The Aiken Lake occurrence is located in the Lay Range east of Polaris Creek, approximately 7 kilometres northeast of Aiken Lake and about 100 kilometres northwest of the community of Germansen Landing.

The Early Jurassic Polaris Ultramafic Complex is composed of peridotite, dunite, and pyroxenite, some of which is altered to serpentine. According to Memoir 274 (page 142), the serpentine is host to "a few thin bands of grey, flexible, asbestiform chrysotile....in the west-central and southeastern parts of the stock east of Polaris Creek". In a few cases the serpentine bodies contain isolated "ball-like masses of chromite" up to 5 centimetres in diameter. Chromite also occurs as disseminated grains up to 3 millimetres in size as well as in layers up to 30 centimetres thick which contain up to 5 per cent chromite. The layers vary from a string of single grains to lacy networks covering a square metre or more, and to dense masses 15 centimetres or more thick and a metre or more long. One "mass" of chromium-rich oxides reaches a length of about 3.6 metres and a width of 12 centimetres (Geological Survey of Canada Memoir 274, pages 126, 131).

Prospecting for platinum group metals to the east of the Aiken Lake occurrence has delineated stream sediment geochemical anomalies but no bedrock occurrences (Assessment Reports 15955, 16236, 16574, 16628).