The Cougar 3 occurrence is located on an east- facing slope, approximately 3.5 kilometres southwest of Fishem Lake in the Tchaikazan River area.
The area is underlain by undivided volcanic rocks of the Upper Cretaceous Powell Creek Formation. Quartz dioritic intrusive rocks of the Late Cretaceous Anvil Mountain suite outcrop to the north.
Locally, a fault zone hosts gold and arsenic values. In 1998, a grab sample (604) assayed 1.97 grams per tonne gold and greater than 1 per cent arsenic (Assessment Report 25726).
The area has been historically explored in conjunction with the nearby Charlie (MINFILE 092O 043) occurrence. During 1981 through 1983, Suncor Resources completed programs of rock, silt and soil sampling, geological mapping and ground geophysical surveys on the area as the Cougar claims. In 1998, Pellaire Gold Mines completed a program of rock, silt and soil sampling on the area. In 1999, NWC Explorations completed a program of geochemical sampling, geological mapping, a 188 line-kilometre airborne geophysical survey and three diamond drill holes, totalling 660.3 metres, on the area as the Northwest Copper property. In 2005, Galore Resources completed a program of soil sampling, a 61.8 line-kilometre ground geophysical survey and a 188 line-kilometre airborne geophysical survey on the area. In 2008, Valor Resources completed a program of geochemical sampling and geological mapping on the area. During 2009 through 2014, Zelon Chemicals completed programs of rock, soil and biogeochemical sampling, minor trenching and a ground geophysical survey on the area.