The PENROSE occurrence is located southwest of Penrose Creek, approximately 1 kilometre southwest of the south end of Gun Lake, and 6 kilometres west of the village of Gold Bridge, at an elevation of approximately 1000 metres.

The area is bounded to the west by Upper Triassic Cadwallader Group (Hurley Formation) altered andesitic volcanics and quartzites and to the east by argillites of the Mississippian to Jurassic Bridge River Complex (Group). These are intruded by a northwest-trending belt of micro-diorite (augite diorite) of the Permian Bralorne-East Liza Complex containing a dike-like mass of Permian and older serpentinized peridotite (President Ultramafics) corelative with the Shulaps Ultramafic Complex.

Locally, altered volcanics and serpentinites occur as large inclusions or pendants within a micro-diorite. The serpentinites host quartz-carbonate veinlets and stock works host pyrite, arsenopyrite and chalcopyrite mineralization. Mariposite and ankerite are also noted in the area. In 1980, a sample is reported to have assayed 94 grams per tonne silver and 0.6 per cent copper (Assessment Report 13922).

Another area of mineralization, located approximately 1.2 kilometres upslope to the northwest and at an elevation of 1650 metres, consists of a amygdaloidal andesite hosting a serpentinized sheared zone with chalcopyrite and pyrite mineralization. In 1988, rock samples assayed up to 0.33 per cent copper (Assessment Report 18307).

The area has been historically explored in conjunction with the nearby Veritas (MINFILE 092JNE031) occurrence. In 1978, a program of rock, silt and soil sampling was completed on the area. In 1979, Climex Mining completed a program of rock and soil sampling, geological mapping, ground geophysical surveys and three diamond drill holes, totalling 85.2 metres, on the area as the Gwendolyn claim. During 1983 through 1988, Chalice Mining completed programs of ground and airborne geophysical surveys, rock, soil and biogeochemical sampling, prospecting and geological mapping on the area as the G.G. and Victory claims. During 1985 through 1991, Interex Resources completed programs of ground geophysical surveys, prospecting, soil sampling and geological mapping on the area as the Rose Gold claim. During 1985 through 1988, Coral Energy completed programs of soil and rock sampling, airborne and ground geophysical surveys and geological mapping on the area.

In 2020 and 2021, programs of prospecting, minor rock sampling, ground magnetometer surveys (CrowdMag) and satellite scene processing were completed for JP LaRue over the area, including the Penrose showing, approximately 500 metres northwest of the Veritas workings.