The Waterfall coal occurrence property is located on the northwest side of Mount Kostuik, east of Barbour Creek, approximately 13 kilometres south of Tumbler Ridge.

The Waterfall project area lies northwest of Roman Mountain following the close-folded Murray syncline and Waterfall anticline fold pair. The syncline has a 4-kilometre strike length, is cored with Lower Cretaceous Gates Formation (Fort St. John Group) conglomerate and coal seams, and features steep reverse faults with associated folds and tectonically thickened coal.

The Gates Formation (Fort St. John Group) is the major coal-bearing unit of the area and consists of siltstone, shale, sandstone, conglomerate and several cycles of coal deposition. It is generally subdivided into four subunits, termed the Upper Gates member, the Babcock member, the Middle Gates member and the Quintette member. The Quintette member, approximately 80 to 90 metres thick, consists primarily of massive, fine-grained siltstones and sandstones. The Middle Gates member, approximately 90 to 100 metres thick, consists of a series of fining-upward sequences that culminate in coal development, and hosts all of the economic coal seams of the Gates Formation. The Babcock member is a channel deposit sequence of massive sandstones, conglomeratic sandstones and chert pebble/granule conglomerates, averaging 20 to 30 metres thick. The Upper Gates member is a 30 to 40 metres thick series of shales and sandy shales with several thin, discontinuous coal seams. A very thin bed of ferruginous chert pebbles marks the top of the unit. Overall thickness of the Gates Formation is 270 to 300 metres.

In 2006, Hillsborough Resources Limited initiated exploration rotary drilling (4860 metres) on the Waterfall block in an effort to delineate more steeply dipping coal seams.

In late 2013, Anglo American plc/Peace River Coal Inc. began drilling for structure and coal quality data at the Waterfall property.

From January through early April 2014, Anglo American plc/Peace River Coal Inc. completed winter drilling and trenching programs at the Roman Northwest and Waterfall projects. At the Waterfall, percussion drilling totalled 1410 metres and core drilling totalled 360 metres.

In 2015 Peace River Coal Exploration undertook reclamation activities to return the areas disturbed in 2013 and 2014 to an end land use of wildlife habitat.