Drilling Underway at Dolly Varden Silver

Vancouver, British Columbia (FSCwire) - Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the “Company” or “Dolly Varden”) has mobilized field crews and two core drill rigs to continue the second phase of its 2015 exploration program at the Dolly Varden property, located 26 kilometers north of tidewater at Alice Arm, in northwestern British Columbia.  In total, approximately 2,200 meters of drilling will focus on exploring a strongly anomalous multi-element (silver, lead, zinc, arsenic, antimony) soil geochemical anomaly measuring 800 meters along strike by 20 to 50 meters in width on the Ace-Galena prospect. In addition, the drilling is focused on expanding the results of a drill segment from the high-grade epithermal Kitsol vein that contained bonanza grade mineralization assaying 712 grams of silver per tonne (“g/t silver”) over a core length of 25.95 meters, including a higher grade segment of 9.01 meters grading 1,497 g/t silver.

Dolly Varden recently filed a technical report with its maiden National Instrument 43-101 mineral resource estimate, which includes an Indicated mineral resource of 31.8 million ounces of silver with an average grade of 321.6 g/t silver and an Inferred mineral resource estimate of an additional 10.8 million ounces of silver at an average grade of 373.3 g/t silver. Exploration of the Dolly Varden property is focused on the discovery of new hot spring volcanogenic massive sulfide (“VMS”) (Eskay) and epithermal (Brucejack) styles of mineralization.  The conditions for both high-grade deposit styles were active on the Dolly Varden project as evidenced by the four existing deposits on the property, two of which were historically mined. Rationale for the 2015 drill targets are detailed below:

Ace-Galena Prospect:  The first two drill sections will test for the subsurface presence of an extensive syngenetic, stratiform (Eskay-like) bed of mineralization.  This unit, as sampled in historic trenches, returned assays of 1,062 g/t silver over 2.29 meters at the Trout showing and 3,360 g/t silver over 1.3 meters 400 meters to the southwest.  In addition, a historic drill hole interpreted to intersect this zone returned values of 1.26% lead, 0.34% zinc and 42 g/t silver over 2.0 meters.  Dolly Varden’s geological mapping in 2014 and 2015 traced this horizon, called the Trout, for a distance of 2.5 kilometers northeast to the Sault showing.  The Sault showing is a volcanic silver-lead-zinc massive sulphide layer within a sedimentary host.  A strongly anomalous multi-element (silver, lead, zinc, arsenic, antimony) soil geochemical anomaly measuring 800 meters along strike by 20 to 50 meters in width occurs at surface over the Trout horizon.   Two drill pads, spaced 250 meters apart along strike, will be the surface location of several core holes to test for the Trout horizon under the strongest section of the surface geochemical anomaly.  The drilling is designed to probe for discovery of stratabound, silver-rich, base metal mineralization, as well as potential stringer mineralization below the horizon.

Kitsol Prospect:  Dolly Varden’s 2014 diamond drill program targeted a segment of the historic high-grade epithermal Kitsol vein and was successful in encountering bonanza grade mineralization.  Hole DV14010 returned assays of 712 g/t silver over a core length of 25.95 meters, including a higher grade segment of 9.01 meters grading 1,497 g/t silver.  Two other 2014 core holes from the same drill pad (designed to test the down-dip extension of this bonanza Kitsol intercept) returned lower grade mineralization (hole DV14008 assayed 5.0 meters grading 125 g/t silver).  It is unclear whether the Kitsol vein is structurally offset or if it diminishes down dip in this location.  Planned drilling will target the Kitsol vein approximately 60 meters along strike to the north of DV14010, which should also coincide with intersecting the vein below the best historic Kitsol trench, which returned a value of 626 g/t silver over 4.1 meters. The Kitsol vein trends northward, and may be an extension of the South Musketeer showing located approximately 400 meters to the northeast, where grab samples grade up to 564 g/t silver.  Dolly Varden’s geologists believe the Kitsol and South Musketeer occurrences may be joined, indicated by 2015 mapping, which found a new epithermal occurrence on surface between Kitsol and South Musketeer.

Technical Information

Ron F. Nichols, P. Eng. and Vice President of Exploration for Dolly Varden, a Qualified Person (as defined in National Instrument 43-101) supervised the preparation of the scientific and technical information that forms the basis for the disclosure in this news release. Further information regarding the Dolly Varden silver property can be found on the Company’s website and in the Company’s Amended Technical Report for the Dolly Varden Project dated September 30, 2015, which is available on SEDAR.

FORWARD-LOOKING STATEMENTS:

This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. 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 Company’s drilling at and the expected results therof, and exploration plans for, the Dolly Varden property and mineral resource estimates. These forward-looking statements are based on management’s current expectations and beliefs and the results of technical studies on the Dolly Varden project.  Given the uncertainties, assumptions and risks associated with forward-looking statements, 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.

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 Corp.

Rosie Moore, Director, Interim CEO & President

1-604-925-5881 or 1-604-512-1277

Ron Nichols, VP Exploration
1-778-383-3083

www.dollyvardensilver.com

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