Dolly Varden Silver Intersects 45.82 Meters Averaging 304 g/t Silver at Torbrit Deposit; Expands and Upgrades Mineralization

Vancouver, BC – February 16, 2021 – Dolly Varden Silver Corporation (“Dolly Varden” or the “Company”) (TSXV:DV) (OTC:DOLLF), is pleased to announce the results of the remaining assays from the 2020 drill program from it’s 100% owned Property located near tidewater in northwest British Columbia. The work completed during the 2020 Exploration Program included infill and step-out drilling at Torbrit Deposit as well as regional mapping, surface sampling and exploration drilling. The high-grade silver deposit at Torbrit hosts the largest 43-101 Mineral Resource of the three silver deposits at the Dolly Varden Silver Project. Torbrit continues to show its potential as the most significant silver deposit on the Property and is considered among the most advanced pure silver assets in Canada, with further room for expansion at depth and along strike. The historic workings from the Torbrit mines past production support underground access to silver mineralization and surface infrastructure provides direct road access to deep tidewater docks at Alice Arm, BC.  Highlights from the recent drilling program include: DV20-222: 310 g/t silver over 6.00 meters, including 1,083 g/t silver over 2.70 meters DV20-244: 304 g/t silver over 45.82 meters, including 642 g/t silver over 4.00 meters DV20-246: 306 g/t silver over 5.10 meters, including 1,290 g/t silver over 0.60 meter The true width of intercepts is estimated to be 80-95% of the Core Length (m) reported using the current understanding of the three-dimensional nature of the mineralization and grade models at Torbrit. Interval lengths are constrained by grade values within the mineralization envelope. Recoveries on the individual metals have not been applied to composite calculations which are reported at 100%. “We are seeing consistent intervals of high-grade silver mineralization at the Torbrit Silver deposit that has the potential to support economically attractive underground bulk-mining technics, while at the same time each successive drill programs continues to demonstrate that the deposit is open for expansion.  As part of our 2021 work plan, we are considering further underground work at Torbrit to develop better access for test mining and bulk sampling, as well as resource expansion and exploration drilling at depth and along strike to the east of Torbrit.  While silver exploration is our primary focus on the Property, we are highly encouraged with the geological and pathfinder element geochemical results for gold and copper mineralization from the four-kilometer long early-Jurassic volcanic and intrusive trend located northwest of our growing silver deposits. Therefore, we can not rule out a gold discovery consistent with the plus million-ounce resource at the adjacent Homestake property in addition to the potential for another Torbrit like silver discovery,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.  A total of 11,397 meters in 40 drill holes were completed during the 2020 exploration program at Dolly Varden. 19 holes were completed in the Torbrit area and 21 reconnaissance and exploration drill holes were drilled, testing multiple areas on the Property.  This release represents the results from continued exploration within the Torbrit Silver Mine Area (initial results released October 07, 2020), with a focus of step-out drilling and infilling areas of sparse data.  Additionally, exploration drilling to test structures and stratigraphy prospective for silver mineralization along the 4.5km long volcanogenic-related stratigraphy that hosts the Torbrit Silver deposit. Initial exploration and reconnaissance drilling was also completed on the western portion of the property where strongly quartz-sericite-pyrite altered early-Jurassic volcanic and intrusive rocks with associated gold and pathfinder element anomalies in soil geochemistry occur in a similar setting to well-known deposits and mines located further north in the Golden Triangle.  Planning for the 2021 Dolly Varden exploration program is underway, utilizing the geological data from the past year’s program. Torbrit Resource Area The 45.82 thick intercept in drill hole DV20-246 expanded mineralization vertically from the current Mineral Resource model at the Torbrit.  Based on historic underground drilling, mineralization is interpreted to be a contiguous, broad package of exhalative with epithermal overprint veins and breccias at the deposit These areas of mineralization are situated above historic underground infrastructure. DV20-246 was an infill hole drilled from the same pad as DV20-244 to test the eastern extent of the internal high-grade zone and confirmed modelled mineralization proximal to historic workings. Drill hole DV20-222 was a 35m step out to the west of the nearest drill hole, with subsequent infill hole DV20-244 drilled 15m to the east of it. The intercept in DV20-222 aligns with the extrapolated block model but demonstrates an increase in the composite silver grade over the interval. Three holes (DV20-235, 238 and 240) drilled at the Wolf deposit, included in the Current Mineral Resource; drilling tested potential extensions 150 meters north and further down-dip of the structures that host epithermal-style silver mineralization. Silver-bearing structures were suggesting that the system remains open for expansion.   Table 1 Composite Silver, Lead and Zinc Results from Drill Core Hole-ID From (m) To (m) Core Length (m) Ag (g/t) Pb (%) Zn (%) Mineralization DV20-218 56.50 65.50 9.00 10 0.05 0.42 Torbrit Horizon DV20-219 abandoned           Intercepted shaft DV20-220 67.50 86.15 18.65 50 0.05 0.42 Torbrit Horizon incl 67.50 79.00 11.50 45 0.29 0.4   DV20-221 79.40 81.20 1.80 129 0.39 0.82 Vein Mineralization DV20-222 53.00 75.50 22.50 95 0.33 2.80 Torbrit Horizon incl 53.00 56.00 3.00 195 1.37 1.11   DV20-222 92.70 108.25 15.55 204 0.4 0.43 Upper Torbrit incl 92.70 98.70 6.00 310 0.81 0.57   DV20-243 286.80 297.70 10.90 10 0.01 0.21 Torbrit Horizon Exploration DV20-244 57.08 59.81 2.73 359 0.10 0.37 Vein Mineralization DV20-244 80.18 126.00 45.82 304 1.01 0.35 Torbrit Main incl 80.18 97.50 17.32 490 1.39 0.44   incl 84.94 91.00 6.06 648 1.53 0.7   incl 84.94 86.00 1.06 1,595 2.54 0.33   DV20-246 80.90 86.00 5.10 306 0.29 0.42 Torbrit Horizon incl 82.30 82.90 0.60 1,290 0.19 0.57   DV20-246 104.35 105.55 1.20 338 0.24 0.76 Ended in stope DV20-247 189.90 211.88 21.98 50 0.36 0.38 Torbrit edge DV20-248 27.80 29.15 1.35 22 1.37 0.09 Vein Mineralization DV20-248 180.00 202.58 22.58 73 0.46 0.41 Torbrit Horizon incl 180.00 187.30 7.30 123 0.95 0.97   DV20-235 20.90 35.30 14.40 53 0.16 0.11 Wolf Structure incl 24.00 28.00 4.00 79 0.16 0.16   DV20-238 94.55 101.45 6.90 65 0.26 0.12 Wolf Structure incl 96.55 100.30 3.75 104 0.36 0.11   DV20-240 286.80 297.70 10.90 49 0.13 0.10 Wolf Structure incl 296.25 297.7 1.45 220 0.50 0.21   DV20-245 49.00 50.50 1.50 83 1.68 0.28 Chance West   The true width of intercepts is estimated to be 80-95% of the Core Length (m) reported using the current understanding of the three-dimensional nature of the mineralization and grade models at Torbrit. Interval lengths are constrained by grade values within the mineralization envelope. Recoveries on the individual metals have not been applied to composite calculations which are reported at 100%. Exploration Drilling 2020 All drilling during 2020 was completed using oriented drill core techniques, for use in an ongoing structural re-interpretation of the entire Project. Drill holes testing structures within the 4.5 kilometer-long horizon that hosts potassium alteration, trending north from the Torbrit deposit, will provide valuable geological information in the exploration for additional volcanogenic-related depositional basins as well as associated structurally controlled epithermal silver-bearing veins and breccias. Drill hole DV20-245 tested the Chance structure approximately 450 meters west of the 2019 drilling and intercepted the target structure.  Subsequent drilling will vector towards higher-grade and wider shoots in this area. Reconnaissance Drilling on Western Gold Belt Initial reconnaissance drilling was completed in the western “Gold Belt”; this area is typified by a separate north-northwest trend, separate to the area that hosts the main silver deposits and past-producing mines on the Property.  This area is typified by a strong QSP (quart-sericite-pyrite) alteration trend that projects north towards Fury Gold’s Homestake Ridge Deposit.  Dolly Varden is targeting a similar geological setting in early-Jurassic volcanic and intrusive rocks to other significant gold-silver and copper-gold deposits in the Golden Triangle.  Drilling encountered hydrothermal breccias and quartz stockwork veining and strong pyrite with pathfinder elements such as bismuth, copper, lead and zinc, as well as anomalous gold (up to 0.1 g/t Au).  The polymetallic quartz-carbonate structures appear similar to those that host high-grade zones and shoots at the Big Missouri, Premier and Brucejack deposits located north of Dolly Varden. At the 1.5 km long Starlight-Racehorse trend within the western gold belt, the alteration and quartz stock work in exploration drill holes DV20-226 and DV20-228 (850 m apart) returned 0.19 g/t Au with 0.62% Cu over 8.00m core length and 0.06 g/t Au with 1.36% Cu over a core length of 3.65m respectively. The company is encouraged by these results and is planning further work in the western Gold Belt alteration zone. Torbrit Deposit The main Torbrit deposit hosts stratiform exhalative-style silver mineralization within volcanic rocks that is overprinted by epithermal vein mineralization, with associated lead and zinc. Additional technical information on Torbrit including drilling plan map can be found at https://www.dollyvardensilver.com/ The locations of diamond drill holes reported in this release are shown in Table 2 below.  Full Exploration maps and drill hole locations are available on the company website. Table 2 Drill hole Locations Hole ID Easting UTM83 (m) Northing UTM83 (m) Elev. (m) Azimuth Dip Length (m) DV20218 467967 6171425 356 200 -45 150 DV20219 467967 6171425 356 240 -52 33.7 DV20220 467967 6171425 356 240 -80 120.3 DV20221 467967 6171425 356 230 -48 146 DV20222 467919 6171494 354 144 -82 242 DV20243 467700 6171936 347 96 -65 308 DV20244 467938 6171468 354 359 -77 126 DV20246 467938 6171468 354 17 -62 106.25 DV20247 468169 6171422 502 261 -83 235 DV20248 468169 6171422 502 247 -68 203 DV20235 467309 6174104 581 72 -47 255.5 DV20238 467082 6174021 375 72 -47 441 DV20240 467082 6174021 375 90 -47 433 DV20245 467076 6175329 684 115 -46 391   Quality Assurance and Quality Control Analytical testing was performed by ALS Canada Ltd. in Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized. Multi-element analyses were determined by Inductively–Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. A QA/QC procedure is maintained through the insertion of certified reference material geo-standards provided by CDN Resource Laboratories Ltd. and WCM Minerals, as well as the insertion of blanks, in the sample stream. The QA/QC procedures are overseen by the Qualified Person, Rob van Egmond, P.Geo., Chief Geologist. The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Qualified Person Rob van Egmond, P.Geo, Chief Geologist for Dolly Varden Silver, is the “Qualified Person” as defined by NI43-101. He has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at Dolly Varden Silver.   About Dolly Varden Silver Corporation   Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).   Contact Information   Shawn Khunkhun
CEO & Director
1-604-602-1440
www.dollyvardensilver.com