Dolly Varden has Completed the 2019 Diamond Drilling Program and Identified Five Silver Target Areas Warranting Further Exploration

November 19, 2019 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: ”DV” – OTCBB: ”DOLLF”) (the “Company”, or “Dolly Varden”) is pleased to announce the completion of the 2019 diamond drilling program. The Dolly Varden Silver Property is situated in “The Golden Triangle” of northwestern British Columbia, Canada. In total, 44 drill holes consisting of 11,863 metres were drilled in 2019 on twelve exploration targets. The majority of these holes were reconnaissance tests in the potassic alteration belt north of the resource area.

Gary Cope, President & CEO, says; “Our understanding of the structural setting of silver mineralization in the extensive potassic alteration belt continues to improve as a result of the 2019 drilling program. Five target areas have yielded silver values which will require follow-up testing, including excellent results from the Chance area. In addition, there are still multiple targets in the potassic alteration belt, as well as targets in the western gold belt, which have yet to be tested.”

Results from the Chance Target Area, four kilometres north of the Torbrit deposit, were released on July 23 and August 7, 2019. A top intercept for the Chance Target was hole DV19-173, which yielded 15.20 metres (13.16 m estimated true thickness) grading Ag 488.3 g/t, Pb 0.55 % and Zn 0.05 %, for a silver-equivalent of 513.0 g/t. Within this intercept are 5.60 metres (4.85 m estimated true thickness) grading Ag 1,043.8 g/t, Pb 1.39 % and Zn 0.09 %, for a silver-equivalent of 1,103.4 g/t.

Results from other target areas within the potassic alternation belt are presented in the tables below. Four additional targets yielded silver values sufficiently high to warrant further follow-up testing.

Silver Horde Target Area was tested in hole DV19-188 yielding 3.65 metres (3.10 m estimated true thickness) grading Ag 139.1 g/t, Pb 0.43 % and Zn 0.04 %, for a silver-equivalent of 158.0 g/t. Within this intercept are 1.65 metres (1.40 m estimated true thickness) grading Ag 237.7 g/t, Pb 0.57 % and Zn 0.04 %, for a silver-equivalent of 262.5 g/t.

Mackay Target Area was tested in hole DV19-177 yielding 1.75 metres (1.49 m estimated true thickness) grading Ag 126.4 g/t, Pb 2.27 % and Zn 0.04 %, for a silver-equivalent of 218.7 g/t. Within this intercept is 0.50 metre (0.43 m estimated true thickness) grading Ag 385.0 g/t, Pb 7.56 % and Zn 0.05 %, for a silver-equivalent of 688.3 g/t.

Beginner’s Luck Target Area was tested in hole DV19-203 yielding 4.40 metres (3.74 m estimated true thickness) grading Ag 99.2 g/t, Pb 0.03 % and Zn 0.04 %, for a silver-equivalent of 102.4 g/t. Within this intercept is 1.00 metre (0.85 m estimated true thickness) grading Ag 188.0 g/t, Pb 0.04 % and Zn 0.03 %, for a silver-equivalent of 191.3 g/t.

Kitsol South Target Area was tested in hole DV19-205 yielding 3.30 metres (2.81 m estimated true thickness) grading Ag 148.9 g/t, Pb 0.16 % and Zn 0.08 %, for a silver-equivalent of 159.2 g/t. Within this intercept are 1.05 metres (0.89 m estimated true thickness) grading Ag 303.9 g/t, Pb 0.15 % and Zn 0.10 %, for a silver-equivalent of 314.9 g/t.

In addition in this +100 year old mining camp, there are exploration targets, with historic assays in the large database, which have yet to be drilled. These targets will also be considered for future exploration programs.

The targets tested in the 2019 drilling program occur within the same Hazelton Group stratigraphic rocks as the Torbrit Mine deposit. Chance lies 4 kilometres N of the Torbrit deposit, 2.2 kilometres NNE of the Wolf deposit and 1 kilometre SE of the Ace-Galena Target Area. The Chance target was known from shallow surface diamond drilling in the 1960’s. The 2019 exploration drilling program in this area was designed to confirm historic reports while also targeting untested depth continuity and lateral strike extension. The 2019 drilling completed thus far has identified a low angle fault at the base of the historically known mineralization, as well as the offset of that mineralization below the fault.

