The EREBOR showing, is located in the Dickson Range on a northeast-trending ridge above Roxey Creek, 2 kilometres east of Dickson Peak, 5.5 kilometres northwest of Gun Lake and 10 kilometres northwest of the village of Gold Bridge.

Hypothermal cobalt-sulpharsenide gold, and nickel lenses lay within the margin of the Jurassic to Eocene Coast Plutonic Complex (Cretaceous Penrose Stock). Host rocks consist of granodiorite, minor hornblende-biotite-quartz diorite, diorite and gabbro, which are intruded by feldspar porphyry dikes. A broad, east trending and steeply south-dipping fault zone cuts the granodiorite near the eastern contact with older sedimentary and volcanic rocks of the Mississippian to Jurassic Bridge River Complex (Noel Formation black argillite, calcareous rocks and tuffs and serpentinized peridotites). To the southwest, the Penrose Stock intrudes Late Paleozoic to Mesozoic Ferguson Series cherts, argillites and limestones.

A structural analysis of the area, including the Little Gem, Jewel and Mount Penrose occurrences, was conducted for Goldbridge Holdings Ltd. in 2013, determining three cross-structural exploration potential locations.

Cobalt One Energy Corporation Inc. acquired the property in 2017 and subsequently conducted stream sediment, rock and soil sampling, prospecting and mapping, electromagnetic and IP survey, petrophysics studies and diamond drilling through to 2022. The Erebor showing was discovered during this period, where pink erythrite and cobalt sulpharsenides were observed in two separate parallel structures. Chip samples from Erebor returned up to 32 grams per tonne gold, 2.3 per cent cobalt and 1.1 per cent nickel (sample LFLG003).

The Erebor showing lies approximately 700 metres south-southwest of the Little Gem prospect. For exploration history, geology and mineralization in the area, refer to Little Gem (Minfile 092JNE068).