The Hematite showing is on the south bank of Finnegan Creek, 670 metres southeast of the creek's confluence with Hayes Creek and 19.5 kilometres northeast of Princeton.

A northerly striking fault, 10 to 15 metres wide, cuts granite of the Middle Jurassic Osprey Lake batholith, bringing coarse-grained porphyritic granite to the west in contact with medium grained granite to the east. The granite is strongly fractured and altered within the fault zone. Secondary minerals include abundant sericite and clay, some epidote and chlorite, and minor silica, situated mostly along fractures.

Mineralization consists of abundant hematite along fractures within the fault zone, and disseminated in mildly propylitic-altered wallrocks. Some galena and sphalerite are reported to accompany the hematite. The mineralized fault zone is exposed over a width of 10 metres. Six rock samples collected from a trench analysed less than 0.01 gram per tonne gold, 0.1 to 0.2 gram per tonne silver, 0.0004 to 0.0031 per cent copper, 0.0002 to 0.0008 per cent lead and 0.0022 to 0.0071 per cent zinc (Assessment Report 13903, Figure 5, samples 8516-1 to 8516-6).

This showing was first explored in 1928 by W.G. Wilkins. Brewster Lake Mines Ltd. and Rimco completed geological, magnetometer and soil surveys over the showing in 1971 and 1973. The occurrence was also soil sampled and prospected by Verdstone Gold Corporation in 1984 and 1985.