Copper mineralization occurs along the shore of Ritchie Bay on Meares Island, approximately 12 kilometres north of Tofino.

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, mafic migmatite, quartz diorite or tonalite and minor metasedimentary and metavolcanic rocks. This complex is considered to be derived from Sicker and Vancouver groups rocks which were migmatized in early Jurassic time. Its mobilized granitoid part is thought to have become the source of the Jurassic Island Intrusions.

The southernmost showing consists of pyrrhotite with a trace of chalcopyrite hosted by gabbro. One hundred and twenty metres to the north, diorite gneiss contains magnetite, pyrite and a trace of chalcopyrite. Two hundred and sixteen metres north of this, gabbro outcrop is mineralized with chalcopyrite. The northernmost showing occurs 215 metres to the north and consists of minor chalcopyrite in diorite gneiss.

The area was first explored in 1898 with the discovery of the Iron Cap deposit (MINFILE 092F 158), 2.5 kilometres to the southeast. In the 1960's and 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. Between 1987 and 1990, Iron River Resources explored the area as the Lone Cone claims and performed programs of geological mapping, prospecting, magnetometer surveys and geochemical sampling.