The Skagit No. 1 prospect is located 3.0 kilometres east of the Similkameen River and 18.5 kilometres south of Princeton. The area is underlain by the eastern facies of the Upper Triassic Nicola Group consisting of mafic augite and hornblende porphyritic pyroclastics and flows. These rocks are intruded by diorite and monzonite, locally pyroxenite and gabbro, of the Early Jurassic Copper Mountain and Lost Horse intrusions.

This occurrence is comprised of several sulphidic shear zones and fractures cutting andesitic tuff, with minor volcanic siltstone and sandstone formerly included in the Wolf Creek Formation (Geological Survey of Canada Memoir 171). The deposit lies within 60 metres of the Copper Mountain stock (Copper Mountain Intrusions), situated to the northwest.

The shear zones and fractures are weakly mineralized with bornite, chalcopyrite and malachite. Two adjacent 5-metre chip samples taken along a roadcut averaged 0.362 per cent copper, 0.0025 gram per tonne gold and 2.3 grams per tonne silver over 10 metres (Assessment Report 11617, Figure 3). A second series of chip samples were taken in sequence along a trench about 30 metres to the south. Six chip samples, each 5 metres long, averaged 0.2763 per cent copper, 0.008 gram per tonne gold and 2.9 grams per tonne silver over 30 metres (Assessment Report 11617, Figure 3). Malachite staining is developed over a 20 metre length along a trench wall a further 40 metres to the south.

This prospect was mapped by Newmont Mining Corporation of Canada Ltd. in 1970 and 1971, and sampled in detail by Kidd Creek Mines Ltd. in 1983. Various other operators have conducted geophysical and geochemical surveys over this deposit between 1968 and 1986, most recently by Targa Resources Inc.

No significant work has been reported in the property area from 1987 to 2010.

In 2010, Anglo Canadian Mining Corp. carried out a program of 26.4 line kilometres of induced polarization and magnetometer geophysical surveys and 5732.4 metres of NQ-size diamond drilling in 22 holes. The work was an attempt to delineate copper-gold porphyry mineralization. Highlights included vertical drillhole PR-11-21, which contained a 38-metre section grading 0.564 per cent copper. The induced polarization survey showed a very strong (> 35 milliseconds) chargeability anomaly in the southwestern part of the grid in the Nicola volcanics south of the stock (Assessment Report 33070).