VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/14/13 -- Dolly Varden Silver Corp. (TSX VENTURE: DV)(OTCBB: DOLLF) ("Dolly Varden" or the "Company") is pleased to announce that crews have been mobilized and are working on site to prepare for the 2013 surface drill program at the Dolly Varden Property, located 26km by road from the tidewater at the village of Alice Arm, British Columbia. The drill program is expected to commence near the end of June and operate through the months of July and August.
This year's program is being funded by the recent $4.5 million equity financing and the ongoing participation from Hecla Mining, our strategic investor, who elected to maintain its 19.9% equity interest in Dolly Varden Mining.
The goal of our drill program is to 1) start to confirm historic resources, which total 14.5 million oz silver at approximately 10oz/ton(1); 2) find new silver resources at the existing deposits; and 3) identify an extensive silver and gold rich target, located just northwest of the Torbrit deposit which is thought to be associated with the Red Point zone, which is geologically analogous to Eskay Creek.
The 2013 program is leveraging the significant work accomplished over the past two years, which includes over 6,300 meters of diamond drilling, VTEM, and ZTEM airborne geophysical surveys, and the extensive surface and underground mapping and sampling. In 2012, underground mapping, sampling and surveying began on the 1025 foot level at the Torbrit deposit, part of the 7km of usable underground workings & tunnels. This has proven invaluable for increasing our understanding of the local controls to the high grade silver mineralization as well as the structural and stratigraphic setting of the deposits. This data combined with the extensive historic exploration, drilling and mining information has given the geological team, led by Paul McGuigan, P.Geo, a strong understanding of the VMS system's relation to the existing silver deposits.
The geological interpretation indicates that the volcanic unit that hosts the historical Torbrit mine forms an extensive sheet, that can be traced on strike from the Dolly Varden target, through the North Star target to the Torbrit target over a strike distance of 1,500 meters. The model indicates that this unit continues to the northwest through Musketeer and further on under the Red point area. Drilling northwest, towards Red Point, is expected to provide an increasing likelihood of discovering Eskay Creek-type mineralization.
The Red Point area is interpreted to represent a large alteration - feeder system similar to the feeder system associated with the Eskay Creek precious metal rich VMS deposit, but on a much larger scale. The extent of the alteration at Red Point appears to be at least 10x as large as the alteration zone at Eskay Creek, indicating potentially a massive and long-lived VMS feeder zone.
The 2013 program will begin to systematically drill to follow the horizon from Torbrit towards Red Point. Torbrit is the launching pad for the step out drill program that will march toward the source/feeder system believed to be at Red Point. Mineralization is expected to be continuous but variable along the Torbrit horizon towards Red Point. Grades, widths and other structural information can now only be determined by drilling.
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