Old Wolf Creek flows west along the Leech River fault which separates Jurassic to Cretaceous Leech River Complex (Formation) slates and schists on the north, from Tertiary Metchosin Volcanics on the south. The metasediments strike nearly west and dip steeply northeast. The topography shows the stream to have cut down through the bedrock leaving a series of gravel covered benches. Placer gold, found in the gravel, is believed to have been derived from small, but numerous, gold-bearing quartz stringers hosted by the Leech River rocks.

The creek was worked in the early 1930's at a location about 2 kilometres above Leechtown where, about 9 metres above the creek, an old creek channel was found (Minister of Mines Annual Report 1933, page 248). A total of 93 grams of gold are reported to have been recovered from the stream between 1936 and 1940 (Bulletin 28, page 16). It is believed that some gold was taken from the lower end of the creek in the latter half of the 1800's.