03:22 PM EDT, 07/26/2017 (MT Newswires) -- Dolly Varden Silver (DV.V) was up at a day high $0.50 just before midday, but then quickly plunged 8% to a fresh year low $0.45. All of this came after the company said before the start of trade on Wednesday that the first four holes of the 2017 diamond drilling program at its namesake Dolly Varden silver project in British Columbia has returned results that include intercepts of 15 meters grading 244 grams per tonne of silver equivalent, including 6 meters grading 493 g/t, from the Lower Zone of the Torbrit deposit area.

But this update may not be the catalyst for the sell off, noting CEO Gary Cope said: "It is good to see the silver and base metal results coming in for the Torbrit Deposit. Previous resource estimates only focused on the silver grades and did not include value for the lead and zinc."

There is no obvious reason for the drop in the share price. A quick look on the Internet by MT staff found a story dated July 25, 2017, from Financial Newsweek Staff entitled "Investors Peering into the Details on Dolly Varden Silver Corporation." MT also found a Buckeye Business Review report dated Jul 25, 2017 entitled "What Kind of Picture Are the Technicals Painting For Dolly Varden Silver Corp".

For its part, the company said results from the Upper Zone, meanwhile, included 1.95 meters grading 314.5 g/t of silver equivalent, within 11.20 meters grading 180.9 g/t.

The 2017 exploration program at Dolly Varden will consist of over 5,000 meters of diamond drilling in about 25 to 30 drill holes. Two-thirds of the drill holes are allocated to resource validation and expansion, while the remaining one-third are allocated to reconnaissance drilling on targets outside of the project's current resource estimates.

Dolly Varden President and CEO Gary Cope noted in a statement that previous resources estimates for the Torbrit deposit only focused on silver grades, and did not include lead and zinc.

Dolly Varden's shares were trending up on Wednesday morning, reaching an intra-day high of $0.50, but plunged to a new 52-week-low of $0.45 at noon.

Price: 0.45, Change: -0.04, Percent Change: -8.1