Dolly Varden Silver Intersects 15.94 meters Averaging 1,499 g/t Silver Including 0.35 meters of 23,997 g/t Silver at the Wolf Deposit

August 8, 2023

VANCOUVER, BC, August 8^th, 2023 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce initial drill results from expansion drilling at Kitsol and Torbrit as part of the 2023 exploration program on the 100%-owned Dolly Varden property in BC’s Golden Triangle.  Due to drilling success and efficiencies, a fifth drill has been mobilized to site and the 2023 program has been expanded by approximately 10,000m to 55,000m of drilling. Over 70 drill holes have been completed to-date this season.

Highlights from the Kitsol Vein in the Torbrit Deposit area include*: 

• DV23-334:  297 g/t Ag over 8.32 meters including 1,090 g/t Ag over 0.90 meters at Kitsol
• DV23-336:  342 g/t Ag over 18.00 meters including 2,270 g/t Ag over 0.50 meters and 995 g/t Ag with 3.6% Pb over 0.60 meters at Kitsol
• DV23-337:  496 g/t Ag  over 9.57 meters including 1,100 g/t Ag over 0.73 meters at Kitsol
• DV23-348:  334 g/t Ag over 3.50 meters including 672 g/t Ag over 1.34 meters  at Torbrit Main, south extension

                 * Intervals are core length; true widths vary from 64 to 87% of core length interval (see table 1), assays are uncut