Dolly Varden Silver Corp.'s (DV:TSX.V; DVS:NYSEA; DVQ:FSE) new drill results from the Wolf vein at its Kitsault Valley project in British Columbia's (B.C.'s) Golden Triangle continue to show strong grade and continuity, reported Haywood Securities Analyst Marcus Giannini in a Jan. 20 research note.
"Overall, these latest results highlight the consistency of mineralization at the Wolf vein, which remains a key area for resource growth at the project moving forward," Giannini wrote.
57% Return Implied
Haywood maintained its CA$11.25 per share (CA$11.25/share) target price on the B.C.-based mining company, trading at the time of Giannini's report at about CA$7.15/share, noted the analyst. He recommended buying DV shares at current levels.
The difference between the target and current share price suggests a potential return for investors of 57%.
The mining junior remains a Buy.
"We highlight Dolly Varden as a high-quality precious metals exploration and development company positioned to unlock value through continued exploration success at the company's Kitsault Valley project," Giannini wrote.
The company has 91.9 million shares outstanding. Its market cap is CA$657 million. Its 52-week range is CA$3.21–7.46/share.
New Results Explained
Giannini reported and interpreted the standout intercepts among the latest drill data. Infill hole DV25-435 returned the most impressive results, as it highlights the high-grade nature of the silver mineralization at Wolf. This hole encountered 467 grams per ton of silver (467 g/t Ag), 0.60% lead (Pb), and 0.66% zinc (Zn) over 15.32 meters (15.32m), including 1,309 g/t Ag, 0.19% Pb, and 0.24% Zn over 2.32m.
The Wolf vein "continues to deliver wide intervals of high-grade mineralization while offering further expansion potential downplunge," Giannini wrote.
Other significant intercepts include:
- 323 g/t Ag, 1.16% Pb, and 2.13% Zn over 22.86m, including 644 g/t Ag, 1.33% Pb, and 1.33% Zn over 5.74m, hole DV25-436
- 419 g/t Ag, 1.9% P,b and 1.17% Zn over 10.9m, including 2,300 g/t Ag, 13.9% P,b and 5.55% Zn over 1m, hole DV25-461
"The strong continuity observed in these holes suggests amenability to a bulk-tonnage mining operation, which is encouraging from a development standpoint," Giannini wrote.
Deposits May Connect
Giannini explained the significance of DV25-470's results. The hole was designed to test the projected extension of the Wolf vein across the Central Valley fault, and it intersected 518 g/t Ag over 0.52m. Also, it encountered mineralization similar to that of the Torbrit deposit, "exhalative and oxide-layered mineralization associated with a quartz–pyrite vein," Giannini described. This suggests that Wolf and Torbrit may connect, which Dolly previously hypothesized could be the case. If they do, the implications could be material.
"Wolf and Torbrit represent the largest silver deposits at Kitsault, and establishing continuity between these two zones could provide a meaningful avenue for further resource growth at the project," Giannini highlighted.
Accordingly, Dolly likely will test this possibility further during its 2026 drill campaign.
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Important Disclosures:
- 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.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dolly Varden Silver Corp.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Haywood Capital Markets, Dolly Varden Silver Corp., January 20, 2026
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.
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