The Pequod 1 showing occurs immediately north of Pequod glacier in intrusive rock 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 totalling 882.7 metres on the Pequod 1.

Drill hole NB-1 intersected a zone of intense alteration associated with minor molybdenite mineralization. The hole intersected 508 metres of Battle Range porphyry consisting of leucocratic, coarse-grained quartz-feldspar porphyritic biotite granite. It also intersected 252 metres of medium-grained granular quartz feldspar porphyry. The zone is totally within the Battle Range porphyry and does not appear to be related to the emplacement of the latter intrusion.

Pyrite is generally associated with intensity of alteration, ranging from 0 to 2 per cent in propylitic and argillic zones and sharply increasing within a sericite-quartz-pyrite zone. Several irregular masses (2 to 3 centimetres) of pyrite-magnetite-chalcopyrite occur around the 347-metre mark, associated with sericite-quartz-pyrite alteration. Molybdenite mineralization occurs as fine dustings and disseminations in narrow silicified sections within the sericite-quartz-pyrite alteration zones. Minor amounts of purple fluorite are also present.

The mineralized zone extends up through the section to an area of altered and mineralized Battle Range porphyry found in outcrop between the east and west glaciers. This indicates that the zone has a steep northerly dip.