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Dolly Varden Announces Issuance of Common Shares for Acquisition of Porter Project
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2025) - Dolly Varden Silver Corporation (TSXV: DV) (NYSE American: DVS) (FSE: DVQ) (the "Company" or "Dolly Varden") is pleased to announce that, further to its news release dated May 8, 2025, it has completed the acquisition of the Porter Project, located in the Golden Triangle, British Columbia, further strengthening Dolly Varden's position as a prominent precious metals exploration Company in the region. The Porter Project is comprised of 15 contiguous claims and 46 crown grants, encompassing an area of approximately 3,192 hectares in the Golden Triangle, British Columbia.
Dolly Varden completed the acquisition of the Porter Project from Strikepoint Gold Inc. ("Strikepoint") for consideration of $1,100,000, which was satisfied by the issuance of 295,699 common shares of the Company ("Consideration Shares") at a deemed price of $3.72 per Consideration Share. In connection with the issuance of the Consideration Shares to Strikepoint, the Company has filed a prospectus supplement dated May 21, 2025 to its base shelf prospectus dated April 25, 2023 to qualify the distribution thereof.
About the Porter Project
The Porter Project has an upside exploration potential between two shear hosted silver-rich vein systems: the historic Silverado mine and past-producing Prosperity-Porter Idaho mines that are separated by a 2,350 meter long unexplored trend. Veins at both sites run at a similar orientation and it is hypothesized that the system may be continuous under the summit of Mount Rainey. The Prosperity-Porter Idaho vein system has seen past production, having been mined between 1929 and 1931, producing 27,123 tonnes of direct shipping ore with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). The ore was shipped to the port at Stewart, British Columbia via aerial tramway.
Figure 1: The location of the Porter Project is shown in green, the location of the Kinskuch Property is shown in blue (the proposed acquisition of which was announced in a news release dated May 5, 2025, and which is not yet complete), and the location of the MTB Metals Corp. Properties are show in orange (the proposed acquisition of which was announced in a news release dated May 15, 2025 and which is not yet complete).
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