The Cariboo Coronada showing lies within the Barkerville Terrane of the Omineca Belt. The Barkerville Terrane is in thrust contact with Triassic Quesnellia Terrane rocks to the west and Hadrynian to Lower Paleozoic Cariboo Terrane rocks to the east. The Barkerville Terrane in this region is underlain by the dominantly metasedimentary rocks of the Hadrynian to Lower Paleozoic Snowshoe Group. In this area the Snowshoe Group comprises limestone, phyllite and quartzite. These rocks have been regionally metamorphosed to greenschist facies.

The area, located adjacent to Wells, is underlain by phyllite, siltite, limestone and quartzite of the Downey succession, Snowshoe Group. As in the Mosquito Creek deposits nearby, gold and silver occur within pyritic quartz veins. There is also at least one pyritic replacement body adjacent to the contact between the informally named "Baker" and "Rainbow" members. The contact can be traced through the region for a distance of over 15 kilometres. Although there has been significant underground exploration, reported gold and silver values are relatively low.

In 1934, an adit was driven about 350 metres north into the mountain southeast of Martin Creek. The adit cut several veins a "few inches to 2 feet" wide, several bands of calcareous argillite and green schist partly replaced by pyrite.

Another adit was driven about 115 metres north into the mountain northwest of Martin Creek. The adit cut several narrow quartz veins, many quartz gashes and stringers of irregular shape. Some of the quartz is well-mineralized with pyrite. A band of replacement ore "2 inches wide cut by the adit assayed $6 a ton in gold" (Geological Survey of Canada Memoir 181, p. 36).

Open cuts and a shaft on the mountain top expose several quartz veins "a few inches to 8 feet wide" mineralized with galena and pyrite. The veins strike 030 degrees east. The veins are mostly in argillaceous and sericite schists but one is in a body of undefined shape of quartz porphyry.