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/ZoneFrom
(m)
To
(m)
Core
Length
Est True
Width
Ag
(g/t)
Pb
(%)
Zn
(%)
Ag-Eq
(g/t)
DV19-165
Chance4.0030.5026.5024.90385.40.240.09399.4
Includes4.0013.009.008.46968.20.510.17996.9
Includes8.0013.005.004.701,606.50.860.261,653.5
Includes10.0010.900.900.854,640.00.710.144,675.3
Unnamed39.0039.500.500.47199.00.170.07209.3
DV19-166
Chance3.0023.6520.6510.33233.00.450.09255.3
includes3.0017.5014.507.25319.90.560.09347.0
includes5.5013.407.903.95471.70.810.09508.0
includes9.5510.551.000.50771.00.770.12807.5
DV19-167No Significant Intercepts – Fault Offset
DV19-168No Significant Intercepts – Fault Offset
DV19-169
Chance-N49.6558.358.706.15265.20.150.12276.9
includes51.6556.855.203.68396.20.180.16411.1
includes54.6555.651.000.71760.00.440.43798.8
Chance72.5085.0012.508.84340.70.200.13355.0
includes75.8083.908.105.73506.40.300.17526.9
includes79.8082.803.002.12700.00.540.26734.0
includes80.8081.801.000.71949.00.290.19969.9
DV19-170
Unnamed59.6060.250.650.4298.92.720.03208.7
Chance129.00141.3012.307.91108.50.010.05111.4
includes131.90141.309.406.04136.30.010.04138.8
Includes136.00140.004.002.57192.30.020.04194.9
Includes139.00140.001.000.64361.00.020.07365.5
DV19-171No Significant Intercepts
DV19-172No Significant Intercepts
DV19-173
Chance67.4082.6015.2013.16488.30.550.05513.0
includes71.1582.6011.459.92629.30.730.06661.0
includes77.0082.605.604.851,043.81.390.091,103.4
includes81.7082.600.900.782,410.00.240.152,427.0
Unnamed164.00166.002.001.7335.20.070.0741.7