Chance Target Area Drill Holes – (previously released on July 23 and August 7, 2019)

Hole/Zone From
(m)
To
(m)
Core
Length
Est True
Width
Ag
(g/t)
Pb
(%)
Zn
(%)
Ag-Eq
(g/t)
DV19-165
Chance 4.00 30.50 26.50 24.90 385.4 0.24 0.09 399.4
Includes 4.00 13.00 9.00 8.46 968.2 0.51 0.17 996.9
Includes 8.00 13.00 5.00 4.70 1,606.5 0.86 0.26 1,653.5
Includes 10.00 10.90 0.90 0.85 4,640.0 0.71 0.14 4,675.3
Unnamed 39.00 39.50 0.50 0.47 199.0 0.17 0.07 209.3
DV19-166
Chance 3.00 23.65 20.65 10.33 233.0 0.45 0.09 255.3
includes 3.00 17.50 14.50 7.25 319.9 0.56 0.09 347.0
includes 5.50 13.40 7.90 3.95 471.7 0.81 0.09 508.0
includes 9.55 10.55 1.00 0.50 771.0 0.77 0.12 807.5
DV19-167 No Significant Intercepts – Fault Offset
DV19-168 No Significant Intercepts – Fault Offset
DV19-169
Chance-N 49.65 58.35 8.70 6.15 265.2 0.15 0.12 276.9
includes 51.65 56.85 5.20 3.68 396.2 0.18 0.16 411.1
includes 54.65 55.65 1.00 0.71 760.0 0.44 0.43 798.8
Chance 72.50 85.00 12.50 8.84 340.7 0.20 0.13 355.0
includes 75.80 83.90 8.10 5.73 506.4 0.30 0.17 526.9
includes 79.80 82.80 3.00 2.12 700.0 0.54 0.26 734.0
includes 80.80 81.80 1.00 0.71 949.0 0.29 0.19 969.9
DV19-170
Unnamed 59.60 60.25 0.65 0.42 98.9 2.72 0.03 208.7
Chance 129.00 141.30 12.30 7.91 108.5 0.01 0.05 111.4
includes 131.90 141.30 9.40 6.04 136.3 0.01 0.04 138.8
Includes 136.00 140.00 4.00 2.57 192.3 0.02 0.04 194.9
Includes 139.00 140.00 1.00 0.64 361.0 0.02 0.07 365.5
DV19-171 No Significant Intercepts
DV19-172 No Significant Intercepts
DV19-173
Chance 67.40 82.60 15.20 13.16 488.3 0.55 0.05 513.0
includes 71.15 82.60 11.45 9.92 629.3 0.73 0.06 661.0
includes 77.00 82.60 5.60 4.85 1,043.8 1.39 0.09 1,103.4
includes 81.70 82.60 0.90 0.78 2,410.0 0.24 0.15 2,427.0
Unnamed 164.00 166.00 2.00 1.73 35.2 0.07 0.07 41.7

