The TP-Main showing, on the Teepee property, is located on the southwest side of Teepee Peak, about 54 kilometres west of Atlin. The TP-Camp showing (104M 049) is 400 metres to the south and the TP-Central (104M 050) showing is 900 metres to the southeast. Access to the property is by helicopter from Altin.

The claim area is underlain by the northeastern trending belt of the Devonian to Middle Triassic Boundary Ranges Metamorphic Suite, which is the oldest exposed rocks in this region. It consists of greenstone gneiss, greenschist, marble and skarn. This suite is intruded by Late Cretaceous Coast Plutonic Complex granites in the region. Close to the showing, the metamorphic rocks are overlain by Early Eocene rocks of the Sloko Group, which consists of rhyolite, volcaniclastic rocks, conglomerates, and coarse clastic sedimentary rocks. These are intruded by Paleocene to Eocene granite and alkali feldspar granite of the Sloko-Hyder Plutonic Suite.

The property contains many hornfels zones with disseminated pyrite, pyrrhotite, arsenopyrite, chalcopyrite and magnetite. There are also several areas of skarn development (variable epidote, chlorite, tremolite-actinolite, magnetite and pyrrhotite) on the property.

A skarn zone, 200 metres long and about 15 metres wide, occurs near the eastern contact of the stock and is zoned from north to south. The north end comprises magnetite-calcite skarn which grades into garnet-amphibole-magnetite skarn and then into marble. Zones of amphibole skarn occur near fracture zones cutting magnetite skarn, and host erythrite-cobaltite (or skutterudite) and native gold. Numerous rhyolite and monzonite dikes occur in the area. Disseminated arsenopyrite locally replaces magnetite skarn. One 20-centimetre diameter pod of chalcopyrite, malachite and galena occurs in calcsilicate-calcite skarn. The gold mineralized horizon in the skarn is 60 metres long along strike, cut off by a monzonite dike to the north and truncated by a fault to the south.

Gold and cobalt values generally occur together. Weighted average grades for gold range from 4.48 grams per tonne over 3.95 metres to 22.66 grams per tonne over 4.85 metres, and for cobalt range from 0.02 per cent over 3.95 metres to 3.91 per cent over 3.55 metres (Assessment Report 11300). Silver is generally less than 10 grams per tonne.

Results from the 1996 drilling by Westmin Resources at the Main showing indicates that the zone does not have significant downdip extensions. Drillholes oriented to intersect the east dipping, semi-comformable skarn mineralization along the entire length of the showing failed to delineate significant zones of gold-cobalt mineralization. Detailed core logging revealed that extensive faulting subsequent to skarn formation has largely removed the skarn at depth. Quartz and quartz-feldspar porphyries along with lesser quartz+/-chlorite+/-biotite-amphibole schist occur in place of skarn in the drillholes.

The earliest exploration on the Racine property region dates to the 1890s when prospectors travelling to the Klondike and Atlