Dolly Varden Silver Step Outs Intersect Multiple Silver Zones including 1,083 g/t Ag over 2.70 metres within 12.75 meters of 351 g/t Ag

Vancouver, BC – October 7, 2020 – Dolly Varden Silver Corporation (“Dolly Varden” or the “Company”) (TSXV: DV) (OTC:DOLLF), is pleased to announce silver assay results from initial step out drilling from the current mineral resource area at the past-producing Torbrit Silver Mine, as well as infill holes to expand the high-grade zones within the known Mineral Deposit.  The Torbrit Mine area is one of several exploration targets being drilled during the 2020 program at the Dolly Varden Property, located north of tidewater and the community of Alice Arm in Northwest BC.

Highlights from Torbrit step out drilling:

-DV20-211: 351 g/t silver over 12.75 meters, including 1083 g/t silver over 2.70 meters

-DV20-213: 135 g/t silver over 37.50 meters, including 906 g/t silver over 1.00 meter

Highlights from infill drilling within the deposit to delineate high grade zones:

-DV20-217: 302 g/t silver over 31.95 meters, including 642 g/t silver over 4.00 meters

*The true width of intercepts are 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%. Silver equivalent for lead and zinc intercepts have not been included.

“We are pleased to see step out drill intercepts with consistent, strong silver mineralization, significant thickness, and areas of very high-grade silver. These results should support continued resource expansion and the growing potential for bulk underground mining around the past-producing Torbrit Silver Mine. We look forward to additional results as multiple high grade silver exploration and expansion targets are being drilled this season,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

The drilling completed at Torbrit stepped out in various directions from 20 to 50 meters from previous drilling intercepts. Infill drilling was also completed to better understand and strengthen the wide, higher grade silver areas within the current Mineral Resource at Torbrit. Hole DV20-217 is a 50 meter step-out from previous hole DV18-163 which intersected 419 g/t silver over 75 meters, including 1,240 g/t silver over 16 meters. This new intercept suggests that a higher-grade zone may be much larger than currently modeled within the current 43-101 Mineral Resource estimate.

Assays are currently pending from several drill holes at the Torbrit Deposit, with an additional 17 drill holes completed to-date from the property-wide exploration drilling program. Currently, there are two drills testing high priority exploration targets throughout the Dolly Varden property. A recently approved increase to the 2020 Exploration Budget has allowed the exploration team to continue drilling later into the fall, in excess of the original 10,000 meter program.

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
DV20-209	109.00	114.00	5.00	158	0.15	0.03	Vein Breccia
DV20-210	111.00	114.00	3.00	176	0.79	0.07	Vein Breccia
	156.05	166.40	10.35	16	0.07	0.12	Torbrit East extend
DV20-211	147.25	160.00	12.75	351	0.41	0.09	Torbrit East edge
incl	147.25	150.60	3.35	951	0.39	0.16
incl	147.90	150.60	2.70	1083	0.39	0.19
DV20-212	132.75	133.75	1.00	227	2.30	0.09	Torbrit East edge
DV20-213	129.00	166.50	37.50	134	0.45	0.28	Torbrit
incl	129.00	145.45	12.85	191	0.30	0.41	Torbrit upper lens
incl	129.00	130.00	1.00	906	2.40	2.48
incl	152.00	166.50	14.50	160	0.97	0.31	Torbrit lower lens
DV20-214	117.00	121.00	4.00	185	0.48	0.07	Vein Breccia
	151.50	174.15	22.65	56	0.27	0.09	Torbrit horizon
incl	166.00	169.00	3.00	166	0.05	0.11
DV20-215	No significant results						Torbrit edge
DV20-216	112.00	115.66	3.66	134	0.23	0.34	Vein Breccia
DV20-217	29.35	61.30	31.95	302	0.15	0.21	Torbrit horizon
incl	47.00	51.00	4.00	642	0.24	0.10
DV20-217	77.00	79.15	2.15	515	8.57	5.90	Torbrit lower lens

*The true width of intercepts are 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%. Silver equivalent for lead and zinc intercepts have not been included.

Torbrit Deposit

The main Torbrit deposit hosts stratiform exhalative-style silver mineralization 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.

Table 2 Drilllhole Locations

Hole ID	Easting UTM83 (m)	Northing UTM83 (m)	Elev. (m)	Azimuth	Dip	Length (m)
DV20-209	468318	6171324	596	33	-45	203
DV20-210	468318	6171324	596	47	-50	302
DV20-211	468318	6171324	596	41	-83	215
DV20-212	468318	6171324	596	85	-72	200
DV20-213	468220	6171350	537	45	-54	400.5
DV20-214	468220	6171350	537	45	-45	195
DV20-215	468169	6171422	502	45	-68	242.5
DV20-216	468169	6171422	502	45	-45	199
DV20-217	468021	6171425	391	350	-63	254.5

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

NT4