The Homestake (L.2475) showing is located in the bed of Home- stake Creek at an elevation of 457 metres and approximately 1.0 kilometre from the shore of Pryce Channel, on West Redonda Island.

The island geology is composed of intrusive rocks of the Jurassic to Cretaceous Coast Plutonic Complex. Age dating from the southern part of West Redonda Island indicates 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 in diorite.

Magnetite is recorded to occur in outcrop for a width of around 18.2 metres. The magnetite, where it outcrops, does not occur at the actual line of contact between limestone and diorite, but a short distance away. No assays, or examinations of the extent and quality of the magnetite have been made at this location (Minister of Mines Annual Report 1918, page 283).

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 Mine (092K 039), Black Warrior (092K 040) and Homestake (092K 063).