The Likely magnetite showing has been described in British Columbia Energy, Mines and Petroleum Resources Annual Report 1936. In all probability the workings described as cutting this showing are part of the historical Bullion Pit workings.

The showing consists of a magnetite lens which strikes 302 degrees and dips steeply east. The greatest exposed width of the lens is 4.27 metres and surface stripping has traced the lens for 7.62 metres along strike. The lens is hosted in fractured andesitic volcanics most likely belonging to the Upper Triassic to Lower Jurassic Takla Group. The lens locally contains chalcopyrite and pyrite. The fractures in the vicinity of the lens are filled with pyrite, chalcopyrite and specularite. Malachite staining is seen in surface exposures.

A chip sample of the lens from where it locally contained sulphides assayed 0.6856 grams per tonne gold in 1936 (Property File - Lay, D., 1936, Report on Likely Gold Mining Syndicate).