The Mina De Ray prospect is located west of Finlay River and 5.25 kilometres east-southeast of Drybrough Peak in the Omineca-Cassiar mountains some 275 kilometres north of the community of Smithers. The occurrence is at the southern end of the Toodoggone Gold Camp which lies within the eastern margin of the Intermontane Belt and is underlain by a northwest-trending belt of Paleozoic to Tertiary sediments, volcanics and intrusions. The prospect occurs within a Mesozoic volcanic arc assemblage bounded to the east by the Omineca Belt and to the west and southwest by the Sustut and Bowser basins.

Permian Asitka Group crystalline limestones are the oldest rocks exposed in the region. They are commonly in thrust contact with Upper Triassic Stuhini Group andesite flows and pyroclastic rocks. These Stuhini rocks have been intruded by plutons and other bodies of the mainly granodiorite to quartz monzonite Early Jurassic Black Lake Suite and are in turn unconformably overlain by or faulted against Lower Jurassic calcalkaline volcanics of the Toodoggone Formation (Hazelton Group).

The dominant structures in the area are steeply dipping faults which define a prominent regional northwest structural fabric trending 140 to 170 degrees. In turn, high angle northeast-striking faults (approximately 060 degrees) appear to truncate and displace northwest-striking faults. Collectively these faults form a boundary for variably rotated and tilted blocks underlain by monoclinal strata.

The Mina De Ray prospect is underlain by Toodoggone Formation andesite crystal tuff and hosts a banded quartz-chalcedony breccia zone striking 140 degrees and dipping steeply to the east. The average width of this zone is 5 metres. Pyrite is inferred to be the dominant sulphide from nearby similarly mineralized occurrences located about 1 kilometre northeast (Beaver Dam, 094E 104; Electrum, 094E 125).

Five drillholes were drilled in 1989. Several holes were not drilled deep enough to intersect the breccia zone. Drillholes APH-70 to 72 intersected anomalous silver and gold mineralization. The best assay values were from drillhole APH-71 at the 160 to 170-metre interval where a sample yielded 51.5 grams per tonne silver and 1.03 grams per tonne gold (Assessment Report 18856).