The initial discovery of gossan, sulphides and visible gold on the Discovery Vein is credited to E. Ostensoe and E. Kruchkowski in 1978. The veins are located on a rolling plateau at 1550 metres elevation, just to the northwest of a tiny lake. The Goldwedge deposit consists of 3 veins, the Golden Rocket (current producer), Discovery and Goldridge.

The deposit is hosted in massive, green chloritic andesite tuffs and lapilli tuffs of the Lower-Middle Jurassic Unuk River Formation, Hazelton Group. The deposit consists of a quartz vein and veinlet stockwork cutting strongly chloritized to strongly sericitized and weakly silicified massive tuffs. The sericitic alteration includes significant amounts (up to 5 per cent) of euhedral, fine-grained pyrite and the rock is pale grey (bleached) and has a schistose foliation (but is not a true "sericite schist"). The wallrock can locally host massive, fine-grained pyritic seams and veinlets up to 2 centimetres wide. Minor amounts of disseminated euhedral arsenopyrite have been noted within the altered rocks and one large bleb of fuchsite has been noted in the underground works.

The gold occurs as abundant grains, blebs and seams of visible gold in quartz veins and in fault gouge where minor faults cut the ore zone. Gold most often occurs as spongy, arborescent masses but fine crystalline forms have also been noted. Gold values are also associated with pyrite from quartz veins, from pyrite veins and from disseminated pyrite in the sericite-altered wallrock. The general control on the vein stockwork is thought to be a paleofault or shear zone that is all but obscured by the pervasive hydrothermal alteration that accompanied ore deposition. The quartz stockwork also hosts electrum, tetrahedrite, arsenopyrite, sphalerite, galena and pyrargyrite.

Mineralogy and alteration patterns suggest a mesothermal to epithermal vein type deposit associated with Jurassic syenodiorite intrusions.

Indicated reserves of the Golden Rocket zone are 289,500 tonnes grading 38.3 grams per tonne silver and 27.4 grams per tonne gold; indicated reserves of the Discovery zone are 34,451 tonnes grading 37.0 grams per tonne silver and 21.5 grams per tonne gold (Assessment Report 18679, page 8).

A pilot milling was expected to commence in mid-May of 1988.

An unpaid 45-dollar annual rental fee required to keep a mining lease in good standing triggered a chain of events that resulted in Catear Resources forfeiting the Goldwedge property (The Northern Miner, March 25, 1991). The mining lease reverted back to the Crown and was open for staking. As a result, in 1990, the property ended up in the hands of Exponential Holdings, a private Vancouver-based company.

Refer to West (104B 193) and Snowfield (104B 1079) for details of related mineralization.