The Good Hope Fr occurrence is underlain by massive amygdaloidal basalt of the Upper Triassic Karmutsen Formation (Vancouver Group) intruded by several diorite dykes.

Magnetite lenses averaging 3.3 metres wide are developed along a well-defined fault in basalt. The lenses also contain minor amounts of pyrite and chalcopyrite.

Mine workings developed to exploit the magnetite lenses include two adits and opencuts. Production and shipments of magnetite ore averaged 907 tonnes annually from 1917 to 1923.