The Iron Queen magnetite occurrences are located on K Creek, a tributary of Klootchlimmis Creek.

The area is primarily underlain by northwest striking, south west moderately dipping lower to middle Bonanza volcanics and Island Intrusives. The area east of the magnetite showings are generally underlain by lower Bonanza volcanics which exhibit pillow lavas, amygdaloidal and massive basalt and andesite flows and breccias. These rocks grade upward to the west into intraformational breccias, andesites and dacites grading into sub-aerial maroon andesites. To the north, rocks are mainly Island Instrusives.

The occurrence consists of two showings 100 metres apart. Limited exposure suggests 2 distinct replacement bands of magnetite mineralization, striking northwest and dipping steeply west, at the contact of monzonite with Bonanza Group andesite and andesitic tuff, and possibly altered limestone. The magnetite is massive, grading an estimated 80 to 90 per cent, to 50 per cent, mixed as stringers and small lenses with volcanic rocks (Geological Survey of Canada Economic Geology Series 3, Vol. 1, page 238). Minor skarn minerals and calcite are present, and pyrite is disseminated throughout.

At the eastern occurrence, the magnetite is 2.9 metres wide (including a 0.8 metre unmineralized andesite band) and occurs at an andesite-monzonite contact. The massive magnetite contains un-replaced rock fragments and is rusty weathering. The mineralization 100 metres to the west has been exposed over 6 by 12 metres in silicified fine-grained andesite or andesitic tuff, striking northwest and dipping west.