The Nugget veins occur within white quartzites, argillic quartzites and argillites of the Hadrynian-Lower Cambrian Reno and Quartzite Range formations (Hamill Group). Gold-bearing ore shoots are within quartzites of the Upper and Middle Nugget Member and Navada Member of the Quartzite Range Formation. The ore shoots may be up to about one metre wide and are in the order of 10 to 60 metres along strike. The main workings have intersected the same shoot along a vertical extension in the order of 100 metres. Although there are a number of documented parallel veins (7), most production came from two main veins, the Calhoun and the Nugget, which are about 30 metres apart (Bulletin 31).

The sediments strike from 010 to 015 degrees and dip 60 degrees east and the showing lies on the west limb of the eastern anticline. The more northerly of the two main veins strikes 60 degrees and the southerly vein strikes 065 to 070 degrees. In the upper levels the veins dip about 75 degrees south but steepen at depth, while for most veins in the Sheep Creek camp the dips are near vertical and shallow with depth. The quartz veins may be very narrow or up to about one metre wide and contain crushed country rock and commonly bifurcate. There is little evidence of fresh sulphides even in the lower workings as they have been oxidized to limonite in association with disseminated free gold. Gold grades in the Nugget veins were apparently some of the higher values found in the camp and production records indicate much of the material contained about 35 grams per tonne gold. Mineralization in the veins includes pyrite, pyrrhotite, chalcopyrite, galena, sphalerite and native gold.

Production figures have been intertwined historically between the Nugget and Motherlode (082FSW041) and later the Reno (082FSW036) occurrence. Production values have been separated out among the three as best as possible but some error may still exist. About 37,000 tonnes of ore was produced from the Nugget and 768 kilograms of gold, 283 kilograms of silver, 3294 kilograms of lead and 1273 kilograms of zinc recovered. Most production took place between 1907 and 1954.

Indicated reserves on the Nugget property are 30,089 tonnes grading 16.1 grams per tonne gold; indicated reserves on the Calhoun zone are 15,184 tonnes grading 15.4 grams per tonne gold; indicated reserves on the Fawn zone are 3,882 tonnes grading 28.4 grams per tonne gold (George Cross News Letter No. 217 (November 12), 1987).

Refer to the Motherlode (082FSW041) for a summary of the Sheep Creek mining camp.

In 1982, Cal Creek Resources completed a program of soil sampling, underground rehabilitation and sampling and two diamond drill holes, totalling 389.5 metres, on the area.

In 1986 and 1987, Gunsteel Resources Inc. completed a program of underground and surface rehabilitation, drifting, surface and underground diamond drilling, trenching, geochemical sampling and geophysical surveys on the area. Face samples from the of the No. 4 level workings averaged 18.38 grams per tonne gold over 63 metres, including 39.12 grams per tonne gold over a length of 26.2 metres and a width of 0.88 metres from the 100 sub-level and 9.63 grams per tonne gold over 68 metres, including 11.3 grams per tonne gold over a length of 47 metres and a width of 0.72 metre from the 200 sub-level (Lane, R.A. (2017-08-17): NI 43-101 Technical Report on the Sheep Creek Project).

During 2008 through 2016, Yellowstone Resources Ltd. examined the area as the Sheep Creek property. In late 2016, Margaux Resources Ltd. optioned the property and in 2017 examined the area.