Dolly Varden Silver (DV.V) has been very active on its Dolly Varden Silver project in British Columbia lately, and after a steady stream of positive drill results (with for instance 9.89 meters (True Thickness) containing 757 g/t silver and 8.27 meters (TT) containing 249 g/t silver, Dolly Varden was able to fill the gap between two known mineralized zones of the Torbrit deposit, whilst Torbrit remains open towards the south east), the real apotheosis came on Monday, when Dolly Varden announced a completely new silver discovery.
As Torbrit represented the bulk of the 42.5 Million ounces of silver in the total resource estimate, Dolly Varden followed up on several high-priority drill targets. One of those targets was located just a few hundred meters north of Torbrit, and according to the company, that specific zone had all the signature characteristics of the Dolly Varden Torbrit Horizon, with the new zone expected to be the footwall, whilst the main Torbrit zone (with 25.5Moz silver) is the hanging wall structure.
Hole 58 was drilled approximately 200 meters north of Torbrit, as well as 200 meters deeper than where the mineralization of the Torbrit deposit was located. Not only did this hole hit several mineralized intervals with for instance 8.07 meters (true width) containing 162.5 g/t silver-equivalent, the lower zone of this hole revealed almost 26.5 meters at 186 g/t silver-equivalent. Another hole, drilled approximately 300 meters towards the northwest of hole 58 also encountered silver mineralization with for instance 1.64 meters containing 132 g/t silver-equivalent and even though this doesn’t seem to be as exciting as hole 58, it does look like the silver mineralization might be more wide-spread than previously anticipated.
Needless to say the Dolly Varden team sounded really excited and the company will very likely increase the size of its 2017 summer drill program from 5,000 meters (which have already been completed) to 12,000 meters which could actually be completed sooner than expected as the drill crew contracted for the 5,000 meter drill program progressed faster than expected.
The Dolly Varden Silver project already contained 42.5 million ounces of silver and as we argued in our report earlier this year, this was very likely just the beginning. As Dolly Varden has been successful in connecting two mineralized zones at Torbrit without reaching the boundaries of the mineralization, it should be pretty easy for DV to add ounces at both Torbrit and the new zone.
The Golden Triangle district in British Columbia is one of the hottest exploration zones in the world right now and Dolly Varden is ready to take up its spot in the spotlights with its 8,800 hectare land package. In our previous report we claimed ‘the magical milestone of 100 million ounces of silver doesn’t seem to be too far out of reach’, and based on the preliminary exploration results of this summer drill program, we are still fully standing behind this statement. And with the silver price gaining momentum lately, Hecla Mining (HL) might be back to the negotiation table after Dolly Varden defended itself against a C$0.69 offer last year.