Dolly Varden Silver Intersects 467 g/t Silver over 15.32 Meters, Including 1,309 g/t Silver over 2.32 Meters at Wolf Vein

Rhea-AI Summary

Dolly Varden Silver (DVS) reported 2025 Wolf Vein drill results on January 20, 2026, including high-grade intercepts such as 467 g/t Ag over 15.32 m (incl. 1,309 g/t Ag over 2.32 m in DV25-435) and a Torbrit-style discovery across the Central Valley Fault with 518 g/t Ag over 0.52 m (DV25-470). The 2025 program totaled 56,131 m companywide with substantial metreage at Wolf to expand a southwest-plunging high-grade zone now defined over a 1,100 m plunge at -45°. Intervals are core lengths; estimated true widths range 55%–65% and further modelling is required.

Positive

• DV25-435: 467 g/t Ag over 15.32 m including 1,309 g/t Ag over 2.32 m
• DV25-470: 518 g/t Ag over 0.52 m showing Torbrit-style mineralization
• Plunge extent of Wolf Vein defined over 1,100 m at a -45° plunge
• Company completed 56,131 m of drilling in 2025 across the project

Negative

• All intervals reported as core length; true widths not yet calculated pending modelling
• Torbrit-style intercept true width for DV25-470 is not known
• Several drill holes reported nsv (no significant values) for key intervals

News Market Reaction

+6.56%

15 alerts

+6.56% News Effect

+5.9% Peak in 24 hr 1 min

+$31M Valuation Impact

$503M Market Cap

1.3x Rel. Volume

On the day this news was published, DVS gained 6.56%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.9% during that session. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $31M to the company's valuation, bringing the market cap to $503M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Wolf DV25-435 intercept: 467 g/t Ag over 15.32 m High-grade sub-interval: 1,309 g/t Ag over 2.32 m Torbrit-style hit: 518 g/t Ag over 0.52 m +5 more

8 metrics

Wolf DV25-435 intercept 467 g/t Ag over 15.32 m Wolf Vein infill drill hole DV25-435

High-grade sub-interval 1,309 g/t Ag over 2.32 m Within DV25-435 mineralized plunge

Torbrit-style hit 518 g/t Ag over 0.52 m DV25-470 across Central Valley Fault

Broader DV25-470 zone 66 g/t Ag over 12.45 m Torbrit-style mineralization in quartz-pyrite vein

Wolf plunge extent 1,100 m Plunge extent of mineralization at -45° to southwest

Wolf drill holes 2025 32 holes Wolf Vein component of 2025 program

Total 2025 drilling 56,131 m Kitsault Valley Silver and Gold Project 2025 program

52-week range $2.48–$5.38 Vs. current price $5.03 before this release

Market Reality Check

Price: $4.72 Vol: Volume 1,161,191 vs 20-da...

normal vol

$4.72 Last Close

Volume Volume 1,161,191 vs 20-day average 1,411,495 ahead of this drill update. normal

Technical Price 5.03 is trading above the 200-day MA at 3.86, reflecting a sustained uptrend.

Peers on Argus

DVS was up 0.4% while 3 close silver peers (EXK, AG, SVM) also appeared in momen...

3 Up

DVS was up 0.4% while 3 close silver peers (EXK, AG, SVM) also appeared in momentum scans, each moving up about 5.1–5.3%, indicating a broader silver-sector bid alongside company-specific drill news.

Common Catalyst Peer strength appears largely sector-wide; only one peer (SVM) had separate M&A news, suggesting today’s backdrop is mainly silver price/sector driven while DVS adds positive Wolf Vein drill results.

Historical Context

5 past events · Latest: Dec 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 23	Strategic update	Positive	-0.4%	Video outlining strategic path and proposed Contango ORE merger.
Dec 08	Merger announcement	Positive	-6.0%	Merger-of-equals with Contango ORE to form Contango Silver & Gold.
Dec 04	Drill results	Positive	-0.9%	High-grade gold and silver intercepts at Homestake Silver deposit.
Nov 10	Drill results	Positive	+8.1%	Expansion of high-grade gold zone with strong step-out intercepts.
Oct 17	Program update	Positive	+9.6%	Completion of 2025 drill program totaling 56,131 m across Kitsault Valley.

