The Old Cu-Ag occurrence is located approximately 1.1 kilometres south east of Lacy Lake.

The Cowichan uplift consists mainly of northwest trending volcanic-volcaniclastic-sedimentary rocks of the Paleozoic Sicker and Buttle Lake groups. These are bounded by younger mafic volcanics of the Vancouver Group and sediments of the Nanaimo Group. The stratigraphy is very complex with numerous intercalations and rapid lateral facies changes. The rocks are commonly schistose in the vicinity of faults with associated carbonatization and silicification.

Two small copper-stained pits (1 by 1 metre) occur 130 metres apart in silicified volcanics of the Devonian Duck Lake Formation (Sicker Group). A north trending fault cuts the volcanics, which are porphyritic andesites. Mineralization consists of numerous quartz veinlets with trace chalcopyrite, bornite, azurite and pyrite.

In 1985, Reward Resources completed a program of geological mapping and geochemical sampling on the area as the Horne 2-4 claims. In 1986, Lode Resources explored the area as the Lacey 2 claim. A program of rock and soil geochemical sampling, geological mapping and a ground electromagnetic and magnetic geophysical surveys were completed. Sampling of the northern pit assayed 8.57 grams per tonne silver and sampling of the southern pit assayed 76.1 grams per tonne silver. Another sample of the southern pit assayed 17.1 grams per tonne silver and 0.05 per cent copper (Assessment Report 16138).