DV Closes Second Tranche for Total of $32.2 Million Today, Dolly Varden Silver (DV.v DOLLF) announced the closing of the second tranche of its bought deal offering for a total of $32.2 million.
Notably the net proceeds will be allocated toward working capital and general corporate purposes alongside exploration and mineral resource expansion at the company's Kitsault Valley Project.
A High-Grade Silver Opportunity in Top Jurisdiction
Spanning 163 square kilometers, the Kitsault Valley Project in BC's Golden Triangle boasts a indicated resource of 34.7 million ounces of silver and 166,000 ounces of gold, with an additional 29.3 million ounces of silver and 816,700 ounces of gold inferred.
The highlight of DV's 2024 exploration season has been the expansion of the Wolf Vein, where recent drill results have delivered high-grade silver, lead, and zinc mineralization.
Drill hole DV24-416, for instance, returned an average of 654 g/t silver over 21.48 meters, while DV24-408 averaged 513 g/t silver over 27.19 meters.
These findings suggest a significant vertical expansion of the mineralized zone, with the potential for bulk underground mining, which could lower costs and increase tonnage. The current drill program has been expanded from 25,000 meters to 32,000 meters to further explore these promising results.
Aggressively pursuing resource expansion at both the Wolf Vein and the Homestake Silver Deposit, DV's broader strategy is to increase the company's precious metal inventory, which has grown by 300% over the last four years. With three drill rigs mobilized and the drill program expanded, DV aims to capitalize on the growing demand for silver, particularly from industrial sectors like solar PV production.
Full News Release:
https://dollyvardensilver.com/dolly-varden-silver-announces-closing-of-second-tranche-of-bought-deal-offering-for-a-total-of-32-2-million/ Posted on Behalf of Dolly Varden Silver Corp.