The Wait occurrence is located north of Wait Creek, approximately 2.3 kilometres northwest of its junction with Mather Creek.

The area is underlain by mid-Proterozoic (Helikian) Aldridge Formation (Purcell Supergroup) quartzites, greywackes and argillites. These have been intruded by dioritic sills of the Proterozoic Moyie Intrusions and by Cretaceous felsic intrusions.

Locally, as identified by drilling, metamorphosed fine-grained clastic sediments comprised of mudstones, siltstones and sandstones are cut by small quartz veinlets with minor chlorite alteration. Mineralization in the quartz veinlets consists of pyrite, pyrrhotite, and minor amounts of sphalerite, galena and chalcopyrite. Numerous faults are also evident.

In 1986, diamond drill hole 86-2 yielded values of up to 0.760 per cent zinc, 0.062 per cent lead, 3.3 grams per tonne silver and 0.21 gram per tonne gold, and a 12-metre section averaged 0.10 gram per tonne gold (Assessment Report 15496).

In 1972, a 12.8 line-kilometre induced polarization survey was completed on the area as the Hunt claims. The following year, a program of soil sampling geological mapping was performed. In 1986, Normine Resources and Victoria Resources drilled two diamond drill holes, totalling 947.2 metres, on the area as the Wait claims. The following year, a program of electromagnetic geophysical surveys and a further five diamond drill holes, totalling 1320.5 metres, were completed. In 1996, Sedex Mining completed a lone, 227.7-metre diamond drill hole.