September 6, 2018 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: “DV” – OTCBB: “DOLLF”) (the “Company”, or “Dolly Varden”) is pleased to announce the results of the second batch of 10 drill holes from the 2018 diamond drilling program. The Dolly Varden Silver Property is in “The Golden Triangle” of northwestern British Columbia, Canada.

In the Torbrit East Zone, hole DV18-105 yielded 24.00 metres (22.55 m estimated true thickness) grading Ag 287.5 g/t, Pb 0.29 % and Zn 0.11 %, for a silver-equivalent of 306.6 g/t. Within this intercept are 8.00 metres (7.52 m estimated true thickness) grading Ag 585.2 g/t, Pb 0.49 % and Zn 0.11 %, for a silver-equivalent of 613.8 g/t.

Gary Cope, President & CEO, says; “Exploration at Dolly Varden is advancing in both known mineralized areas and new targets. Torbrit East is outside of previous resource estimates and illustrates the potential for expansion.”

Hole/Zone

From
(m)

To
(m)

Core
Length

Est.True
Thickness

Ag
(g/t)

Pb
(g/t)

Zn
(g/t)

Ag-Eq
(g/t)

DV18-091

Unnamed

25.00

27.00

2.00

1.97

160.0

0.02

0.04

163.3

Unnamed

61.65

73.00

11.35

11.18

152.9

0.23

0.08

167.9

Includes

71.00

73.00

2.00

1.97

507.2

0.70

0.07

543.7

Includes

71.00

71.90

0.90

0.89

1,025.0

1.49

0.14

1,101.2

Unnamed

140.30

142.55

2.25

2.22

12.3

0.33

0.28

42.2

Includes

141.85

142.55

0.70

0.69

26.8

0.59

0.74

93.4

Torbrit-E

151.45

167.85

16.40

16.15

90.7

0.14

0.10

102.5

Includes

157.15

165.15

8.00

7.88

141.6

0.18

0.07

153.7

Includes

157.15

160.15

3.00

2.95

230.7

0.40

0.10

254.7

Includes

159.15

160.15

1.00

0.98

529.0

0.41

0.26

562.1

DV18-092

Torbrit

173.90

179.65

5.75

5.66

80.5

0.17

0.26

102.1

Includes

175.10

177.60

2.50

2.46

129.6

0.35

0.44

169.5

Includes

175.10

176.60

1.50

1.48

187.9

0.53

0.48

238.2

Includes

176.10

176.60

0.50

0.49

478.0

0.25

0.40

511.2

DV18-093

Unnamed

104.00

106.50

2.50

2.46

16.9

0.15

0.12

30.1

Includes

105.50

106.50

1.00

0.98

20.5

0.21

0.16

38.5

Torbrit-E

130.00

137.50

7.50

7.39

16.3

0.07

0.10

25.0

Includes

134.00

135.00

1.00

0.98

31.7

0.08

0.31

51.7

DV18-094

Moose-L

111.70

119.70

8.00

5.66

46.4

0.12

0.13

68.8

Includes

111.70

115.70

4.00

2.83

47.4

0.23

0.43

81.3

Includes

111.70

112.70

1.00

0.71

62.0

0.82

0.50

127.1

Torbrit-N

386.20

392.50

6.30

5.46

61.2

0.04

0.07

67.3

Includes

390.50

392.50

2.00

1.73

131.5

0.05

0.06

137.3

Includes

390.50

391.50

1.00

0.87

228.0

0.04

0.03

231.3

DV18-095

Torbrit-E

137.50

148.60

11.10

10.06

33.9

0.05

0.05

39.0

Includes

145.60

148.60

3.00

2.72

87.4

0.05

0.03

91.3

Includes

145.60

146.60

1.00

0.91

203.0

0.07

0.03

207.9

DV18-096

No Significant Intercepts

DV18-097

Unnamed

40.65

44.30

3.65

3.16

193.9

0.02

0.07

198.4

Includes

43.80

44.30

0.50

0.43

510.0

0.02

0.14

518.8

Unnamed

84.00

85.50

1.50

1.30

895.0

0.23

0.15

913.6

Unnamed

93.00

95.00

2.00

1.73

402.0

0.01

0.06

405.7

Torbrit-E

110.00

133.25

23.25

20.13

39.9

0.61

0.05

70.5

Includes

110.00

121.25

11.25

9.74

68.1

0.80

0.04

107.1

Includes

120.75

121.25

0.50

0.43

506.0

5.27

0.11

753.1

DV18-098

Results Pending

DV18-099

No Significant Intercepts

DV18-100

Unnamed

124.00

130.50

6.50

6.40

95.7

0.06

0.07

102.1

Includes

128.00

130.50

2.50

2.46

205.8

0.13

0.08

215.9

Includes

130.00

130.50

0.50

0.49

632.0

0.51

0.13

662.8

Unnamed

158.50

161.85

3.35

3.30

36.0

0.55

0.10

66.6

Includes

160.00

161.00

1.00

0.98

67.8

1.17

0.16

130.5

Unnamed

193.50

194.00

0.50

0.49

111.0

0.13

0.02

118.0

Torbrit-E

204.70

211.40

6.70

6.60

113.2

0.45

0.13

140.9

Includes

207.20

210.90

3.70

3.64

167.5

0.72

0.11

206.6

Includes

207.20

209.40

2.20

2.17

198.1

1.10

0.13

256.2

Includes

207.20

207.90

0.70

0.69

340.0

2.85

0.26

485.6

DV18-101

Results Pending

DV18-102

Results Pending

DV18-103

Results Pending

DV18-104

Results Pending

DV18-105

Unnamed

8.00

12.00

4.00

3.76

18.5

0.04

1.25

87.3

Includes

10.00

12.00

2.00

1.88

17.1

0.04

1.33

90.1

Torbrit-E

117.00

141.00

24.00

22.55

287.5

0.29

0.11

306.6

Includes

124.00

132.00

8.00

7.52

585.2

0.49

0.11

613.8

Includes

126.40

132.00

5.60

5.26

696.8

0.23

0.04

709.8

Includes

131.00

132.00

1.00

0.94

1,665.0

0.07

0.01

1,668.8

Silver Equivalent (Ag-Eq) is based on metal prices of Ag=$16.00/oz, Pb=$1.08/lb and Zn=$1.25/lb. No provision has been made for relative metal recovery, so Ag-Eq values assume 100% recovery. Ag-Eq = Ag + (Pb%*22.046*Pbprice*31.103/Agprice) + (Zn%*22.046*Znprice*31.103/Agprice).

A mineralized zone does not normally receive a name designation until several intercepts have pierced the same structure. The term “Unnamed” is used for intercepts of interest, but which have not yet been linked from hole to hole. An example in this batch of drill holes is in DV18-091, which yielded 11.35 metres (11.18 m estimated true thickness) grading Ag 152.9 g/t, Pb 0.23 % and Zn 0.08 %, for a silver-equivalent of 167.9 g/t. Within this intercept are 2.00 metres (1.97 m estimated true thickness) grading Ag 507.2 g/t, Pb 0.70 % and Zn 0.07 %, for a silver-equivalent of 543.7 g/t.

The 2018 drilling program is designed to focus on resource delineation and verification, particularly in the areas of the new discoveries from the 2017 exploration season (see news releases of August 29, November 27 and December 4, 2017). These include Torbrit North, Torbrit East and Moose-Lamb targets, as well as areas around the Torbrit and the Dolly Varden deposits.

The Torbrit North and Torbrit East discoveries are of the exhalative-style of silver and base metal mineralization along the Dolly Varden – Torbrit Horizon (“DVTH”), similar to the historic Torbrit Mine, but located in parallel and/or fault offset basins. The Torbrit North target is located 200 metres north and 220 metres deeper than the historic Torbrit Mine, in the footwall block northeast of the Moose-Lamb Fault. The Torbrit East target is located 70 metres east and 60 metres higher than the historic Torbrit Mine, in the hanging-wall block southwest of the Moose-Lamb Fault.

The Moose Lamb target discovery is an epithermal vein-style of mineralization and is similar to mineralization at the historic Dolly Varden Mine. It is adjacent to a major syn-basinal fault by the same name.

Exploration drilling is also marked for the Potassic Alteration Belt and in the Gold Belt Transect on the western side of the valley. Additional targets may be tested as the season progresses.

Analytical testing was performed by ALS Canada Ltd. in Vancouver, British Columbia. Multi-element analyses was 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 geo-standards provided by CDN Resource Laboratories Ltd., as well as the insertion of blanks, in the sample stream.

Batch 2 – 2018 Diamond Drilling Program

Hole

Northing

Easting

Elevation

Azimuth

Dip

Length (m)

DV18-091

468214

6171424

559.5

043

-75

272

DV18-092

467833.2

6171638.7

350.0

043

-80

576

DV18-093

468214

6171424

559.5

043

-46

366

DV18-094

467833.2

6171638.7

350.0

043

-57

525

DV18-095

468214

6171424

559.5

043

-60

434

DV18-096

468066.5

6171577.7

467.0

043

-70

441

DV18-097

468330

6171400

642.0

043

-90

279

DV18-099

468066.5

6171577.7

467.0

135

-46

292

DV18-100

468330

6171400

642.0

000

-90

279

DV18-105

468246

6171270

527.0

040

-47

284

Total:

3,748 m

Technical Information and Qualified Persons

Ben Whiting, P.Geo., Vice President of Exploration and Robert van Egmond, P.Geo., Chief Geologist for Dolly Varden, serve as ‘Qualified Persons’ as defined in NI 43-101, and have approved the scientific and technical information contained in this news release.

About Dolly Varden

Dolly Varden 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. Since December 2016, Dolly Varden has been under the direction of new management provided by the experienced Belcarra Group Management Ltd. (“Belcarra Group”). The Belcarra Group is comprised of highly qualified mining and financial professionals.

Dolly Varden is also a member of the British Columbia Regional Mining Alliance (“BCRMA”), a cooperative effort between First Nations, Industry and the BC Provincial Government, to promote mining activities and investment in the northwestern region.

Additional information about the Company and its activities may be found on the Company’s website www.dollyvardensilver.com and under the Company’s profile at www.sedar.com.

FORWARD-LOOKING STATEMENTS:

This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the results of previous field work and programs, results of mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief about the unexplored portion of the property. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Note: Mineral resources are not mineral reserves, and thus have not demonstrated economic viability.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com and on the Company’s website at www.dollyvardensilver.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information:

Dolly Varden Silver Corporation

Gary Cope, President and CEO

1-604-687-8566

www.dollyvardensilver.com

Alex Tsakumis, VP – Corporate Development

1-604-687-8566

Email: alex@belcarragroup.com

© 2018 Dolly Varden Silver Corp.
All rights reserved.