This property is located on Waldie creek near its junction with Sheep Creek. The Kootenay Belle (082FSW046) property adjoins on the northeast. Other associated properties are Yellowstone, Vancouver, Midnight and Alexander (082FSW052, 049, 050 and 051).

Leasers began development work on the Queen property in about 1900; the Holmes Syndicate carried on development work during part of 1902; the Queen claim (Lot 1076) was Crown-granted to Messrs. Turner and Scully that same year.

In 1903 W. Waldie, one of the owners, began development of the property and also obtained a lease on the Yellowstone mill. Waldie completed purchase of the property in 1905, acquired the Yellowstone group in 1907, and sold the combined property to Queen Mines Incorporated in 1908. The company operated the mine until 1916. Except for a brief period of operation by leasers in 1918 the property was idle until acquired by the Yellowstone Mining Company Limited in 1922, however, the company carried on operations for only about a year. Messrs. Lavigne, Stayner & associates acquired the property in 1928 and in 1930 formed Queen Mines Limited, however, operations ceased later in the year.

In 1933 Sheep Creek Gold Mines Limited was formed by a consolidation of the Queen Mining & Milling Company and the Midnight Gold Mining Syndicate, owners of the Midnight and Vancouver claims. A new 50 ton mill was put into operation in May 1935 and operated more or less continuously until the mine was closed in 1951. The company name was changed in 1956 to Sheep Creek Mines Limited.

Beginning in 1961 leasers made intermittent shipments of silica ore from the dumps, the ore being in demand as a silica flux.

The company name was changed in September 1965 to Aetna Investment Corporation Ltd.

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.

The Sheep Creek mining camp consists of auriferous sulphide mineralization within a regional system of quartz veins controlled by faults. The camp hosts four distinct fault/fracture systems. All productive veins are associated with faults trending northeast and dipping southeast. The veins are particularly productive where they cross the axis of the two regional, northerly trending anticlines which dominate the geology of the camp. In addition there are a few northwest trending strike slip faults, north trending normal faults and flat faults, on which the hanging wall has been thrust westwards.

Ore occurs in shoots and is almost without exception confined to parts of fault zones in which one or both walls are quartzite. Other parts of the veins are either too narrow or low grade to be economic. The ore shoots are found at the intersection of northeast faults with quartzite stratigraphy, particularly the Upper Nugget and Upper Navada members of the Quartzite Range Formation (correlative with rocks of the Hamill Group). The underlying Motherlode Member quartzite is, without obvious reason, almost completely barren of economic gold mineralization. The veins contain a quartz gangue containing pyrite with lesser amounts of pyrrhotite, chalcopyrite, galena, sphalerite and rare visible gold. Precious metal grades are exceedingly variable and zones of high grade appear to be distributed randomly. Such zones or ore shoots are rarely greater than a few of tens metres in size.

Throughout the camp, economic mineralization is found within a vertical range of less than 500 metres in any given vein and from north to south in the camp this vertical range occurs at progressively lower elevations. At the north end of the camp near Reno Mountain the economic zone lies at about 1675 to 2150 metres elevation and at the south end near Mount Waldie the zone is entirely below 915 metres above sea level. The veins may occur above the economic zone but are generally too narrow and below the zone the veins usually persist but are commonly wider and of lower grade. Higher grades of greater than 150 grams per tonne are generally restricted to the top of the zone.

The Queen property includes four east trending veins which are north to south the Yellowstone (082FSW052), Queen, Midnight (082FSW050) and Alexandra (082FSW51) veins. The Queen vein crosscuts the western anticline and the mine shaft is within the Nugget and Navada Members of the Quartzite Range Formation. To the west, the quartzites are in contact with Lower Cambrian Laib Formation limestones and the vein dies out in the softer sediments. To the east, the vein crosscuts argillites and quartzites of the Lower Cambrian Reno Formation (correlative with rocks of the Hamill Group). The ore shoots are within quartz gangue carrying free gold, pyrite and some sphalerite and galena. Wall rocks are predominantly quartzite. The vein is crosscut by two lamprophyre dykes intruded along fault zones.

Several ore shoots were developed on the Queen property which produced 653,165 tonnes of ore intermittently from 1902 to 1970. It has been reported that from 1900 to 1938 production was from the Queen vein; thereafter it includes production from other veins mined by Sheep Creek Gold Mines. From the total tonnage mined 9,453,383 grams of gold, 3,121,527 grams of silver, 7,769 kilograms of lead and 3,063 kilograms of zinc were recovered.