The Peerless occurrence lies in the Zeballos gold camp, an area underlain by Lower Jurassic Bonanza Group basaltic to rhyolitic volcanic rocks. Conformably underlying the Bonanza rocks are lime- stones and limy clastics of the Upper Triassic Vancouver Group, Quatsino Formation. Dioritic to granodioritic Jurassic plutons of the Zeballos intrusion phase of the Island Plutonic Suite have intruded all older rocks. The Eocene Zeballos stock, a quartz diorite phase of the Catface Intrusions, is spatially related to gold-quartz veining in the area.

The Peerless occurrence is comprised of a 5.0 centimetre wide quartz-calcite vein which hosts chalcopyrite and sphalerite. The vein follows the contact of a feldspar-porphyry dyke which strikes 065 degrees and dips vertically. The dyke and mineralized quartz vein crosscut feldspathized Bonanza Group andesite adjacent to the contact between the Lower Jurassic Bonanza Group volcanics and the Late Jurassic Zeballos intrusive phase of the Island Plutonic Suite.

In 1999, Zeb Oro Explorations Inc. prospected the area as the Zeb Oro property.