Dolly Varden Silver (TSXV: DV; USOTC: DOLLF) has discovered a new, gold-rich zone to the northwest of its Homestake Silver deposit, part of its Kitsault Valley project in British Columbia.
Highlights of step-out drilling included 12.5 metres of 79.49 grams gold and 60 grams silver per tonne in hole HR23-389. The interval included a 0.7-metre section grading 1,335 grams gold and 781 gram silver. Hole 399 cut 57.7 metres grading 2.68 grams gold and 20 grams silver, including 1 metre of 43.1 grams gold and 66 grams silver and 1.7 metres of 40.33 grams gold and 418 grams silver.
The new zone is between Homestake Silver and the Homestake Main deposit.
“The new high-grade gold and silver mineralization encountered in step-out drilling to the northwest of Homestake Silver represents a significant breakthrough in further defining, upgrading and expanding the mineralization at Homestake Ridge,” said Rob van Egmond, VP exploration in a release. “This new zone remains open to the northwest, projecting towards the Homestake Main deposit.”
“Whether we discover new zones of high-grade gold at Homestake Ridge or expand the large, wide and high-grade silver deposits at Wolf and Torbrit, drilling continues to deliver results from the premier, undeveloped gold-silver trend in Canada,” CEO Shawn Khunkhun added.
The objective of drilling during 2023 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade inferred resources in the projected plunge of the wider, higher-grade zone. The drilling completed in 2023 at Homestake Main was primarily resource expansion drilling, targeting both down dip and along strike from current resources.
Dolly Varden conducted exploration drilling last year at the Red Point, North Star, and Wolf targets. Besides silver and gold, copper, zinc and lead were measured.
Dolly Varden’s Kitsault Valley project includes both the Dolly Varden and Homestake Ridge projects. Dolly Varden hosts 3.4 million indicated tonnes grading 299.8 grams silver per tonne (32.9 million oz.), and the resource totals 1.3 million inferred tonnes grading 277 grams silver (11.4 million oz.) Homestake Ridge hosts 736,000 indicated tonnes grading 7.02 grams gold and 74.8 grams silver, plus 5.6 million tonnes at 4.58 grams gold and 100 grams silver.
Dolly Varden shares rose as much as 9% in morning trading to 72¢. They ended the day 3¢ or 4.5% higher at 69¢ for a market cap of $186.3 million. They’ve traded between 58¢ and $1.24 over the past 12 months.
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