Reconnaissance Exploration Drill Holes

Hole/ZoneFrom
(m)
To
(m)
Core
Length
Est True
Width
Ag
(g/t)
Pb
(%)
Zn
(%)
Ag-Eq
(g/t)
DV19-174
Chance112.60116.003.402.8932.80.040.0536.8
includes115.35116.000.650.5565.80.060.1374.4
Unnamed199.00200.001.000.8550.90.120.0256.9
Unnamed218.00219.001.000.8534.60.030.0538.2
Unnamed240.35241.451.100.9446.20.140.1056.7
DV19-175No Significant Intercepts
DV19-176
Trout113.00115.002.001.7044.50.010.2771.1
Unnamed154.00156.002.001.7050.30.010.1262.7
DV19-177
Unnamed46.0048.002.001.7030.70.010.1437.8
MacKay72.0073.751.751.49126.42.270.04218.7
includes73.2573.750.500.43385.07.560.05688.3
DV19-178
Unnamed26.0027.851.851.5776.20.680.13109.7
Unnamed75.0077.002.001.7051.10.010.0352.9
MacKay85.5090.004.503.8351.10.810.0686.6
includes85.5088.102.602.2169.51.170.07119.5
includes85.5086.000.500.43198.04.540.07381.8
DV19-179
MacKay4.006.002.001.70128.01.270.25203.1
Unnamed22.0023.851.851.57126.00.910.17178.1
DV19-180
Unnamed132.00133.801.801.5331.90.150.2047.7
DV19-181No Significant Intercepts
DV19-182
Unnamed230.90232.001.100.9422.00.500.0645.0
Unnamed234.75236.001.251.0617.60.040.0622.7
DV19-183
Trout321.00324.653.653.1024.01.130.2782.3
includes321.00322.001.000.8535.62.250.67158.3
Unnamed333.30335.502.201.8749.70.400.1271.4
includes334.75335.500.750.6468.70.250.1284.6
DV19-184
Unnamed4.006.002.001.7021.50.110.0329.1
Unnamed113.65115.001.351.1510.90.320.1030.3
Good Luck123.00123.650.650.5512.10.510.2038.7
Unnamed296.20296.700.500.4323.20.400.0941.2
DV19-185
Unnamed169.60170.400.800.6846.40.430.1168.0
Unnamed186.65187.901.251.0622.40.480.1751.7
DV19-186No Significant Intercepts
DV19-187
Unnamed4.855.901.050.8937.60.340.2161.3
York136.60137.500.900.7726.50.120.0935.7
DV19-188
Unnamed19.0021.002.001.7065.40.010.0266.7
Unnamed26.0028.002.001.7053.20.040.0255.9
Silver Horde34.3547.0012.6510.7558.70.140.0365.7
includes34.3538.003.653.10139.10.430.04158.0
includes35.7037.351.651.40237.70.570.04262.5
includes35.7036.250.550.47470.00.450.06490.6
Unnamed215.00216.001.000.8549.80.140.0859.4
Unnamed228.50229.501.000.8583.70.080.1091.9
Unnamed257.30257.800.500.4354.10.150.0261.1
DV19-189No Significant Intercepts
DV19-190
Silver Horde102.70106.503.803.2338.00.130.0344.6
includes102.70105.152.452.0846.20.160.0354.1
includes102.70106.500.800.6884.30.430.03103.0
DV19-191Abandoned Hole
DV19-192
Unnamed12.5013.050.900.7787.40.040.0893.0
Wolf North46.0047.701.701.4546.90.090.0452.6
includes46.0047.001.000.8556.60.080.0361.3
Unnamed60.2061.000.800.68165.00.070.05170.1
DV19-193No Significant Intercepts
DV19-194
Unnamed235.25237.001.751.4929.50.050.0433.5
DV19-195No Significant Intercepts
DV19-196
Chance133.00144.1011.109.4424.90.180.0534.3
includes133.00138.005.004.2532.00.330.0748.4
includes133.00134.701.701.4537.40.850.1176.9
includes134.00134.700.700.6034.91.020.1080.3
DV19-197
Trout188.00188.850.850.7234.20.040.0236.8
DV19-198
Chance33.0034.401.401.1964.10.030.0366.8
DV19-199
Chance46.0047.351.351.15102.00.030.03104.9
includes46.8047.350.550.47230.10.050.03233.5
Unnamed57.0058.001.000.85146.00.010.13153.0
Unnamed79.2080.000.800.6833.40.010.0637.0
DV19-200
Chance80.9082.001.100.9477.10.030.0580.8
Unnamed144.00146.002.001.702.10.410.3937.8
DV19-201
Beg. Luck186.00187.301.301.1141.80.010.0344.0
includes186.00186.800.800.6854.90.010.0457.4
DV19-202
Beg. Luck12.7515.452.702.3079.50.020.0884.3
includes12.7514.001.251.0699.00.020.06102.7
Unnamed23.0025.002.001.7028.10.010.0530.9
DV19-203
Beg. Luck14.4023.308.907.5756.70.020.0660.5
includes18.9023.304.403.7499.20.030.04102.4
includes19.5521.552.001.70144.50.040.03147.4
includes19.5520.551.000.85188.00.040.03191.3
DV19-204
Beg. Luck27.2530.653.402.8970.70.020.0775.2
includes29.6530.150.500.43137.00.020.05140.4
DV19-205
Unnamed264.00266.002.001.7040.60.020.0242.6
Unnamed283.00287.004.003.4051.60.010.0654.9
includes285.00287.002.001.7078.30.010.0681.6
Unnamed342.70343.200.500.43130.00.160.08140.4
Unnamed346.00347.001.000.8533.10.050.0537.6
Kitsol South390.15393.453.302.81148.90.160.08159.2
includes392.40393.451.050.89303.90.150.10314.9
DV19-206
Unnamed63.7064.701.000.852.90.030.7440.3
Unnamed302.60303.200.600.5135.10.000.0839.3
Unnamed369.75370.250.500.4350.80.010.0955.7
DV19-207No Significant Intercepts
DV19-208
Torbrit-East87.6090.953.352.8525.80.010.0227.4
includes90.0090.950.950.8138.10.030.0340.6

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

© 2019 Dolly Varden Silver Corp.
All rights reserved.