The Last Chance occurrence is located on the southern side of Mount Hickes at an elevation of approximately 360 metres. Other showings are reported to occur approximately 150 metres higher.

The area is underlain by greenschist metamorphic rocks of the Cretaceous to Tertiary Slollicum Schist. The country rocks are intruded to the west by a stock of Oligocene granodiorite and to the east by the Cretaceous Spuzzum pluton consisting of quartz diorite and diorite.

Locally, in the cleavage planes, but also sometimes disseminated throughout the metamorphosed rock, pyrite with flakes and occasionally lumps of molybdenite occur; some chalcopyrite also occurs.

One sample yielded 0.3 per cent copper and 6.86 grams per tonne silver with traces of gold and molybdenite; another yielded 4.2 per cent molybdenite with traces of gold and silver (Minister of Mines Annual Report 1918, page 289). In 1989, a sample (DSS 10) assayed 0.3 gram per tonne gold (Assessment Report 18729).

In 1985, the area was prospected and sampled by Kerr Addison Mines. In 1989, a program of geological mapping and geochemical sampling was completed on the area as the Gold 1-2 claims. In 2013, Bear Mountain Gold Mines completed a 2.84 line-kilometre ground magnetic geophysical survey on the area.