North Valley Resources is advancing its Comstock project, a copper-gold porphyry target near Merritt in southern British Columbia, close to the Coquihalla Highway in the Nicola mining district. I sat down with new CEO Cameron Dorsey, who took over the role in March, to talk through the project’s history, the current financing, and the plan to drill later this year.
TL;DR
CEO Cameron Dorsey told me North Valley is trying to raise up to C$1.7 million to fund its first-ever modern drill program on Comstock, targeting a geophysical anomaly that has never been drill tested. He said the financing should close around the end of July, with drilling expected to start in late September or October and assay results coming in between mid-November and mid-December. The company is fully permitted, the ground is road accessible, and drilling costs are expected to run under C$400 per metre. He was clear that the current share structure is tightly held, with liquidity being the most common pushback he hears from investors.
What have they done for shareholders lately?
Dorsey walked me through the historic work on the property, which dates back to the 1920s and included a small 1988 drill program of under 600 metres that returned 0.5% copper over 13 metres with some higher-grade intervals, though only at shallow depth. Since 2021, the company has run airborne geophysics, alteration mapping, and geochemical sampling that defined an 8.5 kilometre mineralized corridor and identified untested chargeability anomalies beneath the historic showings. He said this recent compilation work, along with a fully permitted drill program, is what convinced him to join as CEO in March.
How much money do they have and what are they spending it on?
The company is currently raising up to C$1.7 million through a mix of charity flow-through units at 22 cents, non-flow-through units at 15 cents, and critical mineral flow-through units at 17 cents. Warrants tied to the hard-dollar and charity flow-through portions run for two years at a 25 cent exercise price. Dorsey expects the raise to close around the end of July. He said the money will fund a roughly 3,000 metre drill program budgeted at about C$1.2 million, cover general and administrative costs into the new year, and set aside around C$75,000 for marketing, including conferences and outside marketing support. Before this raise, the company had just under 18 million shares outstanding and a market cap of about C$3.6 million at a 20 cent share price.
Upcoming catalysts
Corporate: Dorsey said the current financing is expected to close around the end of July. Technical and operational: he plans to visit the project in August, run an expanded IP survey to see whether the known chargeability anomalies connect into a larger system, then mobilize a drill crew in late September or October to test the Original-Diane and South zone targets along with anomalies near Leadville and Charmer. He expects the first assay results back between mid-November and mid-December.
Risks
The financing has not yet closed, so the drill program and its timeline depend on that raise completing as planned. The target has never been drill tested at the depth they intend to reach, so CEO Dorsey acknowledged there’s real geological uncertainty about what the holes will find. Trading volume has averaged only around 3,000 units a day over the past three months, and management, insiders, and close associates hold roughly 68% of the shares, which Dorsey said is the main criticism he hears from investors around liquidity. If this first program doesn’t deliver, the company would need to raise more capital to test additional targets on the property.
North Valley Resources CEO Interview
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