July 7, 2023 (Investorideas.com Newswire) Dolly Varden has begun drilling on its property in the Golden Triangle. Read on to see what the company expects to encounter on the new property.
Dolly Varden Silver Corp. (DV:TSX.V; DOLLF:OTCQF) has announced that it has begun drilling on the Kitsault Valley project, which includes the company’s silver property and the newly acquired gold-silver property, Homestake Ridge.
The acquisition of Homestake Ridge expanded the focus of Dolly Varden, which had previously been only on silver mining. Geology crews have already been on the site since May, and Dolly Varden anticipates high results from the project.
Dolly Varden has announced that it has begun drilling on the Kitsault Valley project, which includes the company’s silver property and a gold-silver property owned by Homestake Ridge. Two drills are targeting the Wolf Vein, and two drills are targeting the Kitsol Vein, with a fifth drill rig available as the drilling program progresses.
According to Shawn Khunkhun, the president and CEO of Dolly Varden, “We have hit the ground running with four drills on our fully funded 2023 exploration drilling program. We have already completed several drill holes at Wolf and Kitsol, where aggressive stepouts in 2022 significantly expanded silver mineralization along strike to the north and south as well as downdip. The team is excited to test numerous new target areas beneath the sediment cap with the objective of connecting these two wide and high-silver-grade areas.”
In addition to the stepout holes and exploration drilling at the Wolf and Kitsol veins, several new targets will be tested, including the projection of the Moose vein under the sediment cap.
In several weeks, the drills will be moved up the valley to the Homestake Ridge area. Further drilling will test the plunge of wide, high-grade gold-silver mineralization that was defined by recent oriented core and structural interpretations.
Geology crews have been working on the site since early May, completing a program of additional sampling of core from 2022 Homestake Main drilling, where assay results revealed an extensive low-grade gold (over 0.1g/t Au) envelope to high-grade mineralization.
Silver Holding Steady
According to Barry Fitzgerald of Stockhead, precious metals are still bolstered by uncertainty related to the economy and the value of the dollar.
Typically considered a safe haven for investors, gold and silver rose to record highs earlier this year in April. Precious metals are being bolstered by what he calls the “five D’s”: debt defaults, the debt ceiling crisis, dedollarization, destabilization, and decarbonization, all of which have strained the economy.
Additionally, other mining companies targeting gold and silver have made significant gains this month, such as Gold 50, which announced that it had uncovered high-grade gold and silver mineralization. While gold has not broken records again this year, the market appears to be moving along at an encouraging pace.
Dolly Varden was counted among the Critical Investor’s top seven picks for 2022. It cites its acquisition of the Homestake Ridge Project from Fury Gold Mines and its increased mineral resource estimate.
According to the Critical Investor, “Dolly Varden management is looking at a season of exploration first in order to unlock the size and potential of the deposits.”
An interview between Maurice Jackson of Streetwise reports and Shawn Khunkhun sheds more light on the expansion of Dolly Varden. The Kitsault Valley is located in the Golden Triangle of Canada’s British Columbia. Prior to the acquisition of Homestake Ridge, which contains about 900,000oz of gold, Dolly Varden was focused almost exclusively on silver. This expansion has expanded the focus of the company as well as its property.
Ownership and Share Structure
Dolly Varden reports a number of institutional investors. Fury Gold Mines, Ltd. owns 23.37% of the company with 59.50 million shares. Hecla Mining Co owns 10.62% with 27.04 million shares. 2176423 Ontario, Ltd. owns 10.07% with 25.63 million shares. Fidelity Management & Research Company LLC owns 6.68% with 17.00 million shares, and ETF Managers Group LLC owns 2.83% with 7.20 million shares.
Sprott Asset Management LP owns 2.13% with 5.44 million shares, and U.S. Global Investors, Inc. owns 1.28% with 3.25 million shares. Mirae Asset Global Investments owns 1.16% with 2.96 million shares, DWS Investment GmbH owns 0.29% with 0.75 million shares, and Charteris Treasury Portfolio Management owns 0.20% with 0.50 million shares.
There are 254.66 million shares outstanding shares, and 142.19 million free float traded shares, with a market cap of CA$146.83 million. It trades in the 52-week period between CA$0.36 and CA$1.24.
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