Pattern Detected

Recent technical and corporate news has often been positive, but share reactions have been mixed, with some strong rallies and occasional selloffs on otherwise constructive updates.

Recent Company History

Over the past few months, DVS has reported multiple high-grade drill results and a proposed merger with Contango ORE. On Oct 17, 2025, a program summary highlighting 56,131 m of drilling coincided with a 9.56% move higher. Subsequent Homestake Silver drill updates on Nov 10 and Dec 4 showed strong gold grades, with one producing an 8.09% gain and the other a modest decline. Merger-related headlines in early December saw negative price reactions. Today’s Wolf Vein results extend that high‑grade narrative within the broader Kitsault Valley program.

Market Pulse Summary

The stock moved +6.6% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +6.6% in the session following this news. A strong positive reaction aligns with the pattern seen after several past high-grade drill updates, where gains of up to 9.56% followed technical milestones. With DVS trading above its 200-day MA and within 6.48% of its 52-week high, prior rallies suggest enthusiasm can build quickly but has not always been durable around corporate events. Investors have previously faded some positive headlines, highlighting execution and integration risks.

Key Terms

epithermal vein, breccias, qa/qc, inductively coupled plasma mass spectrometry, +4 more

8 terms

epithermal vein technical

"interpreted as a structurally controlled, multi phased, epithermal vein and vein breccias"

An epithermal vein is a mineral-filled crack near the Earth’s surface where hot, metal-laden fluids cooled and left deposits of metals such as gold or silver. For investors, these veins matter because they can indicate concentrated, accessible mineralization that influences a project’s potential value, drilling strategy and costs—think of them as visible, treasure-filled seams that help determine whether a mining venture is worth pursuing.

breccias technical

"epithermal vein and vein breccias that occur along a southwest plunging zone"

Breccias are rocks made of broken, angular fragments cemented together like a rocky mosaic, often formed by underground fracturing, volcanic activity, or mineralizing fluids. They matter to investors because breccias can act like sponge-like hosts for valuable minerals — their cracks and voids often concentrate metals such as gold, copper, or silver — so finding extensive breccias can signal a promising target for mining and future resource value.

qa/qc technical

"Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person"

QA/QC stands for Quality Assurance and Quality Control, processes used to ensure products or services meet certain standards. Think of it as a way to check that a product is safe and works properly before reaching consumers, similar to how a chef tastes food before serving it. For investors, strong QA/QC practices indicate a company's commitment to delivering reliable, high-quality offerings, reducing risks and building trust.

inductively coupled plasma mass spectrometry technical

"Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS)"

A laboratory technique that turns a sample into a hot gas, charges its atoms, and then separates and counts those charged particles to measure tiny amounts of metals and other elements. Think of it as a very precise metal detector that can tell not only what metals are present but exactly how much of each is there. Investors care because it underpins product quality, environmental compliance, contamination testing and resource assays—areas that can affect costs, fines, sales and the value of raw materials.

icp-ms technical

"Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS)"

Inductively Coupled Plasma Mass Spectrometry (ICP-MS) is a scientific technique used to detect and measure very small amounts of metals and other elements in a sample. It works like a highly sensitive scanner, helping researchers identify the presence of specific materials with great accuracy. For investors, understanding ICP-MS is important because it highlights advanced methods used in industries such as mining, environmental testing, and manufacturing, influencing the valuation and risks of related companies.

fire assay technical

"High grade silver testing was determined by Fire Assay with either an atomic absorption"

Fire assay is a laboratory process used to accurately measure the amount of precious metals, like gold or silver, in a sample of ore or material. It involves heating the sample intensely to separate the metals from other substances, much like melting and purifying metal to determine its purity. This method is important to investors because it provides precise data on the metal content, helping to assess the value of mining operations or mineral deposits.

ni 43-101 regulatory

"the "Qualified Person" as defined by NI 43-101 has reviewed and approved"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

qualified person regulatory

"the "Qualified Person" as defined by NI 43-101 has reviewed and approved"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - January 20, 2026) - Dolly Varden Silver Corporation (TSXV: DV) (NYSE American: DVS) (FSE: DVQ) (the "Company" or "Dolly Varden") is pleased to announce results from drilling on the Wolf Vein. A total of 32 drill holes were completed at the Wolf Vein in the 2025 program combining infill and vertical extension as well as southwest step-outs towards the projected position of the Central Valley Fault. High-grade silver mineralization was intersected in infill drill holes including DV25-435 which returned 467 g/t silver over 15.32 meters, including 1,309 g/t silver over 2.32 meters within the mineralized plunge.