Reconnaissance Exploration Drill Holes

Hole/Zone From
(m)
To
(m)
Core
Length
Est True
Width
Ag
(g/t)
Pb
(%)
Zn
(%)
Ag-Eq
(g/t)
DV19-174
Chance 112.60 116.00 3.40 2.89 32.8 0.04 0.05 36.8
includes 115.35 116.00 0.65 0.55 65.8 0.06 0.13 74.4
Unnamed 199.00 200.00 1.00 0.85 50.9 0.12 0.02 56.9
Unnamed 218.00 219.00 1.00 0.85 34.6 0.03 0.05 38.2
Unnamed 240.35 241.45 1.10 0.94 46.2 0.14 0.10 56.7
DV19-175 No Significant Intercepts
DV19-176
Trout 113.00 115.00 2.00 1.70 44.5 0.01 0.27 71.1
Unnamed 154.00 156.00 2.00 1.70 50.3 0.01 0.12 62.7
DV19-177
Unnamed 46.00 48.00 2.00 1.70 30.7 0.01 0.14 37.8
MacKay 72.00 73.75 1.75 1.49 126.4 2.27 0.04 218.7
includes 73.25 73.75 0.50 0.43 385.0 7.56 0.05 688.3
DV19-178
Unnamed 26.00 27.85 1.85 1.57 76.2 0.68 0.13 109.7
Unnamed 75.00 77.00 2.00 1.70 51.1 0.01 0.03 52.9
MacKay 85.50 90.00 4.50 3.83 51.1 0.81 0.06 86.6
includes 85.50 88.10 2.60 2.21 69.5 1.17 0.07 119.5
includes 85.50 86.00 0.50 0.43 198.0 4.54 0.07 381.8
DV19-179
MacKay 4.00 6.00 2.00 1.70 128.0 1.27 0.25 203.1
Unnamed 22.00 23.85 1.85 1.57 126.0 0.91 0.17 178.1
DV19-180
Unnamed 132.00 133.80 1.80 1.53 31.9 0.15 0.20 47.7
DV19-181 No Significant Intercepts
DV19-182
Unnamed 230.90 232.00 1.10 0.94 22.0 0.50 0.06 45.0
Unnamed 234.75 236.00 1.25 1.06 17.6 0.04 0.06 22.7
DV19-183
Trout 321.00 324.65 3.65 3.10 24.0 1.13 0.27 82.3
includes 321.00 322.00 1.00 0.85 35.6 2.25 0.67 158.3
Unnamed 333.30 335.50 2.20 1.87 49.7 0.40 0.12 71.4
includes 334.75 335.50 0.75 0.64 68.7 0.25 0.12 84.6
DV19-184
Unnamed 4.00 6.00 2.00 1.70 21.5 0.11 0.03 29.1
Unnamed 113.65 115.00 1.35 1.15 10.9 0.32 0.10 30.3
Good Luck 123.00 123.65 0.65 0.55 12.1 0.51 0.20 38.7
Unnamed 296.20 296.70 0.50 0.43 23.2 0.40 0.09 41.2
DV19-185
Unnamed 169.60 170.40 0.80 0.68 46.4 0.43 0.11 68.0
Unnamed 186.65 187.90 1.25 1.06 22.4 0.48 0.17 51.7
DV19-186 No Significant Intercepts
DV19-187
Unnamed 4.85 5.90 1.05 0.89 37.6 0.34 0.21 61.3
York 136.60 137.50 0.90 0.77 26.5 0.12 0.09 35.7
DV19-188
Unnamed 19.00 21.00 2.00 1.70 65.4 0.01 0.02 66.7
Unnamed 26.00 28.00 2.00 1.70 53.2 0.04 0.02 55.9
Silver Horde 34.35 47.00 12.65 10.75 58.7 0.14 0.03 65.7
includes 34.35 38.00 3.65 3.10 139.1 0.43 0.04 158.0
includes 35.70 37.35 1.65 1.40 237.7 0.57 0.04 262.5
includes 35.70 36.25 0.55 0.47 470.0 0.45 0.06 490.6
Unnamed 215.00 216.00 1.00 0.85 49.8 0.14 0.08 59.4
Unnamed 228.50 229.50 1.00 0.85 83.7 0.08 0.10 91.9
Unnamed 257.30 257.80 0.50 0.43 54.1 0.15 0.02 61.1
DV19-189 No Significant Intercepts
DV19-190
Silver Horde 102.70 106.50 3.80 3.23 38.0 0.13 0.03 44.6
includes 102.70 105.15 2.45 2.08 46.2 0.16 0.03 54.1
includes 102.70 106.50 0.80 0.68 84.3 0.43 0.03 103.0
DV19-191 Abandoned Hole
DV19-192
Unnamed 12.50 13.05 0.90 0.77 87.4 0.04 0.08 93.0
Wolf North 46.00 47.70 1.70 1.45 46.9 0.09 0.04 52.6
includes 46.00 47.00 1.00 0.85 56.6 0.08 0.03 61.3
Unnamed 60.20 61.00 0.80 0.68 165.0 0.07 0.05 170.1
DV19-193 No Significant Intercepts
DV19-194
Unnamed 235.25 237.00 1.75 1.49 29.5 0.05 0.04 33.5
DV19-195 No Significant Intercepts
DV19-196
Chance 133.00 144.10 11.10 9.44 24.9 0.18 0.05 34.3
includes 133.00 138.00 5.00 4.25 32.0 0.33 0.07 48.4
includes 133.00 134.70 1.70 1.45 37.4 0.85 0.11 76.9
includes 134.00 134.70 0.70 0.60 34.9 1.02 0.10 80.3
DV19-197
Trout 188.00 188.85 0.85 0.72 34.2 0.04 0.02 36.8
DV19-198
Chance 33.00 34.40 1.40 1.19 64.1 0.03 0.03 66.8
DV19-199
Chance 46.00 47.35 1.35 1.15 102.0 0.03 0.03 104.9
includes 46.80 47.35 0.55 0.47 230.1 0.05 0.03 233.5
Unnamed 57.00 58.00 1.00 0.85 146.0 0.01 0.13 153.0
Unnamed 79.20 80.00 0.80 0.68 33.4 0.01 0.06 37.0
DV19-200
Chance 80.90 82.00 1.10 0.94 77.1 0.03 0.05 80.8
Unnamed 144.00 146.00 2.00 1.70 2.1 0.41 0.39 37.8
DV19-201
Beg. Luck 186.00 187.30 1.30 1.11 41.8 0.01 0.03 44.0
includes 186.00 186.80 0.80 0.68 54.9 0.01 0.04 57.4
DV19-202
Beg. Luck 12.75 15.45 2.70 2.30 79.5 0.02 0.08 84.3
includes 12.75 14.00 1.25 1.06 99.0 0.02 0.06 102.7
Unnamed 23.00 25.00 2.00 1.70 28.1 0.01 0.05 30.9
DV19-203
Beg. Luck 14.40 23.30 8.90 7.57 56.7 0.02 0.06 60.5
includes 18.90 23.30 4.40 3.74 99.2 0.03 0.04 102.4
includes 19.55 21.55 2.00 1.70 144.5 0.04 0.03 147.4
includes 19.55 20.55 1.00 0.85 188.0 0.04 0.03 191.3
DV19-204
Beg. Luck 27.25 30.65 3.40 2.89 70.7 0.02 0.07 75.2
includes 29.65 30.15 0.50 0.43 137.0 0.02 0.05 140.4
DV19-205
Unnamed 264.00 266.00 2.00 1.70 40.6 0.02 0.02 42.6
Unnamed 283.00 287.00 4.00 3.40 51.6 0.01 0.06 54.9
includes 285.00 287.00 2.00 1.70 78.3 0.01 0.06 81.6
Unnamed 342.70 343.20 0.50 0.43 130.0 0.16 0.08 140.4
Unnamed 346.00 347.00 1.00 0.85 33.1 0.05 0.05 37.6
Kitsol South 390.15 393.45 3.30 2.81 148.9 0.16 0.08 159.2
includes 392.40 393.45 1.05 0.89 303.9 0.15 0.10 314.9
DV19-206
Unnamed 63.70 64.70 1.00 0.85 2.9 0.03 0.74 40.3
Unnamed 302.60 303.20 0.60 0.51 35.1 0.00 0.08 39.3
Unnamed 369.75 370.25 0.50 0.43 50.8 0.01 0.09 55.7
DV19-207 No Significant Intercepts
DV19-208
Torbrit-East 87.60 90.95 3.35 2.85 25.8 0.01 0.02 27.4
includes 90.00 90.95 0.95 0.81 38.1 0.03 0.03 40.6

