Dolly Varden intercepts 31 metres grading 302 g/t Silver in the Kitsol Zone, including 10 metres grading 432 g/t Silver

November 19, 2018 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: ”DV” – OTCBB: ”DOLLF”) (the “Company”, or “Dolly Varden”) is pleased to announce the results of the fourth batch of 29 drill holes from the 2018 diamond drilling program. In total, this year’s program consisted of 29,108 metres in 84 drill holes. There are still 25 drill holes to be announced pending receipt of assays. The Dolly Varden Silver Property is in “The Golden Triangle” of northwestern British Columbia, Canada.

In the Kitsol Zone, located 1.5 km northwest of the Torbrit Mine, hole DV18-131 yielded 31.00 metres (30.38 m estimated true thickness) grading Ag 302.2 g/t, Pb 0.26 % and Zn 0.41 %, for a silver-equivalent of 336.2 g/t. Within this intercept are 10.00 metres (9.80 m estimated true thickness) grading Ag 431.5 g/t, Pb 0.08 % and Zn 0.23 %, for a silver-equivalent of 447.8 g/t.

In the Dolly Varden Mine area, below the historic mine workings, hole DV18-142 yielded two zones the lower of which is base metal rich and contained 7.85 metres (6.01 m estimated true thickness) grading Ag 71.2 g/t, Pb 5.43 % and Zn 3.92 %, for a silver-equivalent of 532.6 g/t. Within this intercept are 1.2 metres (0.92 m estimated true thickness) grading Ag 110.9 g/t, Pb 20.77 % and Zn 8.36 %, for a silver-equivalent of 1,506.7 g/t.

Gary Cope, President & CEO, says; “The Kitsol Zone represents a promising high-grade silver target on the property. It is outside of the 2015 resource estimate block model. In addition, base metals in the lower projection of the Dolly Varden Mine area are becoming a significant part of the Dolly Varden story.”

The Musketeer and Goldbelt exploration holes have been recorded in two tables separately from the Torbrit and Dolly Varden Mines area. The Musketeer area is located approximately 2.5 km north of the Torbrit Mine in the same structural and alteration trend. The Goldbelt is a gold-silver-copper target area on the western side of the Kitsault River, 3.5 km northwest of the Torbrit Mine.

