The Bud 3 occurrence is located west-southwest of Mount Morehead, near the Likely Road.

Regionally, the area is located within the central Quesnel Trough. The area is underlain by Upper Triassic to Lower Jurassic sedimentary and mafic to felsic volcanic rocks. This sequence has been intruded by small alkalic stocks of diorite to syenite compositions. This sedimentary and volcanic assemblage is correlative with the Nicola Group.

Locally, a mafic volcanic crystal tuff hosts minor malachite and chalcocite mineralization. In 1991, two grab samples (ML539 and 91AMBUD-001) assayed up to 1.01 per cent copper, 0.108 per cent lead and 0.231 per cent zinc (Assessment Report 21584). In 1992, a rock sample (ML-07) assayed 0.889 per cent copper and 0.221 gram per tonne gold (Assessment Report 22455).

In 1991, Pamicon Developments completed a program of geochemical sampling and geological mapping on the area as the Bud and JC claims. The following year, Canim Lake Gold completed a program of rock and soil sampling, geological mapping, line cutting and 12 rotary drill holes, totalling 487.8 metres, on the area as the Bud 1-4 claims. A full exploration history of the area can be found in the ML (MINFILE 093A 118) occurrence. In 1997, Big Valley Resources completed a program of soil sampling and diamond drilling, totalling 641.1 metres in three holes, on the area as the Calm claims.