The Loughborough Gold mine is located on the eastern shore of Loroughborough Inlet, 10 kilometres north of the inlet's entrance, south of Grey Creek, northeast of the community of Roy, at an elevation of 174 metres.

The area is underlain by diorites of the Jurassic to Cretaceous Coast Plutonic Complex. Around the old mine site the diorite is described as a weakly to well-foliated, coarse-grained, equigranular hornblende diorite. Air photographs of the area reveal the presence of multiple, very prominent northeast and northwest trending lineaments. Complexly associated with the diorite are dykes and intrusive bodies of highly altered felsic rock. Alteration minerals in the area are quartz, epidote, chlorite, apatite and pyrite.

Mineralization occurs in quartz veins which follow fractures or narrow shear zones. Disseminated grains and crystalline aggregates of pyrite are found irregularly distributed through the gangue of quartz and altered, sheared and frequently silicified rock. Small amounts of chalcopyrite and sphalerite have also been noted within the veins.

Of the six or more veins reported to occur in the area, only the Loughborough vein system has been extensively explored. The vein is located in a northeast striking, steeply south dipping shear. The best mineralized section of veins, at the mine, appear to be flanked in part by either altered andesitic rock and/or creamy white to pink aplite, possibly the felsic dykes noted in the area. The vein in the upper tunnel is exposed for a distance of approximately 15 metres and has a maximum width of 0.61 metres. The best assay sample was obtained in 1936 from near the entrance to the now collapsed upper tunnel. The sample assayed 26.74 grams per tonne gold and 137.12 grams per tonne silver over 91 centimetres (Minister of Mines Annual Report 1936, page F19).

The Golden Gate group of claims was staked by W. Wills in 1933. Loughborough Gold Mines, Limited, a private company, acquired the 12 located claims in 1935; a public company of the same name was incorporated in September 1936 to continue the development work. Small scale operations were carried on until 1940. Development work totals some 260 metres of tunnels, crosscuts, and winzes in two adits. A 24-metre shaft connects the two adit levels and extends 12 metres below the lower level.

Similar showings occur on other claims in the vicinity. On the Stuart claim, about 915 metres to the north, the workings include a shallow inclined shaft and two short adits. On the Leora claim, located on the shore about 460 metres west of the Stuart, a 3-metre adit has been driven.

Triako Mining Limited acquired the 14 claim property in 1966.