The Gray Creek Iron North occurrence is located on the north side of Gray Creek in its eastern head waters.

The area is underlain by Middle Proterozoic rocks of the Purcell Supergroup and by Upper Paleozoic rocks of the Windermere Supergroup. Windermere rocks include conglomerate of the Toby Formation and quartzite, limestone, arkose and pebble conlgomerate of the Horsethief Creek Group. Purcell rocks include laminated argillite, dolomite and quartzite of the Mount Nelson and Dutch Creek formations.

Locally, a band of specular hematite, up to 1 metre thick, occurs in schist that may be a schistose conglomerate. The band strikes north for approximately 75 metres and dips 70 degrees west. Dolomite underlies the schist to the east. The hostrock may be part of the Upper Proterozoic Toby Formation (Windermere Supergroup).

In 2004, a sample (S-13) from a 45-centimetre wide zone of quartz veining with galena and sphalerite hosted by quartzites, located approximately 300 metres to the south east near Gray Creek, assayed 0.184 per cent zinc (Assessment Report 27819).

The iron showings were first mentioned in 1902 and a shallow adit was completed around this time. Claims were staked on the showings between 1952 and 1955.

During 2002 through 2009, Eagle Plains Resources completed programs of rock, silt and soil sampling, and 135.0 line-kilometres of airborne geophysical surveys on the area as the Sphinx property.