The Privateer-PE vein lies in the Zeballos gold camp which is underlain by the Lower Jurassic Bonanza Group. The Bonanza Group is an island arc sequence consisting of basaltic to rhyolitic volcanic rocks. Conformably underlying the Bonanza Group rocks are limestones and limy clastics of the Quatsino and Parson Bay formations, and Karmutsen Formation tholeiitic basalts, all belonging to the Upper Triassic Vancouver Group. Dioritic to granodioritic plutons of the Zeballos intrusion phase of the Jurassic Island Intrusions have intruded all older rocks. The Eocene Zeballos stock, a quartz diorite phase of the Catface Intrusions, is spatially related to the area's gold-quartz veins. Bedded rocks are predominantly northwest striking, southwest dipping, and anticlinally folded about a north- west axis.

The PE Vein strikes 040 to 048 degrees and dips vertically. Width ranges from 15 to 71 centimetres. The vein has been traced by trenching and tunnelling over a 230 metre strike length and a down dip length of 168 metres.

The vein consists of quartz, pyrite, galena and arsenopyrite. The vein is located 280 metres south of the Privateer No. 1 Vein (092L 008), and is hosted in calc-silicate altered crystal tuff of the Bonanza Group near the contact with Eocene Catface quartz diorite.