“Dolly Varden is trading at about $1 an ounce in the ground. The average company trades about $4 an ounce in the ground. If we continue to find more silver for pennies-an-ounce in the ground, and the price of silver continues to go up, there is a strong likelihood that we are going to be revalued.” - Shawn Khunkhun
Amid continuing bullish outlook for silver as physical demand continues to outstrip supply, Dolly Varden Silver (DV.v DOLLF) released additional details today regarding the commencement of its 2024 Exploration Drill Program last week at its 100% owned Kitsault Valley Project with three drill rigs turning.
Located in BC's Golden Triangle an area known for its mineral wealth and historical mining activity, Kitsault is a 140M high-grade and pure-silver resource,
As explained by Rob van Egmond, VP of Exploration, "Exploration Drill Programs typically involve testing a theory. In our case, we are trying to verify the presence of mineralized structures underneath the sedimentary cap."
Key highlights:
- Three drill rigs mobilising
- Initial 25,000m diamond drilling planned
- Focus on Homestake Silver & Wolf Deposits
- Low snow packs allow for earlier than usual start in May
- Extensive Exploration Drill Program
The three drill rigs are testing exploration targets at the Moose Vein, Chance Vein and North Star Deposit, with the objectives of the initial targets including testing for new discoveries and following up from high-grade silver mineralization encountered in the 2023 drilling program.
With the geometry defined and a better understanding of the structure since previous drilling, DV is applying its newly gained knowledge and is better able to follow the high-grade mineralization down.
"Excited to continue to grow the premier advanced silver project in Canada, backed by our strong corporate, institutional and strategic investors," DV CEO Shawn Khunkhun commented:
“Our 25,000-meter program is the earliest startup for of any season for Dolly Varden Silver and we look forward to building on resource expansion and high-grade mineralization discovered during the 2023 program,”
Significantly, DV plans to release the drill results in batches throughout the summer, with the first results scheduled to be released by the end of June.
Representing only about 20% of the silver market, primary silver mines are rare and, having demonstrated size through acquisitions and discoveries, DV has accumulates a range of notable shareholders including Hecla, Eric Sprott and Fidelity.
On track to produce 17M ounces of silver in 2024 and with a market cap of US$3.52B, , Hecla Mining increased its share in DV from 10.6% to 15.7% following a $10M investment last year.
With an 11 year breakout in silver having occurred due to the lack of a substitute, the market opportunity for DV is clear amid it's current and busy field season. (Source: https://x.com/shawnkhunkhun/status/1791833824936313172?s=46&t=WI8lw8MoN5OqPfJMCKEOqg)
For more information on the exploration targets, refer to DV's latest news release: https://stockhouse.com/news/press-releases/2024/05/27/three-drill-rigs-turning-on-dolly-varden-silver-s-kitsault-valley-project
Posted on Behalf of Dolly Varden Silver Corp.