The Waverley occurrence is located on the western slope of Sorcerer Mountain, 1.75 kilometres southeast of the confluence of Sorcerer and Holway creeks and approximately 52 kilometres northeast of Revelstoke. The Tangier occurrence (MINFILE 082N 015) lies 750 metres to the west.

The property is underlain by northwest-striking and steep (60 to 90 degrees) northeast-dipping Lower Cambrian strata comprised of light grey, coarsely crystalline limestone with argillaceous and siliceous varieties, fine-grained quartzites, argillaceous and carbonaceous to graphitic schists and phyllites, and minor grey talcose and sericitic schists. Complex minor folding, shear zones and fissures are common.

At the Waverley "mine", two replacement vein-like orebodies have been explored and developed by underground workings that total 914 lineal metres. The principal workings crosscut and develop an oreshoot on the Waverley claim (Lot 3597) throughout a vertical depth of approximately 114 metres. This oreshoot has an apparent average length of 21 metres and a maximum width of approximately 12 metres, and is developed by the No. 2 and 3 tunnels and connecting winze and raise, from which three intermediate levels have been driven. The No. 1 tunnel and winze explores the other oreshoot, known as the Montague vein. Approximately 228 metres to the northwest of the No. 1 tunnel, a short crosscut adit and winze on the Montague claim (Lot 3596) has exposed approximately 1.2 metres of oxidized ore on a northwest-striking continuation of the Montague vein.

Average assays for samples taken from the main oreshoot on the Waverley claim were 5.8 per cent lead and 606.7 grams per tonne silver over an average width of 2 metres and a length of approximately 21 metres (Special Bulletin (1928), Report on Waverley-Tangier Property, by J.D. Galloway). A sample of ore from the No. 2 tunnel assayed 4.1 grams per tonne gold, 1588.1 grams per tonne silver, 2.1 per cent lead, 26.7 per cent zinc and 1.35 per cent copper (Geological Survey of Canada Summary Report 1928 Part A, page 179).

The ore occurs in well-defined fissures, replaces dark grey or black fine-grained limestone and is found as irregular bodies more or less elongated along predominant shear and fault zones that trend approximately 320 degrees. Veins of quartz and calcite, striking more northerly than the main oreshoots, are barren in most places.

The ore is highly oxidized and consists of limonite, anglesite, cerussite, malachite, azurite, smithsonite and occasional nodules of galena and tetrahedrite in a gangue of decomposed limestone, calcite and quartz.

Most of the underground work on the Waverley property was performed between 1896 and 1898 by Gold Fields of British Columbia, an English company. The operation was closed down in 1899 and was idle until 1918. Some development took place in the summer months between 1918 and 1921.

In 1987, Mandalla Resources Ltd. completed a small exploration program of grid layout and geological mapping.

In 2003, William Murray collected 6 grab samples from the Tangier dump.

In 2004, William Murray of Silver Phoenix Resources Ltd. staked the claims encompassing the Tangier (MINFILE 082N 015) and Waverley workings. In 2005, Silver Phoenix Resources Ltd. conducted trail construction and property examinations.

In 2007, Silver Phoenix Resources Ltd. contracted River Rich Exploration Ltd. to complete a stream sediment survey and rock sampling program.

In 2009, Armadillo Resources Ltd. optioned the property from Silver Phoenix Resources Ltd. and completed a drill program totaling 761.6 metres.

In 2013, Armadillo Resources Ltd. dropped their option of the property, which reverted to Silver Phoenix Resources Ltd.