The Goldilox occurrence is located south of the Goodspeed River, approximately 4.5 kilometres northeast of Holberg.

The area is underlain by Bonanza Formation volcanic rocks and Parson's Bay Formation ash tuffs and shales with some older Karmutsen Formation volcanic rocks to the south.

Locally, a zone of minor disseminated chalcopyrite with pyrite is hosted by Bonanza volcanic rocks.

In 1980, the areas were explored as the HP claims by BP Minerals Limited. In 1989 and 1990, Consolidated Paytel Limited completed programs of prospecting, soil geochemical sampling and geophysical surveys. In 1990, sampling of the zone returned only low results, with a maximum of 103 parts per million copper and anomalous values in barium and strontium. Previous sampling in the area had returned values up to 453 parts per billion gold (Assessment Report 21372).