The New 3 area is underlain by Upper Paleozoic Stikine Assemblage rocks which host thin-bedded limestone and volcanic arc-like mafic to felsic volcanic flows, tuffs and volcaniclastics. Intrusive rock of the Late Devonian of the McClymont Plutonic suite intrudes the stratigraphy.

A steeply dipping gold-bearing quartz vein, the Southwest Vein, was discovered in the southwest comer of the New 3 claim, hosted by felsic intrusive (quartz syenite). Sulphide mineralization within the vein consists of pyrite and chalcopyrite. A series of grab samples along the strike of the vein has shown that the vein is well-mineralized in gold and silver and copper. Assays to 13.3 grams per tonne gold, 10.2 grams per tonne silver and 0.14 per cent copper were obtained from grab sampling (Assessment Report 18464).

The Southwest Vein was traced on the Pezgold Resource New claims for approximately 500 metres. South of the Pezgold claims the Southwest vein continues for an additional 800 metres on Adrian Resources Ltd claims (104B 350) where widths average 0.2 metres to 0.3 metres swelling to 2.0 metres.

Between November 1987 and June 1988 a regional airborne magnetic, electromagnetic and VLF survey was completed in the Iskut River region which included the Joy 12, New 3 and New 4 claims.

During the 1988 field season Pezgold Resources completed 86 man days on the claims collecting 560 contour soil samples and prospecting (76 rock samples) with limited silt (4 samples) and heavy mineral sampling (8 samples) and geological mapping.

In 2006 and 2007, Hathor Exploration Ltd. completed a 7228.7 line-kilometre airborne geophysical survey on the area as the Ret claims of the Iskut project. In 2008, Max Minerals Ltd. examined the property.