Dolly Varden Continues to Release Results from the 2017 Drilling Program, including 5.75 Metres Grading 731 g/t Silver-Equivalent

September 27, 2017 – Vancouver, BC: Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the “Company” or “Dolly Varden”) is pleased to announce results from the sixth batch of drill holes from the 2017 program on the Dolly Varden Silver Project in the Golden Triangle of northwestern British Columbia.

Hole DV17-052, drilled in the Dolly Varden Deposit area, yielded a core length of 5.75 metres (5.66 m true thickness) grading Ag 521.0 g/t, Pb 0.82 % and Zn 3.33 % for a silver-equivalent of 730.8 g/t. Within this interval is 1.00 metres (0.98 m true thickness) grading Ag 1,190.0 g/t, Pb 0.78 % and Zn 3.07 % for a silver-equivalent of 1,384.9 g/t.

Most holes in this sixth batch are reconnaissance exploratory holes, including holes in the Western and Central Sectors. Reconnaissance drilling in the Western Sector was performed to test a different style of mineralization, along the gold belt extending southward from the neighbouring gold discoveries of Homestake Ridge, with geochemical soil and rock anomalies for gold and copper. In holes DV17-053 to 056, long intervals of anomalous (50 to 100 ppb gold) are present. Intervals greater than 200 ppb gold (0.2 g/t) are included in the table below. Further examination of the Western Sector is warranted.

“Our understanding of the various styles of mineralization continues to advance on the Dolly Varden property as a high-grade, target rich environment” said Gary Cope, President and CEO of Dolly Varden.

Dolly Varden Project – 2017 Drilling Program – Release Six
Dolly Varden Deposit Area – Ag-Pb-Zn
Hole Zone From To Core True Ag Pb Zn Ag-Eq1
(m) (m) Length Width (g/t) (%) (%) (g/t)
DV17-049 Dolly V 91.00 91.50 0.50 0.49 125.0 0.07 0.11 133.6
Note: Hole DV17-049 reached mineralization then terminated in an old mine working.
DV17-050 Dolly V 138.55 145.20 6.65 6.03 72.5 0.13 2.60 214.9
includes 138.55 140.50 1.95 1.77 205.3 0.09 0.33 226.4
includes 139.50 140.50 1.00 0.91 306.0 0.10 0.40 331.4
DV17-051 Dolly V 195.22 203.65 8.43 7.64 10.3 0.14 2.97 172.8
includes 195.22 198.20 2.98 2.70 26.4 0.38 7.75 450.9
includes 197.20 198.20 1.00 0.91 49.6 1.08 9.28 584.4
DV17-052 Dolly V 81.75 87.50 5.75 5.66 521.0 0.82 3.33 730.8
includes 82.75 86.75 4.00 3.94 631.3 1.06 4.21 898.3
includes 84.75 85.75 1.00 0.98 1,190.0 0.78 3.07 1,384.9
Central Sector Drilling Area – Ag-Pb-Zn
Hole Zone From To Core True Ag Pb Zn Ag-Eq1
(m) (m) Length Width (g/t) (%) (%) (g/t)
DV17-058 Unnamed 71.90 73.00 1.10 0.90 30.6 0.04 0.09 36.9
Unnamed 88.00 93.30 5.30 4.34 87.2 0.03 0.14 96.1
includes 92.30 93.30 1.00 0.82 231.0 0.07 0.05 236.5
Unnamed 224.10 224.85 0.75 0.61 98.4 0.08 0.03 103.4
Note: The high-grade, deeper portion of hole DV17-058 was reported on 14 August 2017
DV17-059 Unnamed 58.00 66.75 8.75 6.56 14.6 0.11 0.45 43.0
includes 66.05 66.75 0.70 0.53 75.4 0.10 1.23 144.5
Unnamed 85.90 88.00 2.10 1.58 152.0 0.07 0.09 159.5
includes 86.75 88.00 1.25 0.94 156.0 0.04 0.01 162.7
Unnamed 221.50 222.50 1.00 0.75 55.2 0.10 0.12 65.8
DV17-060 Unnamed 67.00 69.00 2.00 1.50 148.0 0.11 0.13 159.7
Unnamed 74.00 74.80 0.80 0.60 134.0 0.05 0.10 141.4
Unnamed 160.25 163.75 3.50 2.63 117.1 0.04 0.03 120.1
includes 161.25 162.25 1.00 0.75 161.0 0.04 0.03 164.0
DV17-061 No significant intercepts.
Western Sector Drilling Area – Au-Cu-Ag
Hole Zone From To Core True Ag Au Cu Au-Eq2
(m) (m) Length Width (g/t) (g/t) (%) (g/t)
DV17-054 Int-I 212.00 213.00 1.00 0.75 2.5 0.220 0.03 0.304
Int-II 331.40 332.85 1.45 1.09 3.6 0.401 0.03 0.487
Int-III 353.00 354.10 1.10 0.83 0.6 0.572 0.01 0.591
DV17-055 Int-I 78.00 82.50 4.50 3.38 2.5 0.219 0.01 0.266
includes 78.00 79.50 1.50 1.13 4.0 0.350 0.02 0.427
DV17-056 Int-I 13.35 15.53 2.18 1.64 4.4 0.230 0.01 0.244
includes 14.40 15.53 1.13 0.85 6.5 0.316 0.01 0.338
Int-II 45.40 51.10 5.70 4.28 5.6 0.286 0.03 0.344
includes 45.40 48.30 2.90 2.18 8.4 0.436 0.06 0.535
includes 46.90 48.30 1.40 1.05 12.2 0.589 0.11 0.760
Int-III 152.00 153.48 1.48 1.11 2.3 0.256 0.02 0.288
Int-IV 241.90 242.25 0.35 0.26 2.7 3.060 1.80 5.909
Int-V 266.08 268.25 2.17 1.63 0.8 0.409 0.43 1.097
includes 267.18 268.25 1.07 0.80 1.3 0.675 0.72 1.815

Note 1: Silver-Equivalent 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.
Note 2: For the Western Sector gold-copper zones, Gold-Equivalent Au-Eq = Au + (Cu%*22.046*Cu price*31.103/Au price) + (Ag*Ag price/Au price). Metal prices used for this formula: Au = $US 1,300/oz, Cu = $US 3.00/lb, Ag = $US 16.25/oz.
Note 3: No provisions have been made for relative metal recovery, thus 100% recovery is used for the silver-equivalent values.

A drill hole location map of the Western, 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.

Contact Information:

Dolly Varden Silver Corporation
Gary Cope, President and CEO
1-604-687-8566
www.dollyvardensilver.com
Dolly Varden Silver Corporation
Alex Tsakumis, Vice President – Corporate Development
1-604-687-8566
Email: alex@belcarragroup.com
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