Much of the Gold Bug showing area is underlain by phyllitic, black, locally calcareous shales, argillites and siltstones of Carboniferous to Triassic Nicola and/or Harper Ranch groups. The metasediments strike north and display varying dips with some minor folding. Triassic to Jurassic quartz monzonite sill-like intrusions are exposed intermittently along northeast trends within the sediments. Anastomosing quartz veinlets with sparse pyrite and galena occur in the quartz monzonite.

The Gold Bug, Lucky Strike and Iron Cap claims were staked in the 1940s by Mike Salk. In 1967-69, 9 metres of adit were driven and a shaft sunk 1.8 metres. In 1976-77, work performed included 2 kilometres of rebuilt road, 2.2 kilometres of new road, shafts totalling 50 metres, tunnels totalling 128 metres and 16 metres of trenches. In 1985, geological mapping and prospecting, and rock and heavy mineral sampling was conducted by Golden Porphyrite Ltd.