Dolly Varden Makes Another New High-Grade Silver Discovery

Dolly Varden Silver (TSX.V: DV | U.S.: DOLLF)(the Company or Dolly Varden) is pleased to announce results from drilling on the Dolly Varden Silver Project in the Golden Triangle of northwesternBritish Columbia. Hole DV17-063 was drilled in the Central Sector and hit two zones of high-grade silver. Furthermore, the Board of Directors has approved an expansion to the 2017 exploration program budget from$3.5 million to $6.5 million.

Hole DV17-063 was drilled to test the position of the Moose-Lamb Fault and to continue down to the area of the high-grade silver hit in the Dolly Varden-Torbrit Horizon (DVTH), previously announced in hole DV17-058.

Hole DV17-063 Moose Zone yielded a core length of 11.00 metres (7.07 m true thickness) grading Ag 394.2 g/t, Pb 2.27 % and Zn 0.46 % for a silver-equivalent of 514.2 g/t. Within this zone interval is 4.00 metres (2.57 m true thickness) grading Ag 987.5 g/t, Pb 5.90 % and Zn 0.90 % for a silver-equivalent of 1,283.8 g/t.

The Torbrit North Zone of hole DV17-063 yielded a core length of 22.74 metres (21.37 m true thickness) grading Ag 433.3 g/t, Pb 0.74 % and Zn 0.22 % for a silver-equivalent of 476.1 g/t. Within this Torbrit North Zone interval is 7.15 metres (6.72 m true thickness) grading Ag 1,180.7 g/t, Pb 1.83 % and Zn 0.26 % for a silver-equivalent of 1,271.9 g/t.

Gary Cope, President and CEO of Dolly Varden said:

These drill results confirm the very high silver grades of the new discovery north of Torbrit and add an additional discovery along a major fault. Expansion of the exploration program is definitely warranted.

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