source: Streetwise Reports 06/21/2022
Dolly Varden Silver Corp. has begun its campaign to drill 99 holes in one of the largest, undeveloped, high-quality precious metals assets in the Golden Triangle.
novice explorer Dolly Varden Silver Corp. (DV: TSX.V; DOLLF: OTCQX) she has I started Its 30,000-meter, 99-hole drilling campaign in Kitswault Valley in the Golden Triangle in northwest British Columbia.
The company uses three diamond drilling rigs to upgrade and expand resources in the direction consisting of multiple deposits and historical mines, and to discover new silver and gold mineralization.
“When we go into the pits, the goal here is to move half of that ounce into the indicated class measured,” President and CEO Sean Khoncon told Streetwise Reports. “And I think what’s going to happen is we’ll also understand the controls in the system, which will enable us to direct the other 50 percent of the exploration program, which is the really exciting part of the program where we can really move a needle.”
Dolly Varden’s Kitsault Valley project hosts a specified resource of 34.7 million ounces (34.7 Moz) of silver and 166,000 ounces of gold with additional inferred resources of 29.3 Moz of silver and 817.000 ounces of gold within multiple graded deposits.
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The property, which consists of Dolly Varden in the south and Homestake Ridge in the north, has an area of 163 square kilometers. In a strategic move, the company acquired Homestake Ridge from Fury Gold Mines, thus merging the two adjacent properties. It is one of the largest, undeveloped, high-quality precious metals assets in the Golden Triangle.
Connecting metal directions
With the support of the shareholders Hekla Mining Company (HL: NYSE)The company has C$25 million in the bank. Because of competitive exploration costs, Khoncun said, it only uses about C$12 million of that to prospect.
“We have three platforms that are turning right now,” he said. “And I am really happy with the way we started the programme. We have a great, great team on site.”
The company said it will prepare an updated estimate of NI43-101-compliant mineral resources for the Kitsault Valley project after this year’s campaign, which will include results from Dolly Varden’s exercises since 2018 and results from Homestake Ridge exercises from 2022. The basis for the joint venture’s Initial Economic Assessment (PEA).
The company said it crossed 354 grams per ton of silver (grams/tonne Ag) at 12.28 meters at Kitsol in the valley in 2021, and 1,220 grams/tonne Ag above 0.7 meters at Torbrit North Zone.
The Critical Investor said it “would be very interesting to see if the 2022 programs can link mineral trends between the Homestake and Dolly Varden/Torbrit deposits, by growing individual deposits and finding new deposits.”
“I see consolidated Kitsault Valley PEA, although this will take some time, as an important benchmark for referring to consolidated project economics,” the analyst wrote for Streetwise Reports. “The value of the project appears to have a good opportunity to improve up front, through exploration potential, taking advantage of precious metal prices.”
Let exploration be the guide
Khoncun said Dolly Varden is trying to be “surgical” with regard to drilling but allows exploration success to direct more drilling.
“You come up with a plan,” he said, “but based on success, you begin to tweak it.” “We’ll be reporting results starting in August, and I can see it progress through February.”
Dolly Varden has a market capitalization of C$138.94 million and 220.5 million shares outstanding. It is trading in a 52-week range at C$0.88 and C$0.42.
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