"Co. Looks for More High-Grade Silver Golden Triangle" New Streetwise reports article highlighting Dolly Varden Silver's (DV.v DOLLF) recently commenced 25,000m drill program at its 100% owned Kitsault Valley Project: https://www.streetwisereports.com/article/2024/05/28/co-looks-for-more-high-grade-silver-golden-triangle.html
With three rigs mobilized to test for new discoveries and follow up on high-grade silver mineralization encountered in 2023, the Moose Vein, Chance Vein and North Start Deposit step-out are the initial targets.
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.
DV CEO Shawn Khunkhun commented:
"With drilling already underway, (this) 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. We are excited to continue to grow the premier advanced silver project in Canada, backed by our strong corporate, institutional, and strategic investors."
Located in BC's Golden Triangle, Kitsault is a 140M high-grade and pure-silver resource. 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.
The Catalyst: Resources Expected to Increase
Following the announcement of this exploration program, Research Capital Corp. analyst Stuart McDougall's raised his target price for DV, rating it a Speculative Buy:
"We are raising our target price to (CA)$1.45/share from (CA)$1.35/share to reflect our expectations for a 25% increase to existing project resources, net of a higher share count for (CA)$25 (million) worth of equity financings completed since our last update and for our future equity assumptions, priced in the context of the current market,"
Technical Analyst Clive Maund additionally commented that DV could see some upward movement due to a possible "major upleg" that could begin immediately in gold and silver stocks as 'a fine countertrend Pennant has formed over the past month that has brought it back to support above its rising 50-day moving average and unwound its earlier overbought condition.
Offering investors a "big silver equivalent resource in British Columbia's Golden Triangle to leverage rising silver prices and exciting, discovery-driven growth", DV has additionally drawn the attention of Bob Moriarty from 321Gold.com and the Golden Opportunities Newsletter as silver spot prices continue to see growth amid a supply deficit expected to extend into a fourth consecutive year in 2024.
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.