The Ursula North showing is located on the north shore of the Peace Reach, the western arm of Williston Lake, approximately 73 kilometres north of Mackenzie, B.C. and 79 kilometres west of Hudson Hope, B.C.

The Ursula North showing is part of a shale-hosted vanadium prospect that includes 18UT1 (094B 037), approximately 950 metres north.

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 (093O 062), 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 recessive, moderate to sub-vertical dipping fine-grained sedimentary rocks of the Toad and Grayling formations. 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, silty black shale with bioclastic, calcareous concretions. To the west, the contact region is tightly folded in a series north-northwest trending folds, while in the east, the stratigraphy has been repeated in the hanging wall of the Brewster Thrust Fault.

In 2018, Ethos Gold Corp. collected nine rock samples and 38 trench samples, as well as nine silt and 106 soil samples around the north shore of the Peace Reach. Two chip samples (18JMP006 and 18JMP008), taken across very steeply-dipping, black, calcareous shale, and collected 170 m apart, yielded 0.24 per cent V2O5 over 1.9 metres and 0.23 per cent V2O5 over 1.0 metre. Approximately 600 m to the north, three composite samples of talus fines, collected along an unvegetated slope that is underlain by fragments of black shale, returned average grades of 0.17 per cent V2O5 and 1965 ppm zinc (Assessment Report 38052).