Recapping Dolly Varden Silver's 2025 Drill Program

Key Concepts

• Drill Results Interpretation: The video emphasizes the importance of geologists explaining drill results to a broader audience.
• Dolly Varden Property: Focuses on silver projects, specifically the Wolf deposit.
• Homestake Ridge Project: Focuses on gold and silver projects, specifically Homestake Silver and Homestake Main.
• Mineralization: Discusses various types of silver and gold mineralization, including native silver, pyrargyrite, argentite, argentiferous galena, and native gold.
• Geological Structures: Mentions high-grade plunges, central valley fault, bends in the system, fluid pathways, and breccia veins.
• Mining Methods: Highlights amenability to lower-cost bulk underground mining methods.
• Metallurgy: Discusses recovery rates and the potential for processing at existing mills.
• Regional Geology: Explains the significance of the Hazelton formation and the SK rift period in the Golden Triangle.
• Hub and Spoke Model: A potential regional development strategy.
• Past Producing Mines: Mentions Porter, Idaho, Mountain Boy, and Esparanza mines.

Dolly Varden Property - Wolf Deposit

• Exploration Aim: To define a higher-grade, wider zone at depth along a high-grade plunge.
• Previous Results (Hole 421): A 120m step-out from known mineralization returned 379 g/t silver over 21.69m.
• Recent Results (Hole 446): Released in October, this hole returned 400 g/t silver over 21.7m, including 1m of 10,700 g/t silver. This result extended the vertical extent of the high-grade, wider zone.
• True Width: Estimated to be close to 15m for the wider zones.
• Ongoing Exploration: Step-outs to the west are ongoing, aiming to locate the central valley fault and understand the Wolf vein's behavior near it.
• Mineralization Type: Multiple breccia events with native silver, pyrargyrite, argentite, and argentiferous galena. Described as low-temperature silver mineralization, easily liberated.
• Metallurgy: Samples are currently in the lab for analysis. Similar mineralization to Torbert, which achieved 85-87% recovery.

Homestake Ridge Project - Homestake Silver and Homestake Main

• Drilling Schedule: Drilling commenced later in the season due to snow melt at higher elevations.
• Drilling Techniques: Utilized directional drills, including a mother-daughter hole technique and single directional holes for precise intercept targeting.
• Key Intercepts:
  • Hole 456: Returned 3.34 g/t gold over 120m. This is considered a step-out along the high-grade plunge.
  • Hole 469 (Recent Release): Located below the plunge in an area with over 50m spacing between adjacent holes. Returned 26.74 g/t gold and 34 g/t silver over 14m. This intercept includes higher-grade veins and breccias: 122 g/t gold and 141 g/t silver over 2.85m.
• Mineralization Characteristics:
  • Homestake Silver/Main: Defined by a bend in the system where mineralization widens out.
  • Gold vs. Silver Distribution: Higher gold grades are found to the north, while silver grades increase to the south.
  • High-Grade Feeders: Narrower, high-grade intervals (e.g., 216 g/t gold over 0.5m, 165 g/t gold over 1.3m) are identified within the wider mineralized zones.
  • Native Gold: Significant amounts of native gold are being found in this zone.
  • Multiple Pulses: The presence of multiple breccias and veins is considered beneficial for mineralization.
• Zone Dimensions:
  • Vertical Extent: Defined over 300 meters vertically in the area of hole 469.
  • Lengthwise Extent: Approximately 1 kilometer of length with recent step-outs.
• Comparison to Premier Mine: Core from hole 469, specifically an interval grading 91 g/t gold, is visually compared to a slab from the Premier Mine (320 level). The mineralization and high-grade areas are described as similar, suggesting potential processing at the Premier mill.
• Mining Amenability: Wide intercepts are amenable to lower-cost bulk underground mining methods.

Regional Context and Property Holdings

• Acquisitions: The company now holds over 100,000 hectares in the southern Golden Triangle following May acquisitions.
• Geological Setting: The ground covers the Hazelton formation (Jurassic package hosting major Golden Triangle deposits) and is situated in a sub-basin of the SK rift period.
• Deposit Styles: The properties host similar deposit types to major Golden Triangle deposits:
  • Homestake Ridge: Similar to Premier Mine.
  • Torbert: Layered system, different style/mineralogy than Eskay Creek but similar age.
  • Cross-cutting Epithermal Veins: Similar to veins surrounding Bruce Jack mine.
  • Gold at Homestake: Similar to Premier and Bruce Jack.
  • East of Dolly Varden: Large bulk copper-gold porphyry system (Texas Creek intrusive suite, same age as KSM).
• Past Producing Mines:
  • Porter, Idaho: High-grade silver.
  • Mountain Boy: High-grade silver.
  • Esparanza Mine: Located further south in Kitsalt Valley, produced from 1911-1927 with ~1,000 g/t silver and 2-3 g/t gold.

Synthesis and Conclusion

The video provides a detailed update on Dolly Varden and Silver's summer exploration program, highlighting significant drill results from both the Wolf deposit (Dolly Varden property) and the Homestake Ridge project. At the Wolf deposit, exploration continues to define a high-grade, wider zone at depth, with recent results extending its vertical reach. At Homestake Ridge, particularly the Homestake Silver deposit, drilling has intersected very wide, high-grade gold and silver intervals, demonstrating significant growth in the deposit's size and potential for bulk underground mining. The mineralization at Homestake Ridge is noted for its similarity to that of the past-producing Premier Mine, suggesting potential processing synergies. The company's expanded land package in the southern Golden Triangle covers a geologically prospective area with diverse deposit styles, including those similar to major mines in the region. The overall message is one of strong exploration success and significant potential for value creation across the company's portfolio.