The Iron Cap occurrence is a mineralized shear zone, 1.8 metres wide, in Cherry Creek unit monzonite of the Late Triassic-Early Jurassic Iron Mask batholith. The shear zone contains veins and stringers of chalcopyrite varying from 1 to 12 centimetres wide. Narrow alteration zones of pink K-feldspar are associated with the ore. Other gangue minerals include epidote, calcite, siderite and minor quartz. Pyrite occurs in the wallrock and is reported not to carry appreciable gold values. Magnetite veins cut the monzonite but are not associated with mineralized shear zone. The shear zone was prospected on the surface by opencuts.

The shear zone is faulted 26 metres northwest of the shaft and its continuation beyond the fault has not been discovered. The fault was traced for a considerable distance to the southwest by an electromagnetic survey by Berens River Mines Limited in 1952.

In 1956, a sample of material collected from the dump assayed 23.3 grams per tonne gold, 58.2 grams per tonne silver and 2 per cent copper (Minister of Mines Annual Report 1956). In 2002, Abacus Mining and Exploration Corporation colleced ten samples from heavily oxidized dump and subcrop material using a shovel to cut continuous samples. Eight of the ten samples recently collected assayed higher than 2.0 grams per tonne gold with the highest being 30.8 grams per tonne gold over 2.0 metres and 6.66 grams per tonne gold over 3.0 metres, both from material believed to be subcrop. An additional sample of 26.2 grams per tonne gold over 1.0 metre was likely from oxidized dump material (Canada Stockwatch, November 7, 2002).

The Iron Cap Crown-granted claim (Lot 875) is located on the southwest side of Ironmask Lake, approximately 9 kilometres west of Kamloops. The claim was staked in about 1897 and a 21 metre inclined shaft was sunk at that time and 4.5 tonnes of ore sent to Everett smelter which yielded $58 in gold and silver. The claim subsequently reverted to the Crown for taxes. The claim was leased by G.C. Scatchard and several adjoining claims staked. The property was prospected under lease by D.B. Sterritt, of Kamloops, at intervals from 1937 to 1940 where 234 tonnes of ore were mined and produced 13,499 grams silver, 6501 grams gold and 4800 kilograms copper. The shaft was extended down the dip of the zone to a depth of 38 metres. Levels have been driven at 18 and 36 metres. The 18-metre level extends about 7.6 metres southeast of the shaft and 25.9 metres northwest. The ore above the level was stoped to the surface. The level was later backfilled with waste. The 38-metre level is reported to be 10.6 metres long southeast of the shaft and 18.2 metres long northwest of it. To the northwest the drifts followed ore for about 27 metres to a fault and this was stoped out to the surface. Opencuts and short drifts southeast from the shaft failed to find ore. Berens River Mines Limited, a subsidiary of Newmont Mining Corporation, held the Iron Cap and a number of adjacent claims in 1952. An electromagnetic survey was carried out and five diamond-drill holes were put down on the Iron Cap and adjacent claims. In all cases the conductors proved to be unmineralized faults. Comet Mining Corporation Ltd., incorporated December 1964, leased the Iron Cap (Mineral Lease No. 21-0) and acquired a number of adjacent claims by option and by staking and in 1965 conducted a magnetometer survey. In May 1966 the company amalgamated with Krain Copper Resources Ltd. to form Comet Krain Mining Corp. Ltd. and conducted an induced polarization survey. The company name was changed in April 1971 to Comet Industries Ltd. An induced polarization survey was completed by Initial Developers Corporation in 1972 over their Kamloops property claims. In December 1972, Getty Mining Pacific, Limited optioned 120 contiguous claims in the combined properties (Victor, Iron Mask, 092INE010, Iron Cap and DM, 092INE030) held by Comet, Initial and Davenport. Work by Getty in 1973 included an induced polarization survey over 93.3 line kilometres, a magnetometer survey over 86.9 line kilometres, 2084.5 metres of rotary drilling in 8 holes, 564.4 metres of diamond drilling in 2 holes, and 15,513.4 metres of percussion drilling in 159 holes. Among these holes, 25 were spaced over a 3.2 by 4.8 kilometre area. The option was given up in 1974. Davenport Oil & Mining changed its name in 1973 to Davenport Industries Ltd. Initial Developers Corporation in May 1974 amalgamated with North Pacific Mines Ltd. under the name Initial Developers Limited. Canadian Superior Exploration Limited optioned the above combined properties (some 2185 hectares) in 1975. Work in 1976-78 included a magnetometer survey over 89 line kilometres, 8064 metres of diamond drilling in 47 holes and 4211 metres of percussion drilling in 48 holes. The option was terminated in 1978. Craigmont Mines Limited in February 1981 obtained an exploration agreement on the above four properties and on the adjacent Rainbow property (092INE028) of Pacific Seadrift Resources. Most of the work by Craigmont was on the adjacent Victor and Rainbow properties. This work indicated insufficient tonnage and the option was terminated in September 1981. Comet Industries Ltd in 1983 carried out exploration on the combined Iron Cap, Lorna (092INE026) and DM properties, including magnetometer and electromagnetic surveys over 13 kilometres and 294 metres of diamond drilling in 3 holes. The property was owned in 1986 by Comet (40 per cent), Davenport Industries Ltd. (30 per cent) and Initial Developers Limited (30 per cent). Teck Corporation and Metall Mining Corporation, through Afton Operating Corporation, in August 1987 obtained from Comet, Davenport, and Initial a 10 year exploration option on the Iron Cap property and adjacent ground.