The Waterloo (Summit) occurrence is located on at an elevation of 2220 metres on a north-trending ridge, approximately kilometres north-north west of Mount Fergusson.

The area is underlain by north- trending and steeply dipping andesites, cherts and quartzites of the Mississippian to Jurassic Bridge River Complex (Group), faulted against diorite and quartz diorite of the Cretaceous to Tertiary Bendor pluton. All rocks are hornfelsed and the volcanics are sheared and chloritized, with pronounced oxidation around the showings. Other hydrothermal alteration products in the area include epidote, calcite and chalcedony.

The main workings, an adit and a number of open-cuts, have explored a 1.3-metre quartz vein following a shear in brecciated andesite, trending northeast and dipping north. The centre of the vein is limey and contains disseminated arsenopyrite and sphalerite enveloped by arsenopyrite, sphalerite, pyrite and bornite on the vein edges. Another smaller, 10- centimetre wide, mineralized vein is reported 25 metres to the south west.

In 1984, the average of three samples taken over 1.3 metres of the main vein yielded 10 grams per tonne gold and 12.7 grams per tonne silver, while a sample of the smaller vein assayed 11 grams per tonne gold and 45.4 grams per tonne silver over 10 centimetres (Assessment Report 13323). In 1991, two dump samples (573R and 574R) from a former trench on the main vein, located on the eastern side of the ridge, yielded 17.38 and 16.90 grams per tonne gold, 9.1 and 12.0 grams per tonne silver, 0.018 and 0.100 per cent lead and 0.780 and 1.695 per cent zinc, respectively (Assessment Report 22119).

Approximately 250 metres south west of the main showing (on the same ridge), three 10 to 15-centimetre veins are reported 3 metres apart. They show "epithermal" characteristics, having cockscomb, semi-massive stibnite and boulangerite in chalcedony and stibiconite. Trace gold and silver values are reported with up to 8 per cent antimony (Assessment Report 13323).

Another area of mineralization, located approximately 900 metres to the north west on a ridge and at an elevation of 2245 metres, consists of siliceous cherty sediments hosting hydrothermal quartz veining with semi-massive stibnite and minor pyrite. In 1991, a grab sample (571R) assayed 0.14 grams per tonne gold and 2.64 per cent antimony (Assessment Report 22119).

The area was originally staked in 1934 as the Summit claims. During 1935 through 1937, a short adit was completed. In 1984, Newmont Exploration, on behalf of X-Calibre Resources, completed a program of geochemical sampling and geological mapping on the area as the Waterloo 1-2 claims. In 1991, Cogema Canada Ltd. completed a program of rock and silt sampling and geological mapping on the area as the Water 1-4 claims. During 2003 through 2006, programs of prospecting, minor rock sampling and a 2.4 line-kilometre ground electromagnetic and magnetic survey was completed on the area as the Standard claim. In 2013, BCT Mining Corp., on the behalf of Discovery Ventures Inc., completed a program of geological and structural mapping on the area as the Gold property.