The Rainbow occurrence is located 4 kilometres southwest of Centre Peak, about 100 kilometres east of the community of Hazelton.

The showing area is underlain by amygdaloidal lava flows and interbedded tuffs of the Ankwell Member of the Lower Jurassic Nilkitkwa Formation (Hazelton Group). The rocks strike northwest, dipping 50 to 60 degrees southwest.

At the showing, stratabound bornite, chalcocite, and chalcopyrite occur in and disseminated in amygdules in the volcanic rocks. Copper mineralization is also found in fractures and joint planes. In the floor of the basin, minor chalcopyrite has been found in some interbedded tuffs. The mineralized zone is 9.4 to 10.6 metres in width, and in 1930 a chip sample across 9.4 metres assayed 2.1 per cent copper, 34.3 grams per tonne silver and trace gold (Minister of Mines Annual Report 1930, page 148).

The Rainbow group of claims was originally staked in 1929 by F. Martin and A. Michell and Associates of Hazelton and is briefly described in the Minister of Mines Annual Report for 1930 by government geologists.

The Drone 1-10 claims were held in 1971 by Falconbridge Nickel Mines Limited. Work during the year included geological mapping, and 24.34 metres of diamond drilling in two holes (Geology, Exploration and Mining in British Columbia 1971). In 1973, Westfrob Mines (a subsidiary of Falconbridge) completed 34 cubic metres of trenching on the Drone 8 (Geology, Exploration and Mining in British Columbia 1973).

In 2012-13, K. Galambos completed a review of the regional geochemical and geophysical surveys in preparation for an exploration program. Interpretation of regional 1st derivative magnetic data in the Rainbow area reveals a complex magnetic picture over the target area. Faulting mapped over the immediate Rainbow showing corresponds well with a magnetic high anomaly over a distance in excess of 7 kilometres.