The Magnet and Maybe occurrence is located on Mobbs Creek, at 885 metres elevation above sea level, in the Slocan Mining Division.

Regionally, the area lies within the Selkirk Mountains of southeastern British Columbia. The occurrence is within the Kootenay Arc, a curving belt of highly deformed metasedimentary and metavolcanic rocks which includes the Upper Proterozoic Horsethief Creek Group, the Upper Proterozoic to Lower Cambrian Hamill Group, the Lower Cambrian Badshot Formation, and the Paleozoic Lardeau and Milford groups. The volcano-sedimentary sequence is intruded by numerous Paleozoic to Mesozoic granitoid plutons.

The Lardeau River area of the Selkirk Mountains is mainly underlain by massive pillow lavas, volcanic breccia and green phyllitic rocks of the Index Formation and by grey-green mica schist of the Broadview Formation. Grey phyllitic rocks and marble of the Milford Group are exposed near the edges of the Mesozoic Mobbs Creek, Rapid Creek and Poplar Creek stocks. All rocks have undergone regional metamorphism to middle or upper greenschist facies. Rocks of the Milford Group have also been affected by thermal metamorphism (Geological Survey of Canada Bulletin 193).

The occurrence is in a band of black carbonaceous and graphitic schist of the Broadview Formation of the Lardeau Group. This band has an average width of 15 metres and the zone of alteration has been traced for over 900 metres in a northwesterly direction from the workings.

Mineralization is hosted in a broad, north trending shear zone. Pyrite, sphalerite, galena and tetrahedrite with minor chalcopyrite occur in a gangue of quartz, carbonate and graphitic schist. The schist is also mineralized with disseminated pyrite. A grab sample from high-grade ore assayed 3.4 grams per tonne gold, 580 grams per tonne silver, 0.2 per cent copper, 13 per cent lead and 22 per cent zinc (Minister of Mines Annual Report 1933). The shear has been explored with a narrow adit and a winze.