The Ursula South showing is located on the south shore of the Peace Reach, the western arm of Williston Lake, approximately 71 kilometres north of Mackenzie, B.C. and 75 kilometres west of Hudson Hope, B.C.

The Ursula South showing is part of a shale-hosted vanadium prospect.

The earliest reported exploration in the vicinity of the property was performed in 1973 by Union Oil Company of Canada Ltd. This work resulted in the identification of the Poco (094B 007) and Coral (094B 008) mineral occurrences, approximately 25 kilometres north of Ursula South, which are hosted in middle Paleozoic shelf carbonates. Subsequent work by Union Oil and other operators included soil geochemical sampling, hand trenching and diamond drilling. In 2016, nine shallow drill holes were completed on the Coral occurrence, which intersected only minor lead-zinc mineralization (deGraaf et al., 2016).

In 2007, the Northern Development Initiative Trust and Geoscience BC performed a reconnaissance-scale stream sediment and water survey on NTS map sheet 93O. Vanadium geochemistry in stream sediment samples was notably elevated south of Peace Reach, along a northwest trending belt of Triassic-aged sedimentary rocks (Jackaman, 2008).

Bedrock in the area includes calcareous siltstone and silty shale of the Toad and Grayling formations. These strata are exposed in two limbs of a tight syncline, which is part of a larger series of north-northwest trending folds. On the property, the Toad-Grayling contact is marked by an increase in bioclastic limestone interbedded with black silty shale. Above the contact, Toad Formation comprises a phosphatic and vanadiferous, silty black shale with bioclastic, calcareous concretions.

In 2018, Ethos Gold Corp. collected six rock samples from the northern part of the property, along the south shore of Peace Reach. The strongest vanadium-in-rock values were obtained from sooty, calcareous black shale, hosting disseminated, very fine grained pyrite. The easternmost rock sample, 18R13, yielded 0.51% V2O5, 2500 ppm zinc, 240 ppm molybdenum and 380 ppm nickel. Another sample (18R15) collected 280 m to the southwest returned values of 0.34% V2O5, 2000 ppm zinc, 107 ppm molybdenum and 249 ppm nickel (Assessment Report 38051).