The Hobo 1 occurrence is located near the headwaters of Ruby Creek on the northeast flank of Ruby Mountain, about 25 kilometres northeast of the community of Atlin. The Adanac porphyry molybdenum deposit (104N 052) is located 1.1 kilometres to the west.

The showing is hosted within the Late Cretaceous (70.6 +/- 3.8 Ma; Map 52, page 3) Surprise Lake batholith (Surprise Lake Plutonic Suite) which is exposed over 1100 square kilometres east of Atlin. The dominant phase of the pluton comprises a medium to coarse-grained alaskite. This lithology often grades into "smoky" quartz porphyritic alaskite, quartz feldspar porphyritic alaskite, feldspar porphyritic alaskite, and more massive aplite. The intrusion often becomes sericite and kaolinite altered when crosscut by quartz veins. Exposures of mafic volcanic and ultramafic rocks of the Upper Paleozoic Cache Creek Complex almost surround this property.

Molybdenum mineralization comprises erratically distributed flakes, books, and rosettes of molybdenite usually associated with dull, milky, cryptocrystalline quartz veins. Galena, arsenopyrite and wolframite are also commonly associated with the quartz veins. The veins average 2 to 5 centimetres in width, have variable orientations, and have been traced for up to 100 metres. Assays yielded less than 0.2 per cent molybdenum. Eleven quartz vein systems were identified.

In 1967, Canadian Johns-Manville Company Ltd. became interested in the area after investigating several molybdenum showings and a series of claims were staked; some prospecting was carried out and grab samples were collected for assay. In 1968, work continued by the company and an extensive geochemical survey was carried out which included regional reconnaissance and detailed stream sediment sampling, and talus fines and/or soil sampling.

From 2006 to 2008, Adanac Molybdenum Corporation conducted diamond-drilling on the Adanac/Ruby Creek "porphyry molybdenum" property, near Atlin.

In 2016, two holes were drilled by Global Drilling Solutions on behalf of Zinex Mining Corporation on the Ruby Creek Property, targeting native gold. In 2017, Global conducted geochemical sampling, drilling and ground geophysics on this property. In 2018, Global carried out further geochemical sampling and drilling on this property.

In 2021, an airborne SkyTEM survey was conducted by Stuhini Exploration on the Ruby Creek property, which revealed a number of regional trends across the property.