Dolly Varden Silver – Drill Assay Results From The Wolf And Moose Vein Areas And The Recent $10M Strategic Investment by Hecla
Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF) joins us to discuss the next batch of assay results from the 51,454 meter drill program completed during 2023. This exploration program entailed 115 drill holes at the Dolly Varden and Homestake Ridge areas across the Kitsault Valley Project, located in the Golden Triangle of British Columbia, Canada, with 70 holes still to release to the market from this program.
We discussed the recent news release from November 6th that included eight holes from Wolf and four holes from Moose. A total of 31 holes for 15,860 meters were drilled at Wolf in 2023.
- Wolf Vein Highlights:
DV23-375, Southwest Extension step-out: 461 g/t AgEq* (296g/t Ag, 1.68% Pb, 3.01% Zn) over 26.99 meters, including 2,260 g/t AgEq* (1,475g/t Ag, 10.65% Pb, 12.00% Zn) over 0.50 meter from an 81-meter step-out.
DV23-379, Southwest Extension infill: 287 g/t AgEq* (247g/t Ag, 0.40% Pb, 0.73% Zn) over 18.21 meters, including 1,170g/t AgEq (1,125g/t Ag, 0.14% Pb, 1.09% Zn) over 0.50 meters.
- Moose Vein highlights:
DV23-371: 712 g/t Ag over 1.00 meter within a 7.55 meters length interval averaging 269 g/t Ag
Shawn stated that “The results we are seeing from the Wolf Vein continue to demonstrate depth continuity of the high-grade silver mineralization as well as an increase in base metal content…Drill hole DV23-375 has extended the plunge length to over 950 meters with increased thickness of the potentially underground bulk-mineable mineralization and it remains wide open for expansion. With over 70 drill holes remaining to be assayed and announced we eagerly await their results.”
We have Shawn outline the additional key targets tested on this drill program and in focus for next year, with the 1.4km target gap between Wolf and the Moose Vein as well as the 1.5km gap between the Wolf and Torbrit/Kitsol Zones. Additionally, there are a number of drill holes to still report from the Homestake Main and Homestake Silver target areas in the months to come.
We wrap up having Shawn outline the news announced November 2nd, regarding the completion of a sale of 15,384,616 common shares of the Company to Hecla Canada Ltd. on November 1, 2023 at a price of $0.65 per Common Share for gross proceeds of $10 million. As a result of this transaction, Hecla has increased its shareholding in the Company to 15.7% from 10.6%, calculated on an undiluted basis.
- In full disclosure, Shad is a shareholder of Dolly Varden Silver at the time of this recording.