A very significant finding during the 2025 program was the discovery of mineralization similar to that of the Torbrit silver deposit at a shallow depth in drilling across the Central Valley Fault (CVF). 518 g/t silver was intersected over 0.52 meters in drill hole DV25-470. A portion of the total 56,131 meter drilled in 2025 at the Company's 100% owned Kitsault Valley Silver and Gold Project was drilled at the Wolf Vein to expand and infill along the plunge of high-grade silver mineralization to the southwest and test across the CVF once it was encountered.

Highlights from Wolf Vein Infill and Vertical expansion Drilling

DV25-435:	467 g/t Ag, 0.60% Pb and 0.66% Zn over 15.32 meters, including
	1,309 g/t Ag, 0.19% Pb and 0.24% Zn over 2.32 meters
DV25-436:	323 g/t Ag, 1.16% Pb and 2.13% Zn over 22.86 meters, including
	644 g/t Ag, 1.33% Pb and 1.33% Zn over 5.74 meters
Zone 2	319 g/t Ag, 0.31% Pb and 1.15% Zn over 13.08 meters, including
	1,820 g/t Ag, 0.07% Pb and 0.47% Zn over 0.50 meter
DV25-439:	659 g/t Ag, 5.30% Pb and 9.27% Zn over 4.87 meters, including
	3,450 g/t Ag, 2.02% Pb and 5.56% Zn over 0.55 meter
DV25-461:	419 g/t Ag, 1.90% Pb and 1.17% Zn over 10.90 meters, including
	2,300 g/t Ag, 13.90% Pb and 5.55% Zn over 1.00 meter

 

"In addition to the successful infill and expansion of the Wolf Vein, the discovery of silver bearing mineralization similar to the Torbrit Deposit is a very significant step in connecting the Wolf Vein with Torbrit, located over one kilometer to the south. Connecting the two largest silver deposits in the Kitsault Valley trend has been a priority goal of our exploration team," said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

Two drill holes testing below the lower extent of the plunging silver zone intersected gold values from within the Wolf structure and vein extension down dip.

DV25-467: Follow up drilling targeting 60m down dip from DV25-446 (previously released September 2, 2025) intersected the vein grading 2.15 g/t Au (with 0.23% Pb and 5.19% Zn) over 3.77 meters, no significant silver

DV25-457: also tested below the main silver plunge zone and intersected 0.53 g/t Au and over 6.85 meters within the wider Wolf Structure alteration zone that graded 15 g/t silver and 0.22 g/t gold (with 0.48% lead and 0.49% zinc) over 26.85 meters.

* Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 65% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. See results table for depths.

Figure 1. Plan of Wolf Vein mineralized zone (in red) highlighting all 2025 drilling completed with lithology on drill trace. Central Valley Fault inferred from drilling below sediment cap.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/280842_ca8815ac3460d94a_002full.jpg

Wolf Vein and New Discovery

The Wolf Vein is hosted in Jurassic-age Hazelton Formation volcanic rocks and is interpreted as a structurally controlled, multi phased, epithermal vein and vein breccias that occur along a southwest plunging zone of wider, high-grade silver mineralization. Native silver, pyrargyrite, argentite and argentiferous galena are hosted in multiple phases of silica and iron carbonate veins and breccias. The presence of elevated gold below the high-grade silver system as well as increased lead and zinc values deeper on the plunge indicate a strengthening system at depth. The extention of the mineralization discovered underneath the sedimentary rock cap and the initial Wolf deposit that comes to surface has now been defined over a plunge extent of 1,100 meters at -45 degree plunge to the southwest.

Drilling in 2025 continued to expand the down plunge potential of the Wolf Vein towards the intercept point with the CVF. The deepest southwest holes drilled proximal to the CVF intercepted broken Wolf mineralization and off set blocks. A single drill hole, DV25-470, that was designed to test the possible projection of the Wolf Vein across the CVF instead intercepted Torbrit style exhalative and oxide layered mineralization associated with a 40 meter length (true width not known) quartz-pyrite vein with an average silver grade of 23 g/t similar to a vein within the Moose Lamb Fault near the Torbrit deposit. This important discovery will be followed during the 2026 exploration program.

