The Dry Gulch occurrence is located on the northern side of Dry Creek, approximately 1.5 kilometres north west of the creek mouth.

The area is underlain by volcanics of the Upper Triassic Karmutsen Formation (Vancouver Group) which are intruded by granitic rock of the Early to Middle Jurassic Island Plutonic Suite. In the Bedwell River area the Karmutsen rocks consist of fine-grained andesites and black or dark green basalts. The plutonic rocks on Vancouver Island vary in composition from gabbro to quartz monzonite but are mainly granodiorite and quartz diorite.

Locally, a sill-like mass of porphyritic, fine grained, quartz diorite about 53 metres thick has a sharp contact with the underlying amygdaloidal basalts. The usual medium grained, light coloured quartz diorite of the Island Plutonic Suite batholith overlies the sill. dykes of similar character to that of the sill are found well within the main batholith. The volcanics below, and the lower part of the sill are cut by narrow quartz veins and impregnated with fine disseminated grains of pyrite and chalcopyrite.

In the bluffs on the eastern side of the creek, northwest from the point where the sill is exposed, the lowest exposure consists of granitic gneiss, cut by feldspar porphyry dykes, above which the normal quartz diorite of the batholith is exposed. The gneiss and feldspar porphyry dykes are intruded by a stockwork of narrow quartz veins. The veins and wallrock host disseminated pyrrhotite and chalcopyrite. Some molybenite occurs in narrow fractures and in some of the quartz veins. One vein, 43 centimetres wide, assayed 25.57 grams per tonne gold (Geological Survey of Canada Memoir 204, page 25).

In 1975, a grab sample from an old rock cut in volcanics, from the Dry Gulch area (Cub 5 claim), assayed 5.48 grams per tonne silver and 5.52 grams per tonne gold. Another grab rock sample from a 12.5 centimetre wide quartz vein, hosted in the foot wall of an andesite dyke and intrusive, assayed 8.71 grams per tonne gold. Grab samples of the mineralized (pyrrhotite-chalcopyrite) intrusive yielded up to 0.27 per cent copper (Assessment Report 05520).

During 1972 through 1982, W. Guppy and Golden Hinde Mines completed programs of prospecting, rock and soil sampling, geological mapping and four packsack drill holes, totalling 20 metres, on the area by as the Cub and Nub claims.