The Pit occurrence is located between Alan and Freer creeks in the Cassiar Mountains, about 470 metres south of the British Columbia-Yukon border.

The Pit vein occurs in granodiorite of the Early Cretaceous Cassiar batholith about 200 metres north of the Shipment vein (104O 002). The Pit vein is about 15 centimetres wide and consists of quartz with massive pyrite, galena and sphalerite, and is exposed in a trench for 15 metres. Gently plunging slickensides are visible in granodiorite along the vein margin. Some ore from this vein was included in a hand-cobbed 14-tonne shipment, taken in 1979, which assayed 1.30 grams per tonne gold, 532.01 grams per tonne silver, 29.1 per cent lead, 13.9 per cent zinc and 0.16 per cent copper (Department of Indian and Northern Affairs, 1983) (see Discovery, 104O 001). A chlorite and sericite alteration halo the vein.

Lead isotopic signatures from the Lucky vein (104O 033) located about 6 kilometres east, plot in a cluster with other local polymetallic occurrences of known mid-Cretaceous through Eocene age. Abbott (1984) has related the veins and replacements of the Rancheria district to small granites that post-date the main Cassiar batholith (Fieldwork 2000, page 62).

In 1947, the Holliday-Discovery property (104O 001) was located and included the area of the Pit vein. In 1948, M.K. Pickard, for the Yukon Ranges Exploration Syndicate, built a trail to the claims. A portable gasoline drill was used to mine 4.5 tonnes of ore from the Shipment vein. This was sacked, packed out to the highway on horseback, and shipped to the Trail smelter. The option was relinquished at the end of the 1948 season, and no work was done in 1949.