The Iron Cap mine is located near the shore of "Disappointment Inlet" (Lemmens Inlet) on Meares Island, approximately 10 kilometres north of Tofino. The location of the Iron Cap mine had been lost until 1988 when prospecting on the headlands around a bay (God's Pocket) on the northwest corner of Lemmens Inlet led to its apparent rediscovery. A mine shaft (filled with water) and a series of pits along the strike of a narrow vein were found.

Meares Island is underlain mainly by rocks of the pre-Jurassic Westcoast Complex. This complex is a heterogeneous assemblage of hornblende-plagioclase gneiss, amphibolite, agmatite, basic migmatite, quartz diorite or tonalite and minor metasedimentary and meta- volcanic rocks. It is considered to be derived from Sicker and Vancouver group rocks which were migmatized in early Jurassic time. The mobilized granitoid portion is thought to have become the source for the Early to Middle Jurassic Island Intrusions.

Locally, six veins, occurring in amphibolite striking north to northwest, were examined and sampled. The area between two of the veins is reported to be a wide shear zone. A sample taken from the mine dump assayed 1.58 per cent copper and 32.3 grams per tonne gold (Assessment Report 18624). Details of the mineralogy were not reported.

A large amount of work was reportedly done on the property in and before 1898. In that year, 17 tonnes of ore were shipped, producing 933 grams of gold, 809 grams of silver and 169 kilograms of copper (Mineral Policy data). From the 1960's to 1970's, Falconbridge staked and/or optioned the area and performed various exploration programs including geological mapping, self-potential and magnetic surveys and 6 diamond drill holes, totalling 66 metres. In 1982, the Lagoon claims were staked by D. Melrose and later optioned to Noramex Minerals. From 1987 to 1990, Iron River Resources explored the area as the Lone Cone claims and performed programs of geological mapping, prospecting, magnetometer surveys and geochemical sampling.