The Penny (Grand Times South) occurrence is located at an elevation of approximately 800 metres on a south-facing slope between Equesis and Banks creeks.

Regionally, the area is underlain by basaltic volcanics, mudstone, siltstone, shale and fine clastic sedimentary rocks of the Upper Triassic Nicola Group, which are in probable unconformable contact with Devonian to Triassic sedimentary and volcanic rocks of the Harper Ranch Group. Middle Jurassic granitic rocks intrude the Nicola and Harper Ranch groups and outliers of volcanic rocks of the Eocene Kamloops and Penticton groups overlie the older units.

Locally, former trenches expose a carbonate-altered shear zone with mineralized quartz veins, up to 50 centimetres wide, in a crowded feldspar porphyry (dacite). Mineralization comprises pyrite, chalcopyrite, sphalerite and galena.

In 1987, rock samples (PEN-61 and -7) from a former trench yielded up to 4.6 grams per tonne gold and 126.0 grams per tonne silver, whereas two other samples (PEN-1001 and -075), taken approximately 500 metres upslope to the north-northeast from an area of foliated hornblende diorite, yielded up to 3.3 grams per tonne gold and 77.0 grams per tonne silver (Assessment Report 15535).

The area has been explored since the late 1800s in conjunction with the nearby Grand Times (MINFILE 082LSW012) occurrence, with trenches likely dating to this period.

In 1969, Brown-Overton Mines Ltd. completed a program of rock and soil sampling and an 18.6 line-kilometre ground magnetic survey on the area as the Red Hawk claims. The former adit(s) was reportedly caved by this time.

In 1981, R.J. Bilquist prospected the area as the Hidden 1-6 and Hidden Treasure 1-2 claims. In 1983 and 1984, MineQuest Exploration Associates Ltd. completed programs of prospecting;, geological mapping and rock, silt and soil sampling on the area as the Penny claim. During late 1985 through 1987, Tournigan Mining Explorations Ltd. completed a program of prospecting, soil sampling and geological mapping on the area as the Greg claim. Also in 1987, Goldstone Exploration Ltd. completed a program of rock sampling, geological mapping and a 15.0 line-kilometre combined ground magnetic and electromagnetic (VLF) survey on the area as the Penny claim. In 1988, Whist Holdings Ltd. soil sampled the area as the Aspen claim.