Dolly Varden Silver Corp.: Extends New Mineralization at Ace-Galena

Vancouver - Dolly Varden Silver Corp. (“Dolly Varden” or “the Company”) (TSX.V: DV | U.S.: DOLLF) announces assay results from its 2015 exploration diamond drill program at its Dolly Varden property, located in northwestern British Columbia. Ten holes were completed for a total of 2,037 meters of drilling: six at Ace-Galena, three at Kitsol and one structural and stratigraphic test. Drilling confirmed the presence of volcanogenic massive sulphides (VMS) mineralization at the Ace-Galena target and intersected a new, epithermal quartz vein and breccia, with high-grade silver, also at Ace-Galena.

The known Dolly Varden deposits exhibit both VMS (Eskay-like) and epithermal (Brucejack-like) mineralization styles which were the focus of the Company’s maiden 43-101 mineral resource estimate completed in August 2015 (available on the Dolly Varden website and at www.sedar.com). This resource remains open to expansion and enhancement. However, the goal of the 2015 drill program was to explore distal targets on the property identified by surface mapping and sampling as having similar high-grade potential in the northern half of the property, where lithologies, alteration and geochemical signatures extend on surface from the property’s historic mines, located on the southern portion of the property.

Historic trench and recent surface samples at the McKay showing on Ace-Galena returned assays of up to 3,360 grams/tonne (g/t) of silver over 1.3 meters. The Ace-Galena trend is projected to extend over a distance of 5 kilometers to the Sault showing, also in the northern half of the Dolly Varden property. The 2015 drill holes at Ace-Galena were targeted to examine this VMS horizon down dip and along trend of the projected system as a first test of its continuity. All of the 2015 Ace-Galena drill holes intercepted highly anomalous silver, lead and zinc mineralization in VMS horizons. Logged lithology, alteration and mineralization confirm the presence of VMS-style, syngenetic, stratiform “layers” that host mineralization in this prospective rock package. Rosie Moore, Director and interim CEO of Dolly Varden commented,"We are very encouraged by the results from this new exploration confirming the subsurface extent of VMS style mineralization at Ace-Galena. Preliminary interpretation of these first modern drill holes in this system suggests that mineralization strengthens to the northeast along this trend. As a bonus, one of the Ace-Galena holes encountered a new, epithermal quartz vein and breccia hosting visible native silver, and returning high-grade silver assays. Both of these mineralization systems warrant further exploration".

In addition to the holes drilled on the Ace-Galena target, a fan of three holes were drilled in the Kitsol area to follow up on a significant 2014 drill intercept that graded 712 grams of silver per tonne (g/t silver) over 22.6 meters true thickness within the Kitsol epithermal vein structure. The new holes were sited 60 meters northeast of hole DV14010 and were targeted to test the Kitsol vein down-dip form historic trench results, which graded 626 g/t silver over 4.11 meters. The Kitsol vein/structure shows evidence of multiple phases of fluid influx and silver mineralization, including native silver, in a prominent structural flexure on the property. The new drilling, along with the integration of a structural study completed late in 2015 will assist in the future exploration at Kitsol. The following table shows significant mineralized intercepts from the 2015 drill program.


Dolly Varden 2015 DDH Program – Significant Intercepts

Hole	Target	From (m)	To (m)	Length (m)	Silver (g/t)	Lead (%)	Zinc (%)	Gold (g/t)
DV15013	Ace-Galena	89.0	94.0	5.0	51.2	0.72	0.32	N/S
	including	93.0	94.0	1.0	188.0	2.06	0.20	N/S
		110.0	132.5	22.5	42.0	N/S	N/S	N/S
	including	110.0	111.25	1.25	454	N/S	0.24	N/S
DV15014	Ace-Galena	57.0	65.5	8.5	1.28	N/S	0.50	N/S
		104.0	112.0	8.0	4.85	N/S	0.15	N/S
DV15015	Ace-Galena	90.0	101.0	11.0	27.0	0.63	0.82	N/S
	including	91.0	92.0	1.0	59.8	1.71	1.84	N/S
	and	97.0	99.0	2.0	49.0	1.49	1.76	N/S
		112.5	123.75	10.85	25.7	N/S	0.13	N/S
	including	122.5	123.75	1.25	117.5	N/S	N/S	N/S
DV15016	Ace-Galena	100.3	119.0	18.7	15.3	N/S	0.17	N/S
	including	111.0	115.0	4.0	54.9	N/S	0.13	N/S
DV15017	Ace-Galena	93.0	119.0	26.0	11.3	0.20	0.37	N/S
	including	94.0	96.5	2.5	53.0	1.35	1.21	N/S
	and	114.0	119.0	5.0	21.6	N/S	0.16	N/S
DV15018	Kitsol	96.0	103.0	7.0	21.6	N/S	0.16	N/S
		109.0	110.0	1.0	36.5	N/S	N/S	N/S
Hole	Target	From (m)	To (m)	Length (m)	Silver (g/t)	Lead (%)	Zinc (%)	Gold (g/t)
DV15019 1.	Ace-Galena	46.35	49.5	3.15 1.	591.0	N/S	N/S	0.2
	including	47.5	48.0	0.5 1.	3,200	N/S	N/S	0.7
		153.5	156.0	2.5	44.0	0.37	1.54	N/S
	including	155.0	155.5	0.5	158.6	0.97	4.33	N/S
		256.0	263.0	7.0	4.24	N/S	0.26	N/S
		305	315.6	10.6	4.9	N/S	N/S	N/S
DV15020	Kitsol	87.0	87.5	0.5	99.5	N/S	0.18	N/S
		109.8	115.0	5.2	16.2	N/S	0.14	N/S
DV15021	Kitsol	147.0	150.0	3.0	60.3	N/S	0.17	N/S
	including	148.0	149.0	1.0	117.8	N/S	0.13	N/S
DV15022	Deep Stratigraphic Test	No Significant Values

Grades shown are averages over the reported lengths.

N/S – no significant values.

Lengths shown are true thickness except for those from Kitsol and the upper section of hole DV15019 (note 1.) The upper intersection in DV15019 is at low angle to the core axis.


Technical Information

Ron F. Nichols, P. Eng. and Vice President of Exploration for Dolly Varden, who serves as a Qualified Person under National Instrument 43-101, supervised the preparation of the scientific and technical information contained in this news release and has verified the data disclosed herein. All samples were prepared and analyzed at Bureau Veritas in Smithers, British Columbia. A QAQC program was integrated by the Company into the sample chain of custody and included external field blanks, duplicates and standard reference materials; all of which returned acceptable results. Further information regarding the Dolly Varden property can be found on the Company’s website and in the Company’s Technical Report dated September 30, 2015, which includes a mineral resources estimate on the Dolly Varden Silver Project, is filed on SEDAR and is also available on the Company’s website.


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 potential to expand and enhance the mineral resource, results of resources estimates and exploration and the Company’s exploration plans for the Dolly Varden silver 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.

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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