Dolly Varden Targets High-Grade Silver with 10,000 Meter Drill Program

VANCOUVER, Aug. 4, 2020 - Dolly Varden Silver Corp. ("Dolly Varden" or the "Company") (TSXV: DV) (OTC:DOLLF), is pleased to announce that its 10,000 meter discovery-focused and resource expansion drilling program is underway at its flagship Dolly Varden Property, located in northwestern, BC.

As the Company's new technical team finalizes regional exploration targets on the Property, initial drilling is focused on step-out drilling from current resources at the past-producing Torbrit Mine. Company Records of historic mining operations at the Torbrit and Dolly Varden Mines produced average grades of 500 at Torbrit and 1,100 g/t silver at Dolly Varden. Silver mineralization came from Native Silver, Argentiferous Galena and Ruby Silver (pyrargyrite).

"Multiple silver-rich mineralizing systems, deposits and past-producing mines present many target options for exploration at Dolly Varden," said Shawn Khunkhun, President and CEO of Dolly Varden Silver. "We are ramping-up our exploration for the 2020 field season and will keep our shareholders updated regularly on results. Our priority is the discovery of more high-grade silver mineralization, which we expect to accomplish with 80% of drilling at new targets and 20% in high-priority resource expansion areas. It is exciting to have a geological team with so much experience and historic success in this region, added Shawn."

Torbrit Deposit

The main Torbrit deposit hosts strataform exhalative-style silver mineralization and overprinted by epithermal vein mineralization, with associated lead and zinc. The Company's geological team has been on site for several weeks now working on detailed structural mapping and re-interpretations to guide the drill targeting within the +4,500 meters long silver-bearing alteration belt, extending north from the Current Mineral Resource Estimate area. Additional soil sampling on the western portion of the property is ongoing to help define new gold targets for late summer drill testing. Additional technical information on Torbrit can be found at https://www.dollyvardensilver.com/

"Exploration work is progressing as planned while keeping workers safe and healthy as our top priority. We are currently testing for extensions to the mineral resource which has been untouched by historic mining and then will be concentrating on further defining higher grade pockets of silver mineralization," explains Rob van Egmond, Chief Geologist currently on site.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corp. is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Technical Information and Qualified Person

Robert van Egmond, PGeo, Chief Geologist for Dolly Varden Silver Corp., serves as 'Qualified Person' as defined in NI 43-101, and have approved the scientific and technical information contained in this news release.

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian 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" 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. Forward looking statements or information relates to, among other things, completion of the Offering, Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the 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 beliefs 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.

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. 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 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.

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SOURCE Dolly Varden Silver Corp.