Highlight from step out across CVF:

DV25-470: Torbrit Style: 518 g/t Ag, 0.19% Pb and 0.34% Zn over 0.52 meters, within a wider zone of mineralization and wall rock grading 66 g/t Ag, 0.12% Pb and 0.19% Zn over 12.45 meters

Figure 2. Longitudinal Section of Wolf Vein with mineralization envelope in red. All drilling shown with 2025 drilling labelled and lithology. Plunge of high-grade silver mineralization extended down dip below DV24-421 2024 step out.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/280842_ca8815ac3460d94a_003full.jpg

Figure 3 Cross Section of Wolf Vein looking Northeast with mineralization envelope in red. 2025 drilling extended vertical extent of high-grade, wider silver mineralization to over 100 meters.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/280842_ca8815ac3460d94a_004full.jpg

Figure 4. Core from drill hole DV25-470 exhibiting Torbrit style mineralization discovered across the southwest side of the Central Valley Fault. Native silver mineralization within a 0.52 centimetre interval starting at 490 meters depth grades 518 g/t Ag.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/280842_ca8815ac3460d94a_005full.jpg

Table 1: Drill Hole Assays from Wolf Vein

Target	Hole ID	From (m)	To (m)	Length  (m)*	Ag (g/t)	Pb (%)	Zn (%)	Au (g/t)
WOLF	DV25-434	730.53	731.73	1.20	170	0.37	0.20	0.01
VEIN	and	732.47	732.97	0.50	155	0.87	0.32	0.05
	and	758.73	764.46	5.73	261	3.32	0.66	0.08
	including	760.41	761.04	0.63	1175	1.03	1.34	0.20
	and	791.55	793.79	2.24	275	0.14	0.13	0.02
	DV25-435	640.49	655.81	15.32	467	0.60	0.66	0.08
	including	646.41	646.97	0.56	1315	0.15	0.16	0.20
	including	651.72	654.04	2.32	1309	0.19	0.24	0.14
	DV25-436	658.05	680.91	22.86	323	1.16	2.13	0.04
	including	665.68	680.91	15.23	451	1.31	1.23	0.03
	including	674.39	680.13	5.74	644	1.33	1.33	0.06
	and	698.40	711.48	13.08	319	0.31	1.15	0.02
	including	698.40	702.88	4.48	552	0.10	0.40	0.03
	including	699.00	699.50	0.50	1820	0.07	0.47	0.02
	including	705.83	709.50	3.67	391	0.81	3.35	0.01
	DV25-437	23.57	25.67	2.10	24	nsv	nsv	2.43
	and	747.00	747.50	0.50	422	0.31	0.06	0.01
	and	780.11	788.34	8.23	275	1.64	5.00	0.03
	including	784.94	786.32	1.38	747	0.94	2.39	0.04
	DV25-438	748.23	762.41	14.18	255	0.16	0.12	0.02
	including	750.40	751.29	0.89	604	0.19	0.14	0.01
	including	754.77	755.42	0.65	1130	0.41	0.09	0.03
	and	820.02	820.90	0.88	233	12.25	2.42	0.02
	and	825.26	827.06	1.80	137	1.48	2.37	0.01
	DV25-439	742.13	747.00	4.87	659	5.30	9.27	0.01
	including	742.54	742.96	0.42	603	24.78	25.30	0.02
	including	745.81	746.36	0.55	3450	2.02	5.56	0.02
	DV25-440	695.86	705.00	9.14	141	0.21	1.03	0.04
	including	699.74	702.50	2.76	284	0.29	0.28	0.04
