The Waterfall occurrence is located west of Nanoose Creek, approximately 5 kilometres north of Okay Mountain.

The area is underlain by Paleozoic Sicker Group volcanic rocks and sediments in fault contact with Upper Triassic Karmutsen Formation (Vancouver Group) andesites. Cretaceous sediments of the Nanaimo Group unconformably overlies these rocks. In this area the Sicker Group thought to be correlative with the Devonian McLaughlin Ridge Formation (Cowichan uplift) represented by a lower phyllite unit, a dacitic to andesitic tuff unit and an upper quartz-sericite schist unit. The phyllite unit is predominantly a meta-argillite sequence which is locally cherty and becomes graphitic near faults. Overlying and interbedded with this is a pyritic dacitic to andesitic tuff sequence. Overlying both units is a quartz-sericite schist commonly containing thin bands of chert and local lenses of pyrite. In fault contact with the Sicker rocks are massive dark green andesites of the Karmutsen Formation. Local porphyritic and cherty andesite are observed. Nanaimo Group sediments consisting of fossiliferous sandstone with local conglomerate lie unconformably on Sicker rocks.

The Waterfall zone consists of graphitic argillite of the Sicker Group cut by quartz veins up to 0.5 metres wide contained in a zone 4.2 metres wide that is associated with the sheared contact with Karmutsen Formation andesite. The veins are mineralized with disseminated pyrite, arsenopyrite and chalcopyrite.

In 1988, Mingold Resources completed a program of rock and soil geochemical sampling, geological mapping and a ground electromagnetic survey. A rock chip sample assayed 0.56 grams per tonne gold (Assessment Report 17837).

In 2005 and 2006, D.J. McLelland completed programs of prospecting in the area.