The Wallace-Old Road showing is exposed on a former wagon road on the western flank of Ursus Mountain, overlooking the Bedwell River.

The area is underlain by volcanics of the Upper Triassic Karmutsen Formation (Vancouver Group), which are intruded by granitic rock of the Jurassic Island Plutonic Suite. In the Bedwell River area, the Karmutsen rocks consist of fine-grained andesites and black or dark green basalts. The Jurassic plutonic rocks on Vancouver Island vary in composition from gabbro to quartz monzonite but are mainly granodiorite and quartz diorite.

Locally, copper mineralization is reported to occur over an area of 60 by 7.5 metres with values up to 5 per cent (Property File: Wallace, 1970).