	and	711.39	712.43	1.04	153	5.45	5.05	0.04
	and	721.35	721.95	0.60	483	0.77	0.88	0.09
	DV25-441	nsv
	DV25-442	841.00	841.73	0.73	178	0.78	2.25	0.02
	and	845.66	846.56	0.90	173	0.22	0.43	0.04
	and	859.00	860.00	1.00	111	2.54	3.00	0.04
	and	862.71	863.19	0.48	167	1.30	1.34	0.04
	DV25-443	830.31	831.13	0.82	405	0.33	0.44	0.02
	DV25-444	782.19	782.98	0.79	269	2.03	2.57	0.46
	DV25-445	621.80	627.50	5.70	249	1.16	1.61	0.03
	including	624.50	625.00	0.50	992	6.95	7.38	0.02
	and	629.81	630.73	0.92	184	0.12	0.07	0.01
	DV25-447	603.72	604.22	0.50	188	0.56	1.33	0.02
	and	606.71	607.21	0.50	318	0.27	0.44	0.02
	DV25-448	709.04	710.00	0.96	149	0.07	0.06	0.01
	and	714.50	715.00	0.50	111	0.29	0.40	0.01
	DV25-449	801.52	809.19	7.67	219	0.09	0.17	0.02
	and	818.20	821.87	3.67	332	0.18	0.08	0.02
	DV25-450	854.70	870.55	15.85	306	0.39	1.22	0.09
	including	858.53	859.14	0.61	557	0.53	1.20	0.05
	including	863.84	865.84	2.00	888	0.36	0.41	0.36
	including	868.13	868.95	0.82	796	0.70	1.53	0.17
	DV25-451	732.69	756.13	23.44	148	1.44	2.26	0.03
	including	732.69	740.23	7.54	239	1.82	3.12	0.02
	including	736.70	737.20	0.50	1025	0.13	0.54	0.04
	including	744.65	749.00	4.35	224	2.17	0.86	0.02
	including	753.40	753.90	0.50	326	12.10	2.05	0.10
	and	785.60	786.39	0.79	18	0.59	5.97	0.35
	DV25-452	666.82	668.31	1.49	80	0.35	0.18	0.02
	DV25-453	321.28	321.79	0.51	30	2.30	1.03	0.03
	and	424.56	425.06	0.50	129	0.35	0.07	0.01
	DV25-454	nsv
	DV25-455	nsv
	DV25-456	nsv
	DV25-457	793.50	820.35	26.85	15	0.48	0.49	0.22
	including	794.20	794.80	0.60	107	9.53	6.50	0.04
	including	795.30	795.90	0.60	187	6.27	1.25	0.13
	including	813.50	820.35	6.85	6	0.06	0.14	0.53
	DV25-461	771.00	771.75	0.75	48	0.16	3.05	0.02
	and	774.00	784.90	10.90	419	1.90	1.17	0.05
	including	781.90	782.40	0.50	2300	13.90	5.55	0.25
	including	784.40	784.90	0.50	1345	0.80	0.65	0.04
	DV25-462	591.55	592.88	1.33	nsv			3.69
	DV25-463	921.00	923.00	2.00	188	0.39	0.47	0.03
	DV25-466	831.10	833.09	1.99	126	0.20	0.02	0.03
	DV25-467	871.62	874.53	2.91	348	0.43	1.20	0.04
	including	871.62	872.44	0.82	926	0.48	1.67	0.01
	and	899.50	918.30	18.80	1	0.64	4.41	0.92
	including	902.73	906.50	3.77	20	0.23	5.19	2.15
ACROSS	DV25-470	485.10	497.85	12.75	66	0.12	0.19	0.02
CENTRAL	including	490.00	490.52	0.52	518	0.19	0.33	0.01
FAULT	including	494.00	496.00	2.00	186	0.04	0.07	0.04
	VEIN ZONE	522.15	562.55	40.40	23	0.07	0.31	0.07
	including	536.75	538.30	1.55	26	0.03	0.29	0.29
	including	559.74	560.24	0.50	117	0.02	0.83	0.16
	including	942.50	943.00	0.50	110	0.19	0.04	0.01

 

*All intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 65% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated.

