The Beaver Dam prospect is located west of Finlay River and 5.75 kilometres east-southeast of Drybrough Peak in the Omineca-Cassiar mountains some 275 kilometres north of the community of Smithers. The prospect is at the southern end of the Toodoggone Gold Camp which lies within the eastern margin of the Intermontane Belt and is underlain by a northwest-trending belt of Paleozoic to Tertiary sediments, volcanics and intrusions. The Beaver Dam prospect is situated within a Mesozoic volcanic arc assemblage bounded to the east by the Omineca Belt and to the west and southwest by the Sustut and Bowser basins.

Permian Asitka Group crystalline limestones are the oldest rocks exposed in the region. They are commonly in thrust contact with Upper Triassic Stuhini Group andesite flows and pyroclastic rocks. Stuhini volcanics have been intruded by the granodiorite to quartz monzonite Black Lake Suite of Early Jurassic age and are in turn unconformably overlain by or faulted against Lower Jurassic calcalkaline volcanics of the Toodoggone Formation (Hazelton Group).

The dominant structures in the area are steeply dipping faults which define a prominent regional northwest structural fabric trending 140 to 170 degrees. In turn, high angle northeast-striking faults (approximately 060 degrees) appear to truncate and displace northwest-striking faults. Collectively these faults form a boundary for variably rotated and tilted blocks underlain by monoclinal strata.

The Beaver Dam prospect consists of quartz-chalcedony stockwork vein and breccia systems (West and East zones), 70 metres apart and striking 125 degrees. The Toodoggone Formation country rocks consist of salmon pink-weathered, dark grey, quartz-eye porphyritic dacitic fragmentals. To the southeast, outcrops consist of Stuhini Group andesitic flows and volcanic tuff. The Early Jurassic quartz monzonite to granodiorite Black Lake stock lies immediately to the west and intrudes Stuhini Group volcanics.

The West zone consists of a silicified multiphase breccia and stockwork vein system with silicified volcanic clasts surrounded and cut by a quartz-chalcedony matrix, and quartz-lined veins exhibiting dogtooth textures. The zone is 25 metres long by 10 to 15 metres wide. Alteration consists of sericite replacement of biotite in clasts and up to three per cent disseminated pyrite, localized rare kaolinite alteration and epidote and chlorite forming a peripheral alteration halo.

The East zone, located 70 metres to the east, is similar in nature and occurs over a width of 15 to 25 metres and an inferred strike length of 200 to 300 metres. Quartz-chalcedony stockwork veins and veinlets, locally vuggy, comprise the East zone.

In 1988, a drill program of five drillholes was conducted on the Beaver Dam prospect. Drillhole 88-12 intersected the highest anomalous mineralization from the West zone. Assay results from a 2.58-metre interval of bleached and silicified hostrock with chalcedony stringers and fractures every 10 to 15 centimetres, are 59.0 grams per tonne silver and 0.53 gram per tonne gold (Assessment Report 18313). The best assay results for the East zone were from drillhole 88-12; a 0.5-metre sample taken from a 1.1-metre zone of fracture-controlled chalcedony breccia assayed 28.1 grams per tonne silver and 0.23 gram per tonne gold (Assessment Report 18313). In 1989, two additional percussion-drill holes were drilled to the northwest with no further delineation of anomalous silver and gold mineralization in the East or West zones.

One sample was collected in 1999 by Stealth Minerals.

In 2009, program activities by Gold Fields Toodoggone Exploration Corporation and Cascadero Copper Corporation included a 2778-line kilometre airborne magnetic survey over most of the claim group, a 180.8-line kilometre induced polarization survey covering most of the Finlay River Valley corridor, a prospect specific field mapping and sampling program (soil, rock, talus fines and stream sediment samples) completed in the Pine, Tree, Canyon Creek, Mex, 10K, VIP and Electrum areas.

Refer to the Pine (094E 016) for details of the Pine property which contained the VIP/Grace occurrences from the late 1990s to present (2014). Also see the Electrum (094E 125) for details of historic property ownership.