The Bassett occurrence is lies on a north-northwest–facing slope from elevations of approximately 1330 to 1450 metres, in the southern headwaters of Bassett Creek and approximately 4 kilometres east of the north end of Cruiser Lake.

Regionally, the area is underlain by metasedimentary rocks of the Proterozoic-Paleozoic Snowshoe Group (Kootenay terrane), greenschist metamorphic rocks of the Carboniferous to Permian Crooked amphibolite (Slide Mountain terrane) and fine clastic sedimentary rocks of the Middle to Upper Triassic Slocan Group (Quesnel terrane).

Locally, quartz veins are hosted in metasedimentary rocks of the Snowshoe Group, approximately 100 metres northeast of their contact with mafic schists of the Crooked amphibolite. Mineralized veins, accompanied by unmineralized veins, are exposed over a strike length of approximately 700 metres, within an interval of marble, quartzite and minor pelitic schist approximately 70 metres wide and 200 metres thick The veins are parallel or at a low angle to the strong foliation in the hostrocks, which dips at moderate to steep angles to the southwest and strikes 130 degrees. Individual veins pinch and swell but range from hairline fractures to 50 centimetres thick and average approximately 20 centimetres in width. One poorly exposed vein within marble at the south end of the mineralized zone is at least 35 centimetres wide. The mineralized veins are generally cut by rusty hairline fractures, and locally contain patches of ankerite and mariposite with vugs containing subhedral crystals of quartz and carbonate. Mineralization comprises scattered grains and clots of galena, pyrite, sphalerite and chalcopyrite with local traces of molybdenite.

In 1996, sampling of vein float and subcrop, located approximately 400 metres to the southeast, is reported to have yielded up to 2.65 per cent lead, 0.080 per cent molybdenum, 0.11 gram per tonne gold and 0.02 per cent tin (Assessment Report 29205).

In 2006, samples collected from three separate mineralized veins by the BC Geological Survey yielded from 0.1749 to 0.6450 per cent lead, 0.0051 to 0.0888 per cent molybdenum and 1.749 to 6.449 grams per tonne silver but did not contain significant amounts of gold (EMPR Fieldwork 2006, p. 179-202, samples 06PSC-282, 283, 284). Also at this time, grab samples collected by D.W. Ridley yielded up to 41.1 grams per tonne silver, 0.167 per cent molybdenum and greater than 1.0 per cent lead (Assessment Report 29205).

In 1989, the area immediately west was prospected and sampled (rock and soil) by Gibraltar Mines Ltd. as the Cruiser claims. In 2006 and 2007, the area was prospected and sampled as the Bassett claims by D.W. Ridley.

During 2010 through 2012, Bullion Gold Corp. completed programs of soil sampling, a 45.5 line-kilometre induced polarization survey and 1874.0 line-kilometres of airborne geophysical surveying on the area immediately west as the Cariboo Goldfields and Horsefly properties.