The Goodspeed occurrence is located in the northeastern headwaters of the Goodspeed River, approximately 4.8 kilometres west of the western end of Nahwitti Lake.

Regionally, the area is underlain by northwest-trending belts of basaltic volcanics and carbonate sedimentary rocks of the Upper Triassic Karmutsen and Quatsino formations (Vancouver Group) and mafic volcanics and sediments of the Upper Triassic to Lower Jurassic Bonanza Group (Holberg volcanic unit, Nahwitti River wacke and Parsons Bay Formation). These volcanic and sedimentary rocks have been intruded by granodioritic rocks of the Early to Middle Jurassic Island Plutonic Suite.

Locally, as defined by diamond drilling, fine- to medium-grained dacitic volcanics, siliceous andesite tuffs, breccias and flows are in fault contact with a diorite and intruded by a hornblende-feldspar porphyry host magnetite with porphyry copper (chalcopyrite) mineralization. At surface, a 90-metre wide zone hosts 0.5 to 10-centimetre wide quartz-magnetite-pyrite-actinolite veins with trace chalcopyrite and bornite(?). Biotite and epidote alterations are also reported.

In 1991, rock samples yielded up to 0.174 per cent copper and 0.28 gram per tonne gold, whereas diamond drilling yielded intercepts of 0.135 per cent copper over 24.0 metres in hole EC-194; 0.188 per cent copper over 27.0 metres in hole EC-195 and 0.192 per cent copper over 72.0 metres, including 0.268 per cent copper with 0.09 gram per tonne gold over 33.0, metres in hole EC-197 (Assessment Report 21759). A previous drillhole (EC-119), located to the northwest of the 1991 drillholes, is reported to have yielded 0.31 per cent copper over 24.38 metres (Assessment Report 21759).

In 2005, a grab sample assayed 0.20 gram per tonne gold and 0.277 per cent copper (Assessment Report 28375).

The area has been explored since the 1960s in conjunction with the nearby Red Dog (MINFILE 092L 200) and Hushamu (MINFILE 092L 240) occurrences.

In 1991, Moraga Resources Ltd. and BHP-Utah Mines completed a program of rock and soil sampling, geological mapping and five diamond drill holes, totalling 433.18 metres, on the area. In 1997, a 156.1 line-kilometre airborne geophysical survey was completed on the area.

In 2005, Luminar Resources Corp. completed a program of rock, silt and soil sampling, geological mapping, a 2687.0 line-kilometre airborne electromagnetic survey and 18 diamond drill holes, totalling 3154.0 metres, on the area.