The Peerless group is situated at an elevation of 488 metres on the north side of a ridge, 2.4 kilometres north of Carpenter Bay. In 1908 the owners, the Young Bros., developed a number of adits on the property.

A magnetite lens 13.7 by 5.5 metres, with lesser chalcopyrite occurs near the contact volcanics of the Vancouver Group, Upper Triassic Karmutsen Formation and quartz monzonites of the Burnaby Island Plutonic Suite. Minor argillite and limestone of the Jurassic to Triassic Kunga Group overlies the volcanic rocks.