The Lode 1 showing is 4.25 kilometres northwest of the summit of Lodestone Mountain and 27 kilometres west-northwest of Princeton.

A rusty shear zone cuts pyroxenite of the Early Jurassic Tulameen Ultramafic Complex, at the western contact with Upper Triassic Nicola Group metavolcanics. The pyroxenite is carbonatized and exhibits chlorite-rich layers.

The pyroxenite contains disseminated magnetite and minor pyrite and chalcopyrite. A sample assayed 20.53 per cent iron and 0.043 per cent copper (Assessment Report 11888, Appendix 1, sample AT 210).

The showing was sampled by Lodestone Mining Corporation in 1983.

Magnetite Ridge Metals and Minerals Ltd. operated the property in 2008.