Silver Co. Extends High-Grade Gold Deposit in Golden Triangle

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) announced drilling results that expand the high-grade gold zone within the Homestake Silver deposit, according to a November 10 release.

Drill hole HR25-469 targeted a large open area at the Homestake Silver Deposit, intersecting 26.74 grams per tonne gold (g/t Au) over 14.75 meters, including 122 g/t Au over 2.85 meters within a broader mineralized zone grading 12.13 g/t Au over 33.80 meters. Results included:

• HR25-469: 26.74 g/t Au over 14.76 meters, including 122 g/t Au over 2.85 meters within a broader mineralized zone grading 12.13 g/t Au over 33.80 meters.
• HR25-464: 9.22 g/t Au over 6.65 meters, including 58.80 g/t Au over 0.95 meters from a newly identified stockwork zone.

"This discovery of wide, high-grade gold mineralization marks a significant metallogenic breakthrough at Homestake Ridge; this style of mineralization is similar to the idled Premier Gold Mine located 45 kilometers to the northwest," President and Chief Executive Officer Shawn Khunkhun said. "The Premier Deposit was the richest, historic gold-silver mine in the southern Golden Triangle. Mineralization remains open for expansion and will be a central focus of future drilling programs."

High-Grade Core of Deposit Defined Over 300 Meters

Drill hole HR25-469 is located in an area where the nearest historic drilling is more than 50 meters away, the company said. Together with two other 2025 drill holes on section, HR25-462 and HR25-464, and previous drilling, the high-grade core of the Homestake Silver deposit is defined for over 300 meters vertically and extends for over 1,000 meters along plunge.

Previously released step-out drill hole HR25-456 graded 3.34 g/t Au over 120 meters, including 216 g/t Au over 0.52 meters and 166 g/t Au over 1.3 meters, and is located 300 meters to the northwest along plunge. Drill hole HR25-464 is a step-out below the known extents of Homestake Silver, intersecting mineralization 110 meters down dip of HR25-469, the company said.

Additionally, a new stockwork vein interval representing a potential new mineralization zone was encountered to the west of the main trend, grading 9.22 g/t Au over 6.65 meters.

Homestake Silver

During the 2025 season, Dolly Varden said it drilled a total of 56,131 meters across 86 drill holes, with approximately 40% of the drilling at Homestake Ridge focused on step-outs and local infill along the broader, high-grade gold plunge at Homestake Silver.

The company is employing directional drilling technology to accurately target areas for step-out and infill holes at Homestake Silver. Drill holes HR25-462, HR25-464, and HR25-469 were drilled individually from the same pad, using directional drilling to precisely intercept the target within the mineralized zone.

The Homestake Ridge deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia systems hosted in Jurassic Hazelton volcanic rocks, according to the release. Mineralization consists of pyrite, +/- galena and sphalerite, with visible gold in a silica breccia matrix. The northwest-trending structural corridor hosts multiple subparallel structures that control high-grade gold and silver shoots within a broader mineralized envelope.

Although historically considered a silver-rich gold deposit, recent drilling at Homestake Silver has defined a shallow north-plunging dilation zone characterized by a wide mineralized interval with an increased frequency of high-grade gold veins and vein breccias, indicating a shift towards a gold-rich system to the north, the company noted. The deposit remains open along the plunge and at depth.

'Something That Sparkles Even Brighter'

In the November 10 issue of The Gold Advisor, Senior Analyst Jeff Valks commented on the results, saying, "For a company that built its name on silver, Dolly Varden Silver just drilled something that sparkles even brighter."

The comparison to Premier matters, Valks said, as it "is the local benchmark for grade and style." 

The emerging perspective on Homestake Silver, traditionally seen as silver-rich, is that it is unveiling a shallow north-plunging dilation zone where the occurrence of high-grade gold veins increases as you move north, he wrote. The system remains open along its plunge and at depth.

"For newer metals investors: the geology here is the familiar Golden Triangle cocktail — structurally controlled, multi-phase epithermal vein stockworks and vein breccias in Jurassic Hazelton volcanics, with pyrite, galena, sphalerite and visible gold," Valks noted. "That’s a recipe that’s powered more than a few B.C. success stories."

Analyst Marcus Giannini of Haywood Capital Markets noted in a November 10 updated note that he liked many of the grades in the results. He rated the Stock a Buy with a CA$5.39 per share price target.

