The Lady B iron ore occurrence is located in the headwaters of Chipman Creek, approximately 2.5 kilometres north west of the Lady A (MINFILE 092B 029) occurrence.

The area is underlain by metasedimentary rocks of the Mississippian to Pennsylvannian Fourth Lake Formation (Buttle Group) and volcanic rocks of the Upper Devonian McLaughlin Ridge Formation (Sicker Group). These two formations were historically referred to as the Myra Formation and contained the "Sediment-Sill Unit" of the Sicker Group. The Sediment-Sill unit has been tentatively correlated with the Fourth Lake Formation and the "sills" have been mapped separately. The sills are believed to be coeval with the Karmutsen Formation basalts and are informally named Mount Hall gabbro. These rocks have been intruded by granitic rocks of the Early to Middle Jurassic Island Plutonic Suite.

Except for a map indicating the location no other details are available (Buckham, 1953) on the Lady B iron ore occurrence.

In 1983, the area was explored as the Hart 3-5 claims by Cominco Ltd. A grab sample (HER-9) of grabbro hosting disseminated chalcopyrite, pyrite and magnetite assayed 11150 parts per million copper (Assessment Report 11563). In 1989, the area was explored as the SB claim by Vancouver Venture Corporation.