Silver Equivalent (Ag-Eq) is based on long term metal prices of Ag=$15.00/oz, Pb=$0.87/lb and Zn=$1.08/lb. No provision has been made for relative metal recovery, so Ag-Eq values assume 100% recovery. Ag-Eq = Ag + (Pb%*22.046*Pbprice*31.103/Agprice) + (Zn%*22.046*Znprice*31.103/Agprice).

A mineralized zone does not normally receive a name designation until several intercepts have pierced the same structure. The term “Unnamed” is used for intercepts of interest, but which have not yet been linked from hole to hole. Where multiple holes have intercepted a structure, the estimated true thickness is determined by geometric reconstruction. Where limited drilling exists on a structure, an average of 0.85 times the core length is applied.

Diamond drilling commenced on June 16, 2019. The field program was designed to focus mainly on exploration of targets outside of the resource estimates block models.

Analytical testing was performed by ALS Canada Ltd. in Vancouver, British Columbia. Multi-element analyses has been determined by Inductively–Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. A QA/QC procedure is maintained through the insertion of certified reference material geo-standards provided by CDN Resource Laboratories Ltd., as well as the insertion of blanks, in the sample stream.

Technical Information and Qualified Persons

Ben Whiting, P.Geo., Vice President of Exploration and Robert van Egmond, P.Geo., Chief Geologist for Dolly Varden, serve as ‘Qualified Persons’ as defined in NI 43-101, and have approved the scientific and technical information contained in this news release. To verify the technical information, both Qualified Persons have visited the project site on numerous occasions during the 2017 to 2019 field seasons.

About Dolly Varden

Dolly Varden is a mineral exploration company focused on exploration in northwestern British Columbia, Canada. The Company has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. Since December 2016, Dolly Varden has been under the direction of management provided by the experienced Belcarra Group Management Ltd. (“Belcarra Group”). The Belcarra Group is comprised of highly qualified mining professionals.

Dolly Varden is also a member of the British Columbia Regional Mining Alliance (“BCRMA”), a cooperative effort between First Nations, Industry and the BC Provincial Government, to promote mining activities and investment in the northwestern region.

Additional information about the Company and its activities may be found on the Company’s website www.dollyvardensilver.com and under the Company’s profile at www.sedar.com.

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, 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, and 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

Alex Tsakumis, VP – Corporate Development
Email: alex@belcarragroup.com
1-604-687-8566

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