The Redonda Iron prospect is centrally located on the Elsie (L.1648) claim on the north shore of Redonda Island. The claim was originally staked in 1892 and produced 568 tonnes of ore but no other development has taken place and the prospect remains largely undeveloped (Open File 1988-28).

The geology is composed of intrusive rocks of the Jurassic to Tertiary Coast Plutonic Complex. Age dates from the southern part of west Redonda Island indicate an age of 111 to 113 million years by potassium-argon from biotite and hornblende (Geological Survey of Canada Open File 480). Locally, highly metamorphosed greenstone and limestone of unknown group, formation or age are found as roof pendants in the diorite. The strata strikes north with a dip of 65 degrees east.

Magnetite is hosted in skarn altered tuffs and limestone near the contact with diorite. The skarn mineralogy comprises primarily pyroxene and garnet with wollastonite and vesuvianite developed in limestone. The mineralogy also includes diopside, quartz, epidote, calcite, and a small amount of sphene.

The deposit is exposed in a large open cut or quarry about 15.2 metres wide from east to west, 12.2 metres high at the face and 6.1 metres north to south. The deposit exposed in the face is a massive body 15 metres high and 9 metres wide with a 3 metre margin of mixed magnetite and skarn. A grab sample from the face of the open cut assayed 60.6 per cent iron, 10.9 per cent silica and trace sulphur and phosphorous (Minister of Mines Annual Report 1919, page 216).

In part, the ore is solid magnetite, but in general the magnetite occurs in nests, granules or reticulating veins throughout the altered limestone. Irregularly distributed throughout the solid ore are a few small cavities in which the magnetite has assumed the form of small crystals.

There are three magnetite occurrences on west Redonda Island. They have almost identical geologic settings and are close enough to each other to indicate the possibility of a continuous zone (Open File 1988-28, page 68). The three occurrences are Redonda Iron (092K 039), Black Warrior (092K 040) and Homestake (092K 063).