The Ajax Fraction occurrence is situated on Crown grant Lot 1727 at 2088 metres elevation above sea level, in the Slocan Mining Division. The property is on the north side of Carpenter Creek east of Mount Payne. The property consists of the Ajax Fraction and Starlight No. 3 Crown grants (Lots 1727 and 595 respectively).

Regionally, the area lies on the western margin of the Kootenay Arc, in allochthonous rocks of the Quesnel Terrane. In the vicinity of the occurrence, the Quesnel Terrane is dominated by the Upper Triassic Slocan Group, a thick sequence of deformed and metamorphosed shale, argillite, siltstone, quartzite and minor limestone. Rocks of the Slocan Group are tightly and disharmonically folded. Early minor folds are tight to isoclinal with moderate east plunging, southeast inclined axial planes and younger folds are open, southwest plunging with subhorizontal axial planes. The sedimentary sequence has been regionally metamorphosed to lower greenschist facies.

South of the occurrence, the Slocan Group has been intruded by the Middle Jurassic Nelson intrusions which comprise at least six texturally and compositionally distinct phases ranging from diorite to lamprophyre. The most dominant phase is a medium to coarse grained potassium feldspar porphyritic granite. Several feldspar porphyritic granodiorite dikes, apparently related to the Nelson intrusions, also cut the sedimentary sequence near the occurrence (Paper 1989-5).

The occurrence is hosted by quartzite and argillaceous quartzite of the Slocan Group. The sedimentary sequence generally strikes 120 degrees and dips 58 degrees southwest. For the most part, the sedimentary rocks are well bedded and banded. Southwest of the Ajax Fraction Crown grant, the quartzite and argillite that host the occurrence are overlain by black slate.

The occurrence consists of a fissure vein that strikes 025 degrees and dips steeply southeast. The vein follows a joint plane within argillaceous quartzite and is a mere crack to a few centimetres in width. It carries small amounts of silver-lead mineralization (probably as tetrahedrite and galena) sporadically concentrated along the vein.

The vein has been explored with two adits and a 15 metre deep shaft. It has been followed along strike onto the Starlight No. 3 Crown grant to the northeast but could not be followed south of the slate contact.