More High-Grade Hits Expand Gold Zone in Silver Deposit

Source: Marcus Giannini 11/19/2025

Dolly Varden Silver Corp.’s (DV:TSX.V; DVS:NYSEA; DVQ:FSE) Homestake Silver deposit contains an enlarging gold component that should materially grow the Homestake Ridge resource, noted a Haywood Securities report.

Dolly Varden Silver Corp.’s (DV:TSX.V; DVS:NYSEA; DVQ:FSE) latest assay results from Homestake Silver expanded the known high-grade gold zone within this deposit at the Homestake Silver project in British Columbia’s Golden Triangle, reported Haywood Securities Analyst Marcus Giannini in a November 10 research note.

This gold mineralization “has been delineated for over 300 meters (300m) vertically while extending 1,000m along plunge, as this area remains uncapped from our point of view,” Giannini wrote.

109% Uplift Implied

Haywood Securities reiterated its CA$11.25 per share (CA$11.25/share) target price on the Canadian explorer, trading at the time of Giannini’s report at about CA$5.39/share, the analyst noted. The difference between these prices suggests a 109% return for investors.

Dolly Varden remains a Buy.

“We continue to view Dolly’s high-grade endowment as an increasingly attractive target for larger North American-focused precious metal producers,” wrote Giannini.

Dolly Varden has 91.8 million shares outstanding, a market cap of CA$495 million, and a 52-week range of CA$3.21–7.46/share.

More Continuous, High-Grade Gold

Headline assays in this latest batch of drill results emphasized the intensity, in terms of grade and continuity, of the gold mineralization at Homestake Silver, Giannini pointed out. Hole HR25-469 returned 26.74 grams per ton gold (26.74 g/t Au) over 14.76m, including 122 g/t Au over 2.85m within a broader zone of 12.13 g/t Au over 33.8m. The true width of these intervals is an estimated 65–75% of the reported length, given the strong continuity of this mineralized system. This hole, HR25-469, was placed more than 50m away from the nearest historic drilling.

“The epithermal style of mineralization seen in this hole maintains strong visual similarities to those seen at the Premier [gold] mine,” wrote Giannini.

Another standout hole was HR25-464, a stepout below the known extents of Homestake Silver. This hole showed 9.22 g/t Au over 6.65m, including 58.8 g/t Au over 0.95m within a distinct, newly recognized stockwork zone that warrants follow-up.

Gold Should Grow Resource

Giannini pointed out that Dolly Varden continues to redefine the gold component at Homestake Silver. The mining company’s 2025 drill program at Kitsault Valley encompassed 86 holes over 56,131m. About 40% of this meterage was dedicated to stepout and infill drilling along the high-grade gold corridor at Homestake Silver, part of Homestake Ridge. Through this drilling, the explorer delineated additional high-grade gold ounces while continuing to build a model that yields a high incidence of gold-dominant structures.

“Looking ahead, we expect this aspect of Homestake Silver to be a key component for resource growth, reshaping the deposit’s potential regarding the overall gold content,” Giannini wrote.

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Important Disclosures:

1. Dolly Varden Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dolly Varden Silver Corp.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Haywood Capital Markets, Dolly Varden Silver Corp., November 10, 2025

This research report is only for informational purposes. Nothing contained in this report is, or should be, relied upon as a promise or representation as to the future performance. The opinions and information in this communication constitutes the current judgment of the authors as of the date and time of this report and are subject to change without notice. There is no representation, warranty or other assurance that any projections contained in this report will be realized. Past performance is not indicative of future results. This report is not intended to provide personal investment advice. Investors are encouraged to seek advice regarding the advisability or suitability of any investments or strategies discussed in this report. Individuals involved in the production of research materials operate independently and without influence from any other Haywood Securities Inc. departments, including Haywood Securities Inc. affiliates. This report is not and is not to be construed as: (i) an offer to sell or solicitation of an offer to buy securities; (ii) an offer to transact business in any jurisdiction; or (iii) investment advice to any party. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in our research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Products and services described herein are only available where they can be lawfully provided. All research reports are disseminated and available to all clients simultaneously. No part of this material or any research report may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Haywood Securities Inc. Analyst Certification I, Marcus Giannini, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations. Important Disclosures Of the companies included in the report the following Important Disclosures apply:  Haywood Securities, Inc. has reviewed lead projects of Dolly Varden Silver Corp. (DV-V) and a portion of the expenses for this travel may have been reimbursed by the issuer.  Haywood Securities, Inc. or an Affiliate has managed or co-managed or participated as selling group in a public offering of securities for Dolly Varden Silver Corp. (DV-V) in the last 12 months.

( Companies Mentioned: DV:TSX.V; DVS:NYSEA;DVQ:FSE, )

Source: https://www.streetwisereports.com/article/2025/11/18/more-high-grade-hits-expand-gold-zone-in-silver-deposit.html