The Wigwam Magnetite occurrence is located immediately north of Rainbow Creek which drains into Wigwam Bay on the west coast of the Seymour Inlet, a fjord on the mainland B.C. coast, east of northern Vancouver Island. The property is located at an uninhabited site of an early logging camp located 71km northeast (48.9°) of Port Hardy, B.C.

The Wigwam occurrence consists of a low-grade deposit of magnetite, northwest of Wigwam Bay, 8 kilometres southwest of the head of Seymour Inlet. It is similar to two other magnetite deposits in the area: the Kitchener (MINFILE 092M 001) to the south and Alexander (MINFILE 092M 002) to the south east.

The area is in the Jurassic to Tertiary Coast Plutonic Complex (Geological Survey of Canada Map 1386A). The Wigwam occurrence is hosted in a northwest-trending complex of pyritic diorite, gabbro and metamorphic rocks. This complex is marked by a large and intense magnetic anomaly, due to unusually large amounts of titaniferous magnetite (Assessment Report 12204).

The host rocks mainly comprise intrusive diorite and metasedimentary and metavolcanic gneiss and migmatite. The diorite is mostly fine- grained, and is commonly foliated and metamorphosed to a dioritic gneiss or micaceous schist. It contains inclusions of metamorphic rocks. Pyritic quartz veins, related to dykes, occur over a large part of the diorite. Gabbro is widespread in the form of younger pegmatitic veins or pockets in the diorite or metamorphic rocks, and is hornblende-bearing. The rocks contain a weak northwest-striking foliation, and are cut by west or northwest-striking faults.

Magnetite occurs rarely in small (centimetre-scale) masses in the gabbro and diorite, and commonly as fine disseminated grains within hornblende, and in small veinlets (Assessment Report 12204). The average magnetite content is 5 to 10 per cent, but can reach 35 per cent. The magnetite generally contains exsolved ilmenite. The gabbro and dioritic rocks are also unusually rich in pyrite, up to 3 per cent.

Only moderately magnetic rocks from the margin of the magnetic 'core' were examined and sampled. Bulk samples were upgraded by processing. Pyrite-rich samples had the highest titanium oxide ratio in titaniferous magnetite at 5 per cent, and also contained the highest silver assay (6.5 grams per tonne) and the highest platinum value (Assessment Report 12204). Magnetic concentrates from three samples contained between 0.16 and 0.33 per cent vanadium (Assessment Report 12204).

In 2011, two rock chip samples (WIG11AR-2 and WIG11AR-3) from the upper occurrence, located at approximately 1150 metres elevation, assayed 6.44 and 6.42 per cent iron, 0.55 and 0.52 per cent titanium with 222 and 234 parts per million vanadium over 0.5 metre, respectively (Assessment Report 32545).

Reserves of low grade magnetite (5 to 10 per cent) are judged to be in the multibillion tonne category (Assessment Report 12204).

In 1984, Geddes Resources completed a program of prospecting, geological mapping and bulk sampling of the area as the Wigwam group. In 2009, Homegold Resources prospected the area. In 2011, Goldrea Resources completed a program of prospecting, soil sampling and a 2.9 line-kilometre ground magnetic survey.

In 2019, Western Energy Metals Ltd. (operator Delrey Metals Corp.) had a 402.37 line km airborne aeromagnetic survey conducted over the occurrence, known as the Peneece property. The purpose of the airborne survey was to map the magnetic properties of the survey area to aid in geological mapping as well as detect possible zones of bedrock mineralization and alteration. The dominant feature highlighted in the survey is a large (3.7km x 3.0km), roughly northwest-southeast oriented magnetic high located in the central part of the property (up to 8681nT gradient). The results from the 2019 program are extremely encouraging. The sizeable strong magnetic high anomaly identified is coincident with Fe-Ti-V mineralization identified by historic operators. The mineralized samples in all cases are located near the margins of the anomaly identified indicating 2 that the strongest part of the anomaly has yet to be sampled. Overall, this gives indication that a potential variably mineralized Fe-Ti-V body has surface dimensions of at least 3.7km x 3.0km (Assessment Report 38346).