The Peerless polymetallic vein occurrence is located approximately 0.5 kilometre south west of the south end of Tyaughton Lake.

The area is underlain mainly by volcanics and sediments of the Mississippian to Jurassic Bridge River Complex (Group).

Locally, four zones of mineralization (Peerless, Alpha, Beta and Manhattan) have been identified.

The Peerless adit exposes 10 to 50 centimetre wide quartz-ankerite-calcite veins filling fissures in a chloritized andesite hosting pyrite, sphalerite, pyrrhotite and small amounts of galena mineralization as massive lenses, streaks and pods up to 0.6 metre wide. The vein strikes 045 degrees, dip 50 to 80 degrees and have been followed for approximately 200 metres to the north east. Similar mineralization occurs along the sheared contact between the volcanics and sediments consisting of argillite and cherty quartzite interbeds.

Historical samples from the vein are reported to have yielded up to 10.3 grams per tonne gold, 92.6 grams per tonne silver and 8.6 per cent zinc across 0.54 metre (Assessment Report 5325). In 1983, a channel sample of the vein, taken 66.44 metres from the portal entrance, yielded 12.7 grams per tonne gold, 54.4 grams per tonne silver 0.97 per cent lead and 2.34 per cent zinc over 0.46 metre, while a chip sample, from the same location of the high wall of the vein, assayed 9.2 grams per tonne gold, 34.8 grams per tonne silver, 0.41 per cent lead and 7.58 per cent zinc over 0.91 metre (Assessment Report 11648). Diamond drilling (hole 83-5), performed the same year, intersected 0.5 metre of vein yielding 13.5 grams per tonne gold, 86.9 grams per tonne silver and 6.25 per cent zinc (Assessment Report 11648).

The Alpha zone, located approximately 500 metres east of the adit, strikes north 80 degrees east, dips vertically and is up to 20 metres wide. It contains disseminated pyrite and lenses, up to 0.3 metre thick, of massive pyrite, galena and sphalerite mineralization.

In 1984, grab samples from a trench yielded up to 20.1 grams per tonne gold and 16.1 grams per tonne silver, while a 1- metre channel sample yielded 10.0 grams per tonne gold and 8.9 grams per tonne silver (Assessment Report 17062). The following year, a diamond drill hole (85-2) intercepted 1 metre yielding 4.2 grams per tonne gold and 4.1 grams per tonne silver, while another hole (85-1) yielded 25.5 grams per tonne gold and 17.4 grams per tonne silver over 0.07 metre (Assessment Report 17062). In 1987, rotary drilling (hole 87-17) on the zone yielded values up to 10.5 grams per tonne gold and 5.8 grams per tonne silver over 1.5 metres (Assessment Report 17062).

The Beta zone, located approximately 300 metres east of the adit, strikes north-east by south-west and dips 30 to 40 degrees north west. The zone contains several 1 to 5 centimetre wide quartz veins hosting arsenopyrite, sphalerite, galena and pyrite.

In 1984, a grab sample assayed 6.4 grams per tonne gold and 26.7 grams per tonne silver (Assessment Report 17062). In 1987, rotary drilling (hole 87-8) on the zone intersected 1.5 metres of mineralization grading 58.29 grams per tonne gold and 200.92 grams per tonne silver (Assessment Report 17062).

The Manhattan zone, located near the Beta zone, consists of stockwork mineralization within quartz-carbonate and listwanite- altered ultramafics and feldspar porphyry dikes. Sulphide mineralization consists of massive arsenopyrite, pyrite, sphalerite and galena. The zone is 35 to 50 metres wide, strikes 20 to 60 degrees and dips 80 degrees vertically to the south east.

The Peerless prospect was discovered in the early 1930’s and by 1937, 109.5 metres of underground development had been completed in two adits and a steeply inclined shaft. In 1974, Thunder Creek Mines completed a program of geological mapping on the area as the Zinc 1-6 mineral claims. During 1980 through 1983, Warstar Resources completed programs of rock and soil sampling, a 47.7 line-kilometre VLF-EM geophysical survey and four diamond drill holes on the area as the Golden Sidewalk claim. In 1987, Manhattan Minerals completed 22 rotary drill holes, totalling 2226.5 metres, on the area. The following year, 13 diamond drill holes, totalling 1623.3 metres, were completed. In 1995 and 1996, the area was prospected and soil sampled as the Yellow Jacket claim by U.S. Platinum.