The Wallace Fraction occurrence is located in the northern headwaters of the Indian River, approximately 2.2 kilometres southeast of Clarion Lake and at an elevation of 810 metres.

The area is underlain by an elongate, northeast- trending, stock of phyllic-propylitic altered porphyritic quartz diorite, which intrudes a sequence of rhyolite and dacitic to andesitic pyroclastics. The volcanic rocks are part of the Lower Cretaceous Gambier Group and occur at the south end of a roof pendant. The pendant is enclosed in Late Jurassic diorite and quartz diorite of the Jurassic to Tertiary Coast Plutonic Complex. The stock is exposed over a 900 by 400 metre area.

Locally, phyllic altered quartz porphyry and propylitic altered quartz diorite hosts pyrite, chalcopyrite and molybdenite as disseminations, fracture fillings and veinlets.

In 1980, 11 chip samples, taken over 55 metres, yielded an average 0.20 per cent copper; including 0.41 per cent copper over 5 metres (Assessment Report 36023).

Another zone of mineralization, located approximately 330 metres to the south, consists of a 0.6 by 0.7 metre wide massive chalcopyrite and pyrite lens. In 1980, a rock sample (0393) assayed 10.7 per cent copper and 76.80 grams per tonne silver over 1 metre (Assessment Report 36023).

The area has been explored since the early 1900’s and later on by Britannia Mining and Smelting. In 1962, Anaconda acquired the claims. The area was drilled by Anaconda in 1965, 1980 and 1981. In 1984, Falconbridge Copper entered into an option agreement with Anaconda Canada and conducted programs of geological mapping and sampling on the area. In 2015, NEK Canada Mining Group completed a program of rock sampling and geological mapping on the area.