Dolly Varden Deal
December 6, 2021
DOLLY VARDEN AND FURY TO CONSOLIDATE EMERGING CANADIAN SILVER-GOLD DISTRICT IN THE GOLDEN TRIANGLE
Vancouver, BC – December 6, 2021 – Dolly Varden Silver Corporation ("Dolly Varden") (TSXV: DV) (OTCQX: DOLLF) and Fury Gold Mines Ltd ("Fury") (TSX: FURY) (NYSE American: FURY) are pleased to announce that the companies have entered into a definitive agreement dated December 6, 2021 (the "Purchase Agreement") pursuant to which Dolly Varden will acquire from Fury, through the acquisition of Fury's wholly-owned subsidiary, a 100% interest in the Homestake Ridge gold-silver project ("Homestake Project"), located adjacent to the Dolly Varden Project ("DV Project" and together with the Homestake Project, the "Kitsault Valley Project") in the Golden Triangle, British Columbia (the "Transaction").
The Homestake Project hosts a resource estimated to contain 165,993 ounces of gold and 1.8 million ounces of silver in the Indicated category and 816,719 ounces of gold and 17.8 million ounces of silver in the Inferred category (refer to further resource disclosure at the end of this release) within a 7,500 hectare land package located contiguous to and northwest of the DV Project. The close proximity of the deposits that make up the current mineral resource estimates, combined with common infrastructure in the region, is expected to generate substantial co-development synergies as these deposits are advanced in combination. The Transaction values the Homestake Project at CAD$50 million for which Dolly Varden will pay $5 million in cash and issue 76,504,590 Dolly Varden common shares to Fury, as further described below.
Conference Call and Webcast
A joint webcast will be held by management of both Dolly Varden and Fury to discuss the Transaction on Monday, December 6th, 2021 at 10 a.m. Pacific time / 1 p.m. Eastern time. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the following link: https://services.choruscall.ca/links/dollyvardensilver20211206.html
A presentation to accompany the conference call and webcast can be accessed via either the Dolly Varden or Fury websites at www.dollyvardensilver.com or www.furygoldmines.com. A replay of the joint webcast will be available on both websites following the conclusion of the call.