The Ira 5 occurrence is located just west of the north end of Surprise Lake, about 33 kilometres northeast of the community of Atlin.

The area is underlain by alaskite of the Late Cretaceous Surprise Lake batholith (Surprise Lake Plutonic Suite) and by a few late porphyry and basaltic dikes. Weak to strong gossans are locally present in the area.

Near the head of a cirque is a northeast trending zone with quartz veins, some of which contain kasolite, fluorite, limonite, hematite, and manganese. The veins trend about 060 degrees, dip southeast, and are up to 0.7 metres wide. A drillhole intersected 0.005 per cent uranium over 0.6 metres (Assessment Report 7598).

In 1978, R.H. Seraphim optioned the I.R.A. group of mineral claims. The claims were prospected, and partial geochemical and geological surveys completed. This work resulted in the discovery of uranium mineralization (kasolite) in a precipitous limonitic cirque area on the I.R.A. 5 claim. During August and September 1979, three shallow BQ drillholes totaling 448 metres were completed to test the mineralization at depth. This work failed to locate additional uranium mineralization and the drill core showed background radiometric response.

In 2006, Aldershot Resources Ltd. carried out a spectral analysis program on an area covering several occurrences (D & D (104N 108), Ira 6 (104N 109), Mistake (104N 107), Ira (104N 110), Ira 5 and Pato 1 (104N 106)). The program involved acquisition of satellite spectral data available from NASA, reconfiguring this data into a workable format, geo-referencing to TRIM map bases and extensive and rigorous classification of the data in search of indicators that might lead to the discovery of uranium mineralization.