The Lost Mine (Copper Ridge, Copper Peak) occurrence was described in the Minister of Mines Annual Report for 1902 as situated at the head of Shaw Creek, at an approximate elevation of 1830 metres. More recent exploration has identified at least seven areas of historical workings, three to the south at elevations of 2024 to 2027 metres and possibly three or four others to the north at elevations of approximately 1900 to 2220 metres.

The area is underlain by quartz monzonite and granodiorite, considered to be part of the Middle Jurassic Nelson Intrusions and metamorphosed to staurolite-kyanite-sillimanite amphibolite facies. The area is located a short distance to the west of the contact with the middle Cretaceous Bayonne Batholith. Sedimentary rocks of the Upper Proterozoic Windermere Supergroup and Middle Proterozoic Purcell Supergroup, outcrop to the north west and south east, respectively.

Locally, quartz-calcite veins with chalcopyrite mineralization are reported. The vein or veins have been reported to been traced for over 1 kilometre with widths of 30 to 100 metres. More recent mapping has identified a 20 to 30- metre thick fracture zone, striking 145 degrees south east and dipping vertically, hosting quartz-calcite veins with pyrite, pyrrhotite and chalcopyrite mineralization associated with magnetite, marcasite, malachite and limonite. Fluorite is also reported in some rock specimens.

Values at the surface were reported to average 8.6 grams per tonne gold (translated from $5 values, at $20 per ounce) and 4 per cent copper (Minister of Mines Annual Report 1902).

In 2008, rock samples yielded up to 0.770 per cent copper and 0.224 cobalt (Assessment Report 30466). The following year, rock samples from an adit portal yielded up to 0.410 per cent copper and 0.020 per cent cobalt (Assessment Report 31272). In 2010, rock samples, from the east adit, yielded up to 0.494 per cent copper, 0.070 per cent cobalt and 1.9 grams per tonne silver (Assessment Report 31928). In 2014, rock sampling from the No.1 adit yielded up to 1.401 per cent copper and 5 grams per tonne silver (Sample 32975-1M; Assessment Report 34421). In 2015, rock sampling yielded up to 0.437 per cent copper (Sample CR1; Assessment Report 35250).

During 1899 through 1902, a tunnel and a number of cross-cuts were driven for 75 metres along the vein. Other tunnels or adits of unknown age are also reported in the area. In 1982, Brinco Mining completed a program of geological mapping and silt sampling on the area as the Sherpa claim.

During 2005 through 2015, Innovative Energy completed programs of prospecting, rock sampled and a ground electromagnetic survey on the area as the Katie mineral claims.