The property is located between elevations of 1524 and 1758 metres on the south side of Porcupine Creek, 8.8 kilometres northeast of Salmo. The Jack Pot property (082FSW012) adjoins to the east.

The Hunter V claim was located in May 1900 by A.A. Vernon. This and adjacent claims were acquired by W. Davis, of Nelson, and exploration work began in shallow shafts on the Hunter V and Double Standard claims. Late in 1902, the Double Standard Syndicate was organized to begin shipments of fluxing ore to the Nelson smelter. The B.C. Standard Mining Company, Limited was incorporated in June 1903 to acquire the property. An aerial tramway in 3 sections totalling 4663 metres was installed to connect with the Nelson and Fort Sheppard railway. Seven claims, the Hunter V, Double Standard (082FSW015), Mercia Fr., Tugulla, Vulgar Fr., Silver Bullion, and Aurora (Lots 2212, 2213, 2224, 3419-3421, and 6064 respectively) were Crown-granted to the company in 1903. Fluxing ore mined from open pits, one at an elevation of 1707 metres, and the other 76 metres lower and about 305 metres to the northwest, was shipped to smelters at Nelson, Trail, Northport, and Granby.

In mid 1905 the company was forced to liquidate and the property was leased to Hall Mining and Smelting Company, Limited, operator of the smelter at Nelson. A changeover was made to underground mining and a new adit was begun below the Double Standard open pit in 1906. The mine closed and the lease was given up in 1907, when the Hall smelter closed.

The Consolidated Mining and Smelting Company of Canada Limited purchased the property in 1919 and development work was begun in a new adit in 1925. A replacement of the aerial tramway was erected to connect with what was now the Great Northern Railway, and shipments of low-grade ore to meet the fluxing requirements of the Trail smelter began in 1927. Development work in crosscuts, drifts and raises continued into 1929 because the silver values had decreased to such an extent that the operation became unprofitable.

New Jersey Zinc Exploration Company (Canada) Ltd., owner of the adjacent Jack Pot property, acquired the Hunter V Crown grants prior to 1959. Cominco Ltd. carried out exploration work under an option agreement on the New Jersey Zinc property during the period 1973-77 but no specific mention was made of work on the Hunter V.

The Hunter V deposit, part of the Jackpot orebodies, consisted of low-grade ores in the order of 4.35 grams per tonne silver and 0.016 grams per tonne gold. However, production between 1902 and 1929 benefitted from smelter credits for the lime content of the shipped ores and this allowed the operation to continue. The ores consisted of fine-grained sphalerite and pyrite with minor galena, tetrahedrite and native silver within a limestone matrix which contained about 22 per cent silica. Native silver occurred on fracture planes in the oxidized ore and was associated with limonite. The sulphide zone has apparently been completely mined out as later descriptions note that little or no sulphides are now visible in the old workings.

The Jackpot orebodies are currently thought to be Kootenay Arc-type carbonate hosted sedimentary exhalative (sedex) deposits. The orebodies are located within dolomitized limestone of the Lower Cambrian Laib Formation, Reeves Member (correlative with limestone of the Badshot Formation). The occurrences are within limestone which has been complexly folded and faulted close to the north margin of the Middle to Late Jurassic Hidden Creek stock (Nelson Intrusions). The limestones have an east trend with variable dips ranging from 10 to 40 degrees south.

Tombstone Explorations Co. Ltd. acquired the Jackpot property from New Jersey Zinc Explorations Company (Canada) Ltd. in 1997.