The Raymond deposit is located 3 kilometres west-southwest of Cobble Hill Station on the E & N Railway, 35 kilometres northwest of Victoria.

The deposit consists of a 670 metre long, northeast trending limestone lens of the Upper Pennsylvanian to Lower Permian Mount Mark Formation, Buttle Lake Group (previously the Buttle Lake Formation, Sicker Group). The limestone is unconformably overlain to the northwest by Upper Triassic Karmutsen Formation (Vancouver Group) mafic flows and underlain to the southeast by cherty argillite and tuffaceous sediments of the Mississippian to Permian Buttle Lake Group. The lens is up to 150 metres thick near its south end, where it is truncated by a northwest trending fault that brings Karmutsen volcanics in contact with the limestone. The deposit gradually thins to the northeast, eventually pinching out between the volcanics and sediments. Chert beds within the highly jointed limestone strike 070 degrees and dip 45 degrees northwest and the underlying sediments strike 060 degrees and dip 35 degrees northwest.

The deposit is composed of fine to coarse-grained, light grey, calcium to high calcium limestone that is commonly veined with white calcite. In thin section the rock is composed mainly of crinoid fragments, bryozoa remains and possibly radiolaria in a partially recrystallized, dense, calcite cement. A series of discontinuous, light coloured chert beds 2.5 to 10 centimetres thick and 0.15 to 0.91 metres apart occur in the upper portion. Similar but less abundant chert beds are present near the lower contact. The limestone commonly contains less than 1 per cent magnesia (MgO). Three chip samples, each 12.2 metres long, taken in succession along a quarry face in 1945 averaged 53.5 per cent CaO, 0.35 per cent MgO, 3.3 per cent insolubles, 0.21 per cent R2O3. 0.19 per cent Fe2O3, 0.04 per cent P2O5 and 42.37 per cent ignition loss (Bulletin 23, page 55).

Between 1886 and 1896 limestone was produced from two small pits on the northeast end of the deposit. Between 1953 and 1979 11,794,107 tonnes of limestone was produced from the southeast end of the deposit. The remaining 950-metre long quarry is now flooded.