DV:CC - Three Drill Rigs Turning on Dolly Varden Silver's Kitsault Valley Project
(TheNewswire)
May 27, 2024 – TheNews w ire – Global Stocks News – On May21, 2024 Dolly Varden Silver (TSXV:DV) (OTC:DOLLF) announced that its 2024Exploration Drill Program has started at its 100% owned Kitsault Valley Project in BC’s GoldenTriangle.
“Exploration Drill Programs typically involve testinga theory,” Rob van Egmond, V.P of Explorationfor DV Silver told Guy Bennett, the CEO of Global Stocks News (GSN).“ In our case, we are trying to verify thepresence of mineralised structures underneath the sedimentarycap.”
Summer Drill Program Key Highlights:
-
Three drill rigs mobilising
-
Initial 25,000 meters diamond drilling planned
-
Focus on Homestake Silver and Wolf Deposits
-
Low snow packs allow for earlier than usual start inMay
-
Extensive Exploration DrillProgram
Three drill rigs have been mobilized and are testing explorationtargets at
1. Moose Vein.
2. Chance Vein
3. North Star Deposit
Objectives of the initial targets include testing for new discoveries and following up from high-grade silver mineralization encounteredin the 2023 drilling program.
“Our 25,000-meter program is the earliest startup forof any season for Dolly Varden Silver and we look forward to buildingon resource expansion and high-grade mineralization discovered duringthe 2023 program,” stated Shawn Khunkhun, CEO of Dolly VardenSilver. “We are excited to continue to grow the premier advancedsilver project in Canada, backed by our strong corporate,institutional and strategic investors.”
Moose Vein
“A kilometer and a half north of Wolf is the MooseVein,” van Egmond toldGSN. “We believe it projects down underneath the sedimentary capthat masks the mineralization.”
“We were going to take that moderate hit from lastyear - about 712 grams/tonne silver over a meter - and we’re doingto drill towards the southwest at the same orientation as the plungeon Wolf Vein.”
Chance Vein
“The Chance Vein is something we drilled a few yearsago,” van Egmond told GSN. “At that time, we had an incompleteunderstanding of the plunged geometries. With the geometry defined,it’s possible to follow the high-grade mineralizationdown.”
“At Chance we had some good intercepts, 400grams/tonne silver over a 24-meter intercept. But when we droppedbelow it, we didn't find anything. We know a lot more about thestructure now. We're applying this newly gained knowledge of thegeometry to test some old intercepts.”
“The first hole at the Chance Vein will test theinterpreted down plunge projection of previously released drill holeDV19-173, that intersected 488 g/t Ag over 26.50 meters including 1,044 g/t Ag over 5.60 meters (from previous release; August 7, 2019),”confirms DV.
North Star Deposit Step Out
“The third drill is at Northstar,” van Egmond toldGSN. “It’s quite near the main resource. Last year we drilled twoholes to get a better intercept on that layer. We wanted to design ahole that cut across everything at a perpendicular angle.”
“We had good intercepts on the western part. If thatlayer has a paleo-geographic dip filled with a similar style ofmineralization as Torbrit, the potential for discovery at North Staris significant.”
“Follow-up drilling will target the extension ofpreviously released drill hole DV23-358 from North Star thatintersected 345 g/t Ag over 7.45m and included 1,510 g/t Ag over0.58 meters (from previous release; February 12, 2024),” confirmsDV.
“ The 2024 summer drill programwill be split approximately 50/50 between the Dolly Varden Propertyand the Homestake Ridge Property,” states DV, “with an overallproject split of 1/3 toHomestake Silver deposit area , 1/3 to Wolf deposit area and 1/3 to projectwide exploration targets with new discoverypotential.”
“Throughout the summer we are going to release thedrill results in batches,” van Egmond told GSN, “We’ll organiseit by drill rig location. We’ll group the Wolf holes together, andthe Homestake holes together, and so on.”
“The first drill results are scheduled to be releasedby the end of June,” van Egmond continued. “We hope to releasedrill results once a month. But that will depend how busy the labsare. There as some big drill programs going on in the GoldenTriangle. It’s normal for the turn-around time at the labs tostretch as the summer goes on.”
“Primary silver mines are rare,” Khunkhun told GSN.“They only represent about 28% of the silver market. We're locatedin Canada, that has stable mining laws. We are up North in BritishColumbia where there are not a lot of tourists. We've demonstratedsize through acquisition and discoveries.”
“This has led to a lot of notable shareholders,”continued Khunkhun. “Including Hecla, Eric Sprott and institutionslike Fidelity.”
On November 2, 2023 Dolly Varden Silver announced thatit has closed a deal where Hecla Canada invested$10 million in DV Silver , raising itsstake in DV Silver from 10.6% to 15.7%.
Hecla Mining has a market cap of USD $3.52 billion andtrades on the New York Stock Exchange (NYSE). It is on track toproduce 17 million ounces ofsilver in 2024 .
“Hecla’s increased ownership stake is a benefit tous,” Khunkhun told GSN. “Hecla has demonstrated it is a stickyshareholder. They're looking to expand their North American silverportfolio. ”
“In a note published Tuesday, commodity analysts atTD Securities reiterated their bullish outlook for silver as physicaldemand continues to outstrip supply,” reported Kitco News onMay 21, 2024 . “In his latest note,Daniel Ghali, senior commodity strategist at the Canadian Bank, saidhe is keeping an eye on the white metal’s all-time highs.”
“The last time silver prices broke through $30/oz, ittraded to $50/oz in less than ten weeks,” Ghali wrote.
“Dolly Varden is trading at about $1 an ounce in theground,” KhunKhun told GSN. “The average company trades about $4an ounce in the ground. If we continue to find more silver forpennies-an-ounce in the ground, and the price of silver continues togo up, there is a strong likelihood that we are going to berevalued.”
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly VardenSilver, the “Qualified Person” as defined by NI43-101 hasreviewed, validated and approved the scientific and technicalinformation contained in this GSN release.
Disclaimer: Dolly Varden Silver paid GSN CND $1,500 forthe research, creation and dissemination of this content.
Contact: guy.bennett@globalstocksnews.com
Copyright (c) 2024 TheNewswire - All rights reserved.