11.00
|
7.07
|
394.2
|
2.27
|
0.46
|
514.2
|
|
includes
|
154.20
|
158.20
|
4.00
|
2.57
|
987.5
|
5.90
|
0.90
|
1,283.8
|
|
includes
|
154.20
|
156.20
|
2.00
|
1.29
|
1,700.0
|
11.55
|
1.46
|
2,264.4
|
|
Tor-North
|
415.80
|
438.54
|
22.74
|
21.37
|
433.3
|
0.74
|
0.22
|
476.1
|
|
includes
|
427.85
|
438.54
|
10.69
|
10.05
|
852.2
|
1.46
|
0.30
|
929.4
|
|
includes
|
427.85
|
435.00
|
7.15
|
6.72
|
1,180.7
|
1.83
|
0.26
|
1,271.9
|
|
includes
|
433.00
|
435.00
|
2.00
|
1.88
|
3,495.0
|
5.57
|
0.31
|
3,746.4
|
|
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.
|
The Moose-Lamb Fault is a syn-basinal structure, striking
northwest-southeast and dipping steeply to the southwest. The DVTH
is a horizon of VMS (volcanogenic massive sulphide) type, with
jasper and barite enriched near the top and sulphides with smoky
quartz present in the lower portions.
At the end of July, the 2017 exploration program was ahead of
schedule, had drilled more metres than planned and was on budget. A
proposal to expand the exploration budget by a further $3 million and increase the drilling to greater
than 12,000 metres was approved by the Board.
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".
FORWARD-LOOKING STATEMENTS:
This release may contain forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements of Dolly Varden to be
materially different from any future results, performance, or
achievements expressed or implied by the forward-looking
statements. Forward looking statements or information relates to,
among other things, the results of previous field work and programs
and the continued operations of the 2017 program, interpretation of
the nature of the mineralization at the project and that that the
mineralization on the project is similar to Eskay and Brucejack,
results of mineral resource estimate on the project, the potential
to grow the project, the potential to expand the mineralization,
the planning for further exploration work, the ability to de-risk
the potential exploration targets, and our belief about the
unexplored portion of the property. These forward-looking
statements are based on management's current expectations and
beliefs but given the uncertainties, assumptions and risks, readers
are cautioned not to place undue reliance on such forward-looking
statements or information. The Company disclaims any obligation to
update, or to publicly announce, any such statements, events or
developments except as required by law.
Note: Mineral resources are not mineral reserves, thus have not
demonstrated economic viability.
For additional information on risks and uncertainties, see the
Company's most recently filed annual management discussion &
analysis ("MD&A"), which is available on SEDAR at www.sedar.com
and on the Company's website at www.dollyvardensilver.com. The risk
factors identified in the MD&A are not intended to represent a
complete list of factors that could affect the Company.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
SOURCE Dolly Varden Silver Corp.