The Matilda showing is located about 1.5 kilometres southwest of Homestake Creek, 31 kilometres north-northwest of Alice Arm. The showing was explored by trenching and tunnelling between 1918 and 1934.

The showing is situated at the western margin of a 10 kilometre long, northwest trending body of plagioclase-hornblende porphyritic andesite. The Lower Jurassic Hazelton Group andesite, informally called the "Copper Belt", is extensively pyritized with variable silicification and sericitization.

The showing comprises a 6 metre wide, west-northwest trending zone containing numerous carbonate stringers, disseminated pyrite, blebs of sphalerite and minor galena. A 2.4 metre thick quartz lens of similar strike and dipping 65 degrees north occurs 30 metres east of this zone. The centre of the lens is well mineralized with sphalerite and galena, which becomes sparse at the margins of the lens. A 0.76 metre chip sample of the centre of the lens assayed trace gold, 34 grams per tonne silver, 3.9 per cent lead and 12.8 per cent zinc (Minister of Mines Annual Report 1951, page 87).

In 2012, Homestake Resource Corporation focused on the delineation of the South Reef deposit located about 800 metres to the southwest of the Homestake Silver deposit (103P 216). Drilling targeted a 1.2 kilometre strike length of this newly identified, mineralized zone which represents the third high grade gold-(silver) deposit discovered in this evolving district. The South Reef deposit sits along a major break in the stratigraphy that can be tracked with ground geophysics along the entire projected strike length. The South Reef discovery is a high-grade zone that remains open to the northwest and contains 332,000 inferred tonnes grading 13 grams per tonne gold and 3.6 grams per tonne silver (Canadian Mining Journal - April 29, 2013).

During 2017 through 2019, Auryn Resources Inc. completed programs of geological mapping, geochemical (rock and soil) sampling, airborne and ground geophysical surveys and re-logging of historical drill cores.