The Waterloo showing is located on the Ice River property approximately 25 kilometres east of Nicholson.

Regionally, the area is underlain by the Cambrian and Ordovician shales and carbonates of the Chancellor, Ottertail and McKay Formations, which have been intruded by the alkaline Ice River Complex.

Limestone of the Cambrian Ottertail Formation is intruded by nepheline syenite of the Devonian or Carboniferous Ice River Complex.

At the Waterloo occurrence, mineralization forms an almost continuous blanket of massive sulphide up to a metre thick along the base of a lamprophyre sill in the Ottertail Formation. The principal sulphide is pyrrhotite, in which occur nodules of pyrite, chalcopyrite and galena. Sphalerite and arsenopyrite have also been reported. Around the edges of massive sulphides, the Ottertail Formation has been recrystallized into coarse white calcite with interstitial quartz.

A representative sample of ore from an adit dump assayed 3.69 per cent lead, 16.10 per cent zinc, 1.59 per cent copper, 27.30 per cent iron, 99.4 grams per tonne silver and 1.7 grams per tonne gold (Geological Survey of Canada Memoir 55, page 229). A sample of massive sulphide assayed 0.06 per cent uranium (Assessment Report 3433). The original Waterloo claims were located in the early 1900s, at which time two tunnels were driven for a total of approximately 83 metres.

Sodalite occurs as disseminations and veinlets in the nepheline syenite. Hand stripping and sampling resulted in a 0.9-tonne sodalite-bearing rock, which was shipped out by helicopter for evaluation purposes (Geology, Exploration and Mining in British Columbia 1970, page 467). About 475 metres to the south-southeast of the trench, a new zone of sodalite has been discovered. The zone is 174 metres long, 24 metres wide and at least 53 metres in depth (Assessment Report 20207). A large area of nepheline syenite lays 190 metres to the south of the trench and may hold potential for the ceramic and glass industry.

Eagle Plains Resources Ltd. staked the Ice River property in 2003 and commenced work in 2005 that consisted of reconnaissance rock geochemical sampling and prospecting. Highlights include sample BRIVR008, which graded greater than 1 per cent lead and zinc, 0.5676 per cent copper, greater than 100 grams per tonne silver and 1.041 grams per tonne gold (Assessment Report 28187).

In 2006, Eagle Plains Resources Ltd. completed an exploration program of detailed stratigraphic and structural mapping and soil, rock and silt sampling. Highlights include sample JBIVR004, which graded greater than 1 per cent lead and zinc, 84.7 grams per tonne silver and 0.18 grams per tonne gold (Assessment Report 29013).

In 2007, Eagle Plains Resources Ltd. conducted the first drilling program ever completed on the Ice River property, prospecting, mapping and geochemical soil sampling. Highlights include drillhole IV07-001, which returned 2.07 metres (true thickness of 1.23 metres) grading 0.9 per cent lead, 17.4 per cent zinc, 0.275 per cent copper and 27 grams per tonne silver (Assessment Report 30321).

In 2008, Waterloo Resources Ltd. optioned the property from Eagle Plains Resources Ltd.

In 2009, Waterloo Resources Ltd. completed IP and magnetic geophysical surveys, soil and silt sampling, mapping and prospecting.

In 2012, Waterloo Resources Ltd. completed soil, silt and rock sampling on the Ice River property.