Table 2: Drill hole data for Wolf Vein holes reported in this release

Hole ID	Easting UTM83 (m)	Northing  UTM83 (m)	Elev. (m)	Azimuth	Dip	Length  (m)
DV25-435	467247	6173021	369	304	-63	684
DV25-436	466833	6173608	456	125	-60	750
DV25-437	466747	6173591	489	125	-60	822
DV25-438	467250	6173004	368	299	-55	867
DV25-439	466747	6173591	489	125	-60	792
DV25-440	467247	6173021	369	307	-59	783
DV25-441	466833	6173608	456	125	-60	714
DV25-442	466747	6173591	489	125	-60	906
DV25-443	467250	6173004	368	300	-61	930
DV25-444	467247	6173021	369	304	-63	816
DV25-445	466833	6173608	456	125	-60	690
DV25-447	466833	6173608	456	125	-60	703
DV25-448	467250	6173004	368	299	-55	834
DV25-449	467249	6172975	368	277	-59.5	894
DV25-450	466747	6173591	489	125	-60	933
DV25-451	466833	6173608	457	125	-60	822
DV25-452	467250	6173004	368	303	-57	819
DV25-453	467075	6174020	397	118	-51	657
DV25-454	467075	6174020	397	118	-63	372
DV25-455	467249	6172975	368	290	-58	888
DV25-456	466814	6173688	447	107	-64	1059
DV25-457	466833	6173608	457	141	-63	855
DV25-458	466836	6172222	687	145	-50	576
DV25-459	466841	6175478	534	180	-75	447
DV25-460	466841	6175478	534	110	-60	504
DV25-461	466833	6173608	457	141	-63	849
DV25-462	467249	6172975	368	292	-59	960
DV25-463	466814	6173688	447	107	-64	1053
DV25-464	467249	6172975	368	286	-58	912
DV25-465	467249	6172975	368	282	-56	897
DV25-466	466814	6173688	447	105	-60	1032
DV25-467	466747	6173591	489	137	-59	960
DV25-468	467672	6175851	881	164	-63	246
DV25-469	467672	6175851	881	146	-60	201
DV25-470	467015	6172813	383.7	300	-61	1056

 

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were 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. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen on a 1.0kg sample may be completed on high-grade gold samples.

Qualified Person

Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden, the "Qualified Person" as defined by NI 43-101 has reviewed and approved the scientific and technical information contained in this news release. Rob van Egmond, P.Geo. is not independent of the Company in accordance with NI 43-101.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. Including the Kitsault Valley Project, the Company has consolidated approximately 100,000Ha of prospective tenure in the Golden Triangle with 5 past producing high-grade silver mines including Dolly Varden, Torbrit, Porter Idaho, Mountain Boy and Esperanza historic mines. The 163 sq. km. Kitsault Valley Project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable securities legislation that may not be based on historical fact, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "potential", "prospective" and similar expressions. 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, including, without limitation, risks associated with the speculative nature of exploration and development of minerals; the anticipates substantial future capital expenditures associated with the exploration and development of its assets and there can be no assurance that debt or equity financing will be available; inherent competition in the mining industry; risks associate with volatility in mineral prices; risks inherent in the estimation of mineral resources; environmental risks associated with the exploration and development of mineral properties; the Company is reliant on key personnel; risks associated with working in remote regions; risks associated with maintaining positive community relations; and the other risks disclosed in the Company's annual information form ("AIF") dated April 30, 2025 for the year ended December 31, 2024, which is available on SEDAR+ at www.sedarplus.ca, and in the Company's Form 40-F registration statement as filed with the U.S. Securities and Exchange Commission, which is available on EDGAR at www.sec.gov. The risk factors identified in the Company's public filings are not intended to represent a complete list of factors that could affect the Company. Forward-looking statements are based on management's current expectations and beliefs and assume, among other things, the ability of the Company to satisfy the requirements of listing and registration, and to successfully pursue its current development plans, that future sources of funding will be available to the Company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/280842

FAQ

What did Dolly Varden (DVS) announce on January 20, 2026 about Wolf Vein drill results?

Dolly Varden reported 2025 Wolf Vein drilling including 467 g/t Ag over 15.32 m (DV25-435) and a 518 g/t Ag over 0.52 m Torbrit-style intercept (DV25-470).

How extensive is the Wolf Vein high-grade plunge reported by DVS on January 20, 2026?

The company reports the Wolf Vein high-grade plunge has been defined over 1,100 m at an interpreted plunge of -45° to the southwest.

What is the significance of the DV25-470 Torbrit-style intercept for DVS shareholders?

DV25-470 intercepted Torbrit-style exhalative mineralization with 518 g/t Ag over 0.52 m, indicating a new style of mineralization to be followed up in 2026.

Are the reported drill lengths from DVS true widths or core lengths in the January 20, 2026 release?

All intervals are reported as core length; estimated true widths currently range from 55% to 65% of core length and require further modelling.

How much drilling did Dolly Varden (DVS) complete in 2025 and how much targeted Wolf Vein?

The company completed 56,131 m of drilling in 2025, with a substantial portion directed to Wolf Vein infill, plunge expansion and step-outs across the Central Valley Fault.