The Pequod 3 showing occurs in porphyritic feldspar biotite granodiorite of the Cretaceous Battle Range Batholith. Noranda Explorations Co. Ltd. and Amax Potash Limited first discovered molybdenite on their Mad claims in 1978. The joint venture restaked the Mad claims as the Pequod claims in 1979 and Noranda drilled one hole on the nearby Pequod 1 showing (082KNW167).

A zone of quartz-pyrite-molybdenite veining was discovered during 1979 on the cliff faces between White Jacket and Moby Dick mountains. The zone is comprised of iron-stained shallow northeast dipping veins occurring on the cliff face from below the 2600-metre elevation to the ridge top at 3050 metres. The nature of the mineralization is said to be similar to that of the Pequod 6 showing (south vein zone) (082KNW144) and in fact could be part of the same zone but separated by 800 metres of the Moby Dick glacier. The main part of the mineralized veins are comprised of smokey grey quartz with feldspar, pyrite, molybdenite and minor tourmaline, occurring along vein borders. The molybdenite occurs as fine disseminations, rosettes and irregular masses. The mineralization in the north vein zone appears more continuous and of higher grade than that of the south vein zone.