The Water showing is located 3.5 kilometres south of the Thistle mine (092F 083), approximately 20 kilometres southeast of Port Alberni.

The area is underlain by volcanic rocks of the Devonian Duck Lake Formation, Sicker Group and by sediments of the Late Pennsylvannian to Early Permian Mount Mark Formation, Buttle Lake Group. These comprise massive and pillowed basaltic flows, breccia, andesite, agglomerate lapilli and cherty tuffs, limestone, siltstone, jasper and Late Triassic(?) feldspar porphyry dykes. The Rift Creek thrust fault occurs slightly east of the showing.

Mineralization consists of pyrite, chalcopyrite and galena in quartz veins with associated quartz-carbonate and sericite alteration. The veins are hosted in sheared pillow basalt and breccia of the Duck Lake Formation. The associated alteration occurs over a width of more than 100 metres. On the Lat claim, just to the east, finely laminated black argillite with 10 to 20 per cent disseminated pyrite occurs between sequences of basaltic and cherty tuff.

In 1987, Crew Min. completed a program of prospecting, trenching, an induced polization geophysical survey and a nine diamond drill holes, totalling 869 metres, on the Fitzwater property. A typical assay (sample #20112) from the North Rift Creek zone assayed 1.96 grams per tonne gold and 0.4 grams per tonne silver (Assessment Report 16731).

In 2006 and 2007, programs of soil geochemical sampling were completed on the Panther claim by L. Stephenson for owner G. Wells.