The Gold Leaf occurrence is located on the east shore of the Granby Peninsula on Observatory Inlet. Between 1938 and 1940, this prospect was bulk sampled for precious metals hosted in quartz veins.

The region is underlain by a roof pendant, consisting of volcanic and sedimentary rocks, within the Eocene Coast Plutonic Complex. These rocks have been correlated with the Middle-Upper Jurassic Hazelton Group and the Middle Jurassic Bowser Lake Group. The volcanics consist of variably chloritized pillow and massive basalt with minor mafic tuffs. The overlying sediments consist of argillite, siltstone and sandstone with minor chert and limestone. There are two observable phases of folding in the area, an initial north-northeast trending phase followed by a later east-northeast trending phase.

The occurrence consists of quartz veins, a few centimetres to a metre in width, that tend to conform to the bedding of the host argillite. The main showing, located along the shoreline, consists of a 0.05 to 0.6 metre wide vein, traced for 50 metres, that strikes 034 degrees and dips 53 to 60 degrees southeast. A lamprophyre dike, adjacent to the hangingwall side of the vein, is 0.76 metre wide and has the same attitude. A network of quartz stringers extend from the vein into the footwall.

Mineralization consists of sparse disseminations and small patches of galena, sphalerite, chalcopyrite and pyrrhotite throughout the vein. In the hangingwall and footwall, small blebs of gold occur intermixed with galena, sphalerite and pyrite.

Between 1938 and 1940, seven bulk samples ranging from 0.91 to 1968 kilograms were shipped from the main showing to a government sampling plant in Prince Rupert. The 1968 kilogram sample of cobbed ore averaged 468.6 grams per tonne gold, 148.4 grams per tonne silver, 0.17 per cent lead and 0.63 per cent zinc (Minister of Mines Annual Report 1938, page B5).