The Lizard phosphorite deposit is located on Lizard Creek 5 kilometres southwest of Fernie.

The phosphorite occurs at the base of the Jurassic Fernie Group, unconformably overlying fine clastic strata of the Triassic Sulphur Mountain Formation (Spray River Group). This sequence along the south side of Lizard Creek trends northwest and is overturned.

The phosphorite consists of well-rounded structureless brown pellets averaging 0.2 to 0.3 millimetres in diameter in a matrix of carbonate with lesser amounts of quartz and minor mica and clay. The martrix comprises 20 per cent of the rock. About half of the pellets contain quartz nuclei. Work by Cominco indicated the presence of a phosphorite bed 3.4 metres thick containing approximately 12.9 per cent P2O5 (Open File 1987-16, page 77). Some phosphate is also present in older Ishbel Group strata of Permian age.

The deposit was explored by Cominco Ltd. in the 1960's. At the present time the area is overgrown with only 2 adits (inaccessible) still locatable.