Banks Island lies along the western edge of the Coast Plutonic Complex characterized by northwest trending granitic bodies, mainly granodiorite-quartz monzonite and quartz diorite which are separated by narrow (100 to 200 metres) persistent metasedimentary belts, mainly crystalline limestone, micaceous quartzite skarn, and schist. The metasedimentary rocks generally exhibit a wide range of "grani- tization" effects and contact metasomatism.
In an area 800 metres by 300 metres, six areas of mineralized, east trending, quartz veins occur in quartz monzonite. Minerals include pyrite, galena, sphalerite, chalcopyrite, and minor bornite. The veins occur either as small swarms over areas approximately 2 by 2 metres or as single veins.
The largest vein, 2 by 0.38 metres, assayed 1.37 grams per tonne gold over 0.38 metres. A pyritic quartz vein 200 metres to the south assayed 5.07 grams per tonne gold over 0.50 metres and a 0.08 metre chip sample of a vein, 700 metres to the north, assayed 15.77 grams per tonne gold (Assessment Report 13071).
The quartz monzonite is generally fresh unfractured and unmineralized.