The Last Chance occurrence is located south of McEchran Cove.

The dominant rock type in the area is a Vancouver Group amygdaloidal andesite of the Upper Triassic Karmutsen Formation that has undergone greenschist-grade regional metamorphism. The volcanics contain interbedded tuffs and limestones, overlain by minor Jurassic to Triassic Kunga limestone, and are cut by diabase dikes.

Locally, copper mineralization occurs in several locations; however, two main horizons, 500 metres apart, have been tested by adits and drilling. Mineralization consists of disseminated and fracture- and vesicle-filled chalcopyrite, commonly associated with epidote, chlorite and quartz within the volcanics. Chalcocite, native copper and bornite are usually present in the more intensely mineralized zones.

In 1916, drilling yielded up to 2 per cent copper over 1.5 metres in hole no.7 and 0.20 per cent copper over 29.4 metres in hole no.2, including 1.24 per cent copper over 2.4 metres (Property File - Ana Lake Mining Ltd. [1970-12-06]: Prospectus - Ana Lake Mining Ltd.).

In 1976, a 3.3-metre chip sample assayed 0.55 per cent copper and 0.08 gram per tonne silver (Assessment Report 6005).

The area has been explored in conjunction with the nearby Swede (MINFILE 103B 009) occurrence.