The Last Chance occurrence is located about 6 kilometres east of Ymir near the head of Dunlop Creek. The claims were staked in 1949 and 6 short adits have been developed.

The area is underlain by black argillite, slate and quartzite of the Lower(?) to Middle Ordovician Active Formation and Lower Cambrian quartzite, schist, argillite, slate and limestone. The Oxide fault separates Lower Cambrian metasediments on the west from Ordovician sediments to the east.

The Last Chance occurs along the northern extension of the Oxide fault which trends 030 degrees and dips steeply east. Records indicate that galena and sphalerite mineralization, locally highly oxidized, is hosted by dolomite; but it is unclear if the galena and sphalerite are related to the fault, are synsedimentary or are replacement in origin.

The area was held as the Port claims by Cominco Ltd. Indo Metals Ltd. acquired the property in 1999.