Torbrit and Dolly Varden Mines Area

Hole/Zone From
(m)
To
(m)
Core
Length
Est True
Width
Ag
(g/t)
Pb
(g/t)
Zn
(g/t)
Ag-Eq
(g/t)
DV18-111
Unnamed 205.00 207.80 2.80 2.52 15.8 0.02 0.36 36.0
Unnamed 447.40 448.10 0.70 0.63 60.1 0.20 0.39 90.0
DV18-112 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-113
Torbrit 53.50 65.00 11.50 10.35 37.9 0.05 0.65 74.9
Includes 53.50 61.00 7.50 6.75 47.2 0.07 0.95 101.1
Includes 55.50 57.50 2.00 1.80 57.0 0.07 1.77 154.8
Unnamed 72.35 79.35 7.00 6.30 45.8 0.02 0.04 48.7
Includes 77.35 79.35 2.00 1.80 73.3 0.02 0.07 78.1
Includes 77.35 78.35 1.00 0.90 81.5 0.03 0.11 88.8
DV18-114 (See under Goldbelt Au-Ag-Cu Sector)
DV18-115
Torbrit 51.00 59.00 8.00 7.20 26.7 0.07 0.47 55.5
Includes 51.00 53.00 2.00 1.80 42.1 0.06 0.51 72.0
Unnamed 205.50 206.50 1.00 0.90 33.2 0.03 0.07 38.4
Unnamed 216.50 220.50 4.00 3.60 40.1 0.01 0.07 44.2
Includes 216.50 218.50 2.00 1.80 53.4 0.01 0.07 57.8
DV18-116 (See under Goldbelt Au-Ag-Cu Sector)
DV18-117 (See under Goldbelt Au-Ag-Cu Sector)
DV18-118
Torbrit 59.00 86.00 27.00 26.46 79.5 0.07 1.07 140.1
Includes 62.00 80.80 18.80 18.42 92.4 0.09 1.43 173.2
Includes 62.00 74.00 12.00 11.76 92.4 0.13 2.19 215.3
Includes 68.00 71.00 3.00 2.94 190.5 0.16 4.20 422.6
DV18-119 No Significant Intercepts
DV18-120 (See under Goldbelt Au-Ag-Cu Sector)
DV18-121 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-122
Torbrit-E 65.50 69.50 4.00 4.00 145.1 0.02 0.13 152.5
Includes 66.50 68.00 1.50 1.50 297.0 0.02 0.22 309.9
Unnamed 111.80 119.80 8.00 8.00 28.1 0.07 0.06 34.6
Includes 117.80 118.80 1.00 1.00 60.0 0.05 0.02 63.4
DV18-123 TBA – Results Pending
DV18-124 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-125
Torbrit-N 165.44 169.10 3.66 3.59 115.8 0.32 0.31 147.5
Includes 165.44 167.00 1.56 1.53 148.9 0.51 0.49 198.6
Includes 165.44 166.00 0.56 0.55 292.0 1.23 1.20 413.0
DV18-126 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-127 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-128
Unnamed 197.00 200.00 3.00 2.30 64.0 1.45 0.24 144.1
Includes 197.00 198.00 1.00 0.77 141.0 1.87 0.15 235.5
Unnamed 213.54 215.65 2.11 1.62 173.0 0.33 0.19 198.4
Includes 213.54 214.50 0.96 0.74 185.0 0.35 0.21 212.7
Unnamed 231.00 232.50 1.50 1.15 134.0 0.11 0.48 164.7
Torbrit-N 242.77 250.82 8.05 6.17 113.0 0.13 0.14 126.5
Includes 242.77 246.95 4.08 3.13 156.7 0.05 0.10 164.5
Includes 245.00 246.85 1.85 1.42 296.0 0.06 0.02 300.2
Includes 245.00 246.00 1.00 0.77 432.0 0.10 0.01 437.5
DV18-129 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-130 TBA – Results Pending
DV18-131
Kitsol 146.00 177.00 31.00 30.38 302.2 0.26 0.41 336.2
Includes 165.00 175.00 10.00 9.80 431.5 0.08 0.23 447.8
Includes 167.00 171.70 4.70 4.61 534.5 0.06 0.18 546.8
Includes 169.35 170.00 0.65 0.64 1,640.0 0.03 0.04 1,643.4
DV18-132 TBA – Results Pending
DV18-133 TBA – Results Pending
DV18-134 TBA – Results Pending
DV18-135 TBA – Results Pending
DV18-136 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-137 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-138
Unnamed 278.50 279.50 1.00 0.95 73.3 0.10 0.06 81.1
Unnamed 321.00 322.00 1.00 0.95 23.5 0.32 0.12 45.1
DV18-139 TBA – Results Pending
DV18-140
Dolly-U 177.60 192.25 14.65 11.22 92.3 0.70 1.01 178.7
Includes 177.60 181.50 3.90 2.99 221.9 0.31 0.68 273.0
Includes 180.15 181.50 1.35 1.03 420.0 0.15 0.41 448.9
Dolly-L 250.75 263.30 12.55 9.61 32.0 1.00 3.02 239.8
Includes 250.75 257.00 6.25 4.79 42.5 1.34 4.03 320.4
Includes 253.00 254.00 1.00 0.77 39.9 1.81 5.97 443.3
DV18-141 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-142
Unnamed 186.85 188.70 1.85 1.42 33.3 0.02 0.09 39.1
Dolly-U 195.70 206.60 10.90 8.35 29.6 0.40 2.09 160.0
Includes 195.70 201.85 6.15 4.71 39.9 0.68 3.27 246.8
Includes 195.70 197.70 2.00 1.53 98.5 2.03 8.37 640.8
Unnamed 213.00 214.30 1.30 1.00 7.4 0.03 1.30 78.6
Unnamed 220.65 222.00 1.35 1.03 35.6 0.01 1.01 90.4
Dolly-L 245.75 253.60 7.85 6.01 71.2 5.43 3.92 532.6
Includes 249.80 253.60 3.80 2.91 130.8 11.20 7.88 1,071.3
Includes 251.10 252.30 1.20 0.92 110.9 20.77 8.36 1,506.7
DV18-143 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-144
Dolly-U 210.90 221.30 10.40 7.97 26.1 0.25 1.16 99.8
Includes 210.90 214.00 3.10 2.37 40.2 0.29 2.06 163.9
Includes 210.90 212.00 1.10 0.84 37.7 0.53 3.31 239.4
Dolly-L 246.70 259.80 13.10 10.03 19.3 0.07 1.53 104.4
Includes 250.90 255.50 4.60 3.52 24.8 0.14 2.97 190.5
Includes 250.90 252.00 1.10 0.84 26.1 0.26 6.29 375.2
DV18-145 (See under Exploration – Musketeer Ag-Pb-Zn Sector)
DV18-146
Dolly-U 233.75 235.75 2.00 1.53 12.9 0.06 0.49 42.0
Includes 234.65 235.75 1.10 0.84 16.5 0.08 0.71 57.9
Dolly-L 259.00 262.10 3.10 2.37 5.1 0.04 0.80 49.8
Includes 259.00 260.35 1.35 1.03 6.1 0.06 1.43 85.2
includes 259.75 260.35 0.60 0.46 5.2 0.05 1.69 97.9

Exploration – Musketeer Ag-Pb-Zn Sector

Hole/Zone From
(m)
To
(m)
Core
Length
Est.True
Width
Ag
(g/t)
Pb
(g/t)
Zn
(g/t)
Ag-Eq
(g/t)
DV18-112
Unnamed 121.80 124.00 2.20 1.69 59.5 0.11 0.09 69.3
Includes 122.90 124.00 1.10 0.84 60.5 0.12 0.09 70.8
DV18-121
Unnamed 12.40 14.00 1.60 1.23 36.3 0.25 0.14 55.3
Musketeer 36.00 45.50 9.55 7.32 29.8 0.69 0.13 68.3
Includes 43.50 45.50 2.05 1.57 29.9 1.45 0.21 108.5
Includes 43.50 44.55 1.05 0.80 30.8 1.58 0.23 115.8
Unnamed 318.50 319.15 0.65 0.50 75.7 0.20 0.75 125.0
Unnamed 350.00 351.25 1.25 0.96 31.9 0.19 0.63 74.3
DV18-124
Musketeer 62.50 66.60 4.10 3.14 10.7 0.34 0.40 48.0
Includes 64.95 66.60 1.65 1.26 19.5 0.79 0.90 104.2
Includes 65.45 66.60 1.15 0.88 20.9 1.10 1.18 135.0
Unnamed 154.42 155.60 1.18 0.90 29.6 0.14 0.19 46.0
Unnamed 260.65 261.15 0.50 0.38 38.5 0.05 0.11 46.4
DV18-126
Unnamed 28.50 29.30 0.80 0.61 37.7 0.12 0.22 54.9
Unnamed 85.40 86.00 0.60 0.46 31.1 0.21 0.13 48.2
Unnamed 94.45 95.70 1.25 0.96 81.2 1.46 0.21 160.0
Unnamed 105.75 107.05 1.30 1.00 29.8 0.06 0.08 36.9
Includes 105.75 106.25 0.50 0.38 33.2 0.09 0.05 40.0
DV18-127
Unnamed 55.35 56.65 1.30 1.00 48.5 0.20 0.21 68.9
Unnamed 129.60 133.45 3.85 2.95 35.1 0.03 0.04 38.7
Includes 129.60 131.00 1.40 1.07 57.3 0.04 0.04 61.2
DV18-129
Unnamed 139.30 140.60 1.30 1.00 43.5 0.05 0.10 51.5
Unnamed 168.00 169.00 1.00 0.77 33.1 0.06 0.10 41.2
DV18-132 TBA – Results Pending
DV18-133 TBA – Results Pending
DV18-136 No Significant Intercepts
DV18-137
Unnamed 56.35 57.00 0.65 0.50 266.0 0.08 0.10 275.2
Unnamed 82.55 85.00 2.50 1.92 46.0 0.03 0.18 57.1
Includes 84.40 85.00 0.60 0.46 102.0 0.02 0.12 109.5
DV18-139 TBA – Results Pending
DV18-141
Unnamed 53.30 53.85 0.55 0.42 92.2 0.04 0.04 95.9
Unnamed 68.00 68.60 0.60 0.46 88.1 0.02 0.07 92.7
DV18-143
Unnamed 65.80 66.30 0.50 0.38 26.8 0.03 0.08 32.2
DV18-145 No Significant Intercepts

Exploration – Goldbelt Au-Ag-Cu Sector

Hole/Zone From
(m)
To
(m)
Core
Length
Est. True
Width
Ag
(g/t)
Au
(g/t)
Cu
(%)
Au-Eq
(g/t)
DV18-114
Starlight 125.00 137.30 12.30 9.23 12.0 0.184 0.13 0.551
Includes 133.80 137.30 3.50 2.63 29.0 0.351 0.25 1.141
Includes 133.80 134.30 0.50 0.38 146.0 0.525 0.86 3.854
DV18-116
Unnamed 7.00 8.00 1.00 0.70 0.9 0.304 0.00 0.324
Unnamed 27.00 30.20 3.20 2.24 16.2 0.552 0.05 0.849
Includes 29.00 30.20 1.20 0.84 36.1 1.195 0.12 1.865
Unnamed 100.00 101.00 1.00 0.70 14.9 0.154 0.01 0.347
Starlight 156.45 157.60 1.15 0.81 31.8 1.090 0.43 2.194
Unnamed 208.00 208.85 0.85 0.60 8.0 0.119 0.03 0.281
DV18-117
Unnamed 36.75 37.25 0.50 0.38 5.7 0.630 0.12 0.893
Unnamed 42.65 43.15 0.50 0.38 14.8 0.016 0.76 1.424
Unnamed 96.00 96.65 0.65 0.49 14.4 0.127 0.88 1.720
DV18-120
Unnamed 110.80 111.40 0.60 0.45 70.0 0.069 0.59 1.950

Silver Equivalent (Ag-Eq) is based on long term metal prices of Ag=$16.00/oz, Pb=$1.08/lb and Zn=$1.25/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).
Gold Equivalent (Au-Eq) is based on long term metal prices of Au=$1,200/oz, Ag=$16.00/oz, and Cu=$2.80/lb. No provision has been made for relative metal recovery, so Au-Eq values assume 100% recovery. Au-Eq = Au + (Ag*Agprice/Auprice) + (Cu%*22.046*Cuprice*31.103/Auprice).

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.

The 2018 drilling program is designed to focus on resource delineation and verification, particularly in the areas of the new discoveries from the 2017 exploration season (see news releases of August 29, November 27 and December 4, 2017). These include Torbrit NorthTorbrit East and Moose-Lamb targets, as well as areas around the Torbrit and the Dolly Varden deposits.

The Torbrit North and Torbrit East discoveries are of the exhalative-style of silver and base metal mineralization along the Dolly Varden – Torbrit Horizon (“DVTH”), similar to the historic Torbrit Mine, but located in parallel and/or fault offset basins. The Torbrit North target is located 200 metres north and 220 metres deeper than the historic Torbrit Mine, in the footwall block northeast of the Moose-Lamb Fault. The Torbrit East target is located 70 metres east and 60 metres higher than the historic Torbrit Mine, in the hanging-wall block southwest of the Moose-Lamb Fault.

The Moose Lamb target discovery is an epithermal vein-style of mineralization and is similar to mineralization at the historic Dolly Varden Mine. It is adjacent to a major syn-basinal fault by the same name. The Kitsol Zone also shows similarities to the epithermal vein-style mineralization.

Exploration drilling was undertaken in the Potassic Alteration Belt – Musketeer Sector and in the pyrite-sericite alteration Goldbelt Sector on the western side of the valley.

Analytical testing was performed by ALS Canada Ltd. in Vancouver, British Columbia. Multi-element analyses was 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 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 2018 field season, with the latest site visit in October, 2018.

Hole Northing Easting Elevation Azimuth Dip Length (m)
DV18-111 6171696 467839 356 40 -86 551
DV18-112 6172891 467604 465 40 -47 530
DV18-113 6171637 467909 381 40 -53 335
DV18-114 6173645 465303 1150 67 -47 356
DV18-115 6171678 467875 375 40 -47 302
DV18-116 6173645 465303 1150 67 -67 276
DV18-117 6173827 465834 962 247 -47 386.8
DV18-118 6171678 467875 375 40 -64 212
DV18-119 6171223 468286 539 40 -70 362
DV18-120 6173827 465834 962 247 -70 228
DV18-121 6172739 467672 473 235 -55 402
DV18-122 6171223 468286 539 40 -47 380
DV18-123 6171406 468336 642 220 -80 294
DV18-124 6172739 467672 473 235 -70 426
DV18-125 6171798 467803 356 40 -47 353
DV18-126 6172739 467672 473 145 -47 385
DV18-127 6172739 467672 473 145 -47 250
DV18-128 6171798 467803 356 40 -70 347
DV18-129 6172739 467672 473 145 -90 227
DV18-130 6171798 467803 356 40 -83 356
DV18-131 6172129 467543 404 99 -55 350
DV18-132 6172532 467722 493 130 -47 407
DV18-133 6172891 467604 465 233 -50 407
DV18-134 6172129 467543 404 103 -75 350
DV18-135 6172129 467543 404 103 -66 257
DV18-136 6172942 468171 759 235 -60 293
DV18-137 6172670 467884 612 40 -47 286
DV18-138 6172129 467543 404 122 -59 344
DV18-139 6172670 467884 612 40 -67 283
DV18-140 6170895 467710 632 161 -55.3 326
DV18-141 6172670 467884 612 130 -47 428
DV18-143 6170895 467710 632 161 -63.2 307.2
DV18-144 6172671 467884 612 220 -52 246.35
DV18-145 6170895 467710 632 146 -59 329
DV18-146 6172528 468099 687 45 -47 356
Sub-Total: 12,257 m

About Dolly Varden

Dolly Varden 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. Since December 2016, Dolly Varden has been under the direction of new management provided by the experienced Belcarra Group Management Ltd. (“Belcarra Group”). The Belcarra Group is comprised of highly qualified mining and financial 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

Alex Tsakumis, VP – Corporate Development
1-604-687-8566 X228
Email: alex@belcarragroup.com
www.dollyvardensilver.com

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