This represents a significant, defensible step-out with grades that extend well, the analyst said.

"The company’s use of directional drilling to chase the plunge efficiently is smart, and the growing run of high-grad intercepts — across distance, not just density — nudges Homestake Silver’s story from 'silver camp with gold accents' toward 'gold-silver system with scale.'"

Valks said the stock was on the rise over 8% as he wrote, giving an opportunity to take advantage of the news, as the stock price remains well below recent highs. If not,

Consider buying on the dips and let the drills do their work, Valks said. "As we've said, we view Dolly Varden as a core silver holding," he continued.

Research Capital Corp. Analyst Stuart McDougall announced on the same day, November 10, that the firm was resuming coverage of the company following the successful completion of a recent equity financing, in which Research Capital acted as an agent, along with other corporate developments since our last update, including a 1-for-4 share consolidation.

Additionally, considering recent drill results, McDougall now estimates 50% more ounces are outlined at the flagship Kisault Valley project in British Columbia's Golden Triangle, up from the firm's previous assumption of 25%, alongside the 25% upside factor Research Capital Corp. maintains on gold.

"Furthermore, we now value those ounces at US$4/oz and US$100/oz instead of US$3/oz and US$75/oz, bringing our metrics more in line with comparable companies. "Our target price is now CA$7.60/share, up from CA$5.80/share, adjusted for options."

Analyst Marcus Giannini of Haywood Capital Markets noted in a November 10 updated note that he liked many of the grades in the results. He rated the Stock a Buy with a CA$5.39 per share price target.

"While hole 469 certainly impressed with its continuity and high-grade nature, we also saw strong grades from hole HR25-464, which returned 9.22 g/t Au over 6.65 meters, including 58.80 g/t Au over 0.95 meters within a distinct and newly recognized stockwork zone," he wrote. "We note that this hole represents a step out below the known extents of Homestake Silver, as we believe the novel stockwork zone warrants additional follow up work."

The Catalyst: Near-Term Postures for Gold, Silver Turn Bullish

Gold and silver prices are experiencing significant increases, with both metals reaching three-week highs and silver approaching its record high during midday U.S. trading on Wednesday, Jim Wyckoff noted for Kitco News on November 12.

"The near-term technical postures for gold and silver have turned more bullish recently, which is inviting the chart-based speculators to play the long sides of both markets," the expert said.

The prices stabilized after a two-day rebound, even as optimism about the possible resolution of the longest U.S. government shutdown increased risk appetite, according to a report by Peter Nurse for Investing.com on November 12.

Spot gold edged up by 0.1% to US$4,128.08 per ounce, while December gold futures climbed 0.4% to US$4,133.05 per ounce.

Uncertainty over U.S. interest rates has driven some demand for gold this week, alongside the Supreme Court's criticism of Trump’s trade tariffs, Nurse noted. According to Nick Timiraos of The Wall Street Journal, there is growing disagreement among Federal Reserve policymakers about whether to cut interest rates in December, with delayed economic data for September and October adding to this tension, Nurse reported.

The end of the government shutdown will allow for more official economic data releases, which could help alleviate some of the uncertainty about the economy. The author pointed out that markets are now pricing in a 62.4% probability of a 25 basis point cut at the Fed's December 10-11 meeting, up from a 57.8% chance seen the previous day, according to CME FedWatch.

Risk appetite improved this week after the U.S. Senate passed a measure aimed at unlocking government spending and ending the longest government shutdown in history, Nurse said. The bill will now move to the House of Representatives for further approval, with the Republican-controlled chamber indicating it will pass the bill. Afterward, it will be sent to U.S. President Donald Trump to be signed into law.

Gold prices steadied on Wednesday following a two-day rebound, even as optimism about the potential end of the longest U.S. government shutdown boosted risk appetite. At 9 a.m. ET, spot gold increased by 0.1% to US$4,128.08 per ounce, while gold futures for December rose 0.4% to US$4,133.05 per ounce.

Ownership and Share Structure¹

Institutional investors own 50% of the company. Along with Hecla with 13.7%, other strategic investors include Fury Gold Mines Ltd. (FURY:TSX) with 13.5% and Eric Sprott with 9.5%. The rest is in retail.

Dolly Varden has 90.88 million outstanding shares and 90.5 million fully diluted shares. Its market cap is CA$531.55 million. Its 52-week range is CA$3.21–CA$7.46 per share.