11:26 AM EDT, 08/29/2017 (MT Newswires) -- Dolly Varden Silver Corporation (DV.V) has released the results from drilling on the Dolly Varden Silver Project in the Golden Triangle of northwestern British Columbia.

Hole DV17-063 was drilled in the Central Sector and hit two zones of high-grade silver. Furthermore, the Board of Directors has approved an expansion to the 2017 exploration program budget from $3.5 million to $6.5 million.

Hole DV17-063 was drilled to test the position of the Moose-Lamb Fault and to continue down to the area of the high-grade silver hit in the Dolly Varden-Torbrit Horizon (DVTH), previously announced in hole DV17-058. Along the projection of the Moose-Lamb Fault, hole DV17-063 intersected epithermal vein-style mineralization and further down the hole intersected the VMS-style mineralization of the DVTH. This location of the DVTH is 220 metres north and 200 metres deeper than the north side of the Torbrit Deposit.

Hole DV17-063 - Moose Zone yielded a core length of 11.00 metres (7.07 m true thickness) grading Ag 394.2 g/t, Pb 2.27 % and Zn 0.46 % for a silver-equivalent of 514.2 g/t. Within this zone interval is 4.00 metres (2.57 m true thickness) grading Ag 987.5 g/t, Pb 5.90 % and Zn 0.90 % for a silver-equivalent of 1,283.8 g/t.

The Torbrit North Zone of hole DV17-063 yielded a core length of 22.74 metres (21.37 m true thickness) grading Ag 433.3 g/t, Pb 0.74 % and Zn 0.22 % for a silver-equivalent of 476.1 g/t. Within this Torbrit North Zone interval is 7.15 metres (6.72 m true thickness) grading Ag 1,180.7 g/t, Pb 1.83 % and Zn 0.26 % for a silver-equivalent of 1,271.9 g/t.

Dolly Varden's shares were last up 12.9% at $0.790 apiece.

Price: 0.790, Change: +0.09, Percent Change: +12.9