The Lazy K 5 occurrence is located near the south eastern shore of Gibson Cove.

The area is underlain primarily by cherty sediments of the Mississippian to Lower Permian Buttle Lake Group with inter-beds of Triassic Karmutsen Formation (Vancouver Group) basalt and lesser amounts of argillite, cherty basalt, limestone and laminated cherty siltstone and limestone.

These rocks are bounded on the west by Herbert Inlet while on the north, south and east they are overlain by mafic to intermediate volcanics of the Upper Triassic Karmutsen Formation (Vancouver Group). These volcanics are cut by andesitic dykes ranging from 0.1 to 10 metres in width. A small area of diorite belonging to the Early to Middle Jurassic Island Intrusions is exposed along the east side of Herbert Inlet.

Locally, silicified basalts, up to 50 per cent quartz, host chalcopyrite, malachite, azurite and bornite mineralization to a combined total of 2 per cent in association with quartz veinlets. Pyrite occurs as fine disseminations to 10 per cent of the total rock. In 1987, a sample (20973) assayed 1.40 per cent copper and 16.8 grams per tonne silver (Assessment Report 16224).

In 1984, Consort Energy completed a program of prospecting and silt and soil sampling on the area as the Lazeo-Klein claims. In 1985, a program of rock, silt and soil sampling was completed. Silt and soil samples identified anomalous values of gold in creeks to the south west between Cotter Creek and Gibson Cove. In 1987 and 1988, programs of geological mapping, and rock, silt and soil sampling, trenching and geophysical surveys were completed.