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Dolly Varden Silver is Both Silver and GoldBob Moriarty Investors hopefully have noticed that as I predicted, the cliptocurrencies and general stock market have made rolling tops and are on the way down swiftly. BTC is down 27% from its high-water mark. Others of the 15,000 electronic Beanie Babies are down more. If anyone seriously believe Bitcon is money, do remember that one of the key elements in money is acting as a store of value. Two weeks ago, XRP was down 30% one day and up 31% the next day. In a two-day period 750,000 cliptocurrency punters got their accounts sold out from underneath them. Half were bulls on margin. They got whacked on Monday. The other half were bears. They got creamed on Tuesday. That has happened before and it will happen again. A store of value they are not. And at the same time after eight weeks of new all-time highs for gold, we finally began a correction. Don’t get me wrong, I am not a Perma bull and I don’t worship at the altar of gold. It goes up and down. If eight weeks is a record advance, a correction seems desirable. I don’t see it lasting long or going too deep. The highest value for either silver or gold in terms of DSI was only 88 for each. That does not make a top. In April of 2011 Silver DSI hit 96. The metals will correct and then go higher. I think many of the bubbles that have been floating around have found the pins they so desperately were seeking. The really good news is that in terms of relative value, gold and silver shares are the cheapest compared to the metals they have ever been. Slowly but surely the former stock market investors and cryptocurrency investors are going to realize they have been left holding the bag once again. It’s time to look around and see what is cheap. Resource shares across the board are cheap. They will not remain cheap for long. They are the only game in town. Exactly five years ago to the day I added a new silver advertiser named Dolly Varden Silver (DV-V, DOLLF-OTCBB). Their shares were $.295 and the whole company could be bought for under $25 million in CAD. About a year ago I wrote another follow up piece. By then the shares had climbed to $.73 and the market cap increased to $198 million after the purchase of the Fury gold project. A year later the market cap of Dolly Varden has increased another 50% to $300 million with the shares up to $.95. Most silver is produced as a by-product of copper, lead and zinc mining. There are few pure silver projects. With the addition of the Homestake Ridge project from Fury in 2021, Dolly added a decent size gold project located right next to their primary properties. Dolly paid Fury $39 million in cash and shares for Homestake Ridge. In 2024 Dolly drilled about 32,000 meters of diamond core drilling evenly split between Homestake Ridge and the various Dolly Varden projects. Assay results from 2024 revealed 977 g/t Ag over 5 meters at the Moose Vein with 206 g/t over 23 meters at the Chance Vein. Also, at the Wolf structure assays showed 1,091 g/t Ag with 1.35% Pb and 1.40% Zn over 9.38 meters. A 15.02 meter intercept graded 2.54 g/t Ag with 0.86% Pb and 1.34% Zn. With large multi-element assays it helps to combine the various economic minerals into either silver equivalent or gold equivalent numbers so they mean something to investors. Using AgEq, Dolly Varden shows about 137 million ounces equivalent of silver or using AuEq, measures 1.836 gold equivalent ounces of gold. Dolly Varden is well cashed up for 2025 with $32 million in the till. The company is extremely tightly held with 52% of the shares held by institutions. Fury holds about 15% with Hecla owning 12% and Eric Sprott controlling an additional 10%. The float available to the general market is less than 8% which means the shares have an effective floor underneath them yet unlimited upside potential when investors wake up to the dearth of primary silver producers. Dolly Varden is the name for silver in Canada. It’s not as cheap as it once was but it’s still cheaper than it’s going to be. The company is an advertiser on 321gold and I have bought shares in the open market. That makes me biased so please do your own due diligence. Their presentation is excellent and informative. Dolly Varden Silver Corp ### Bob Moriarty 321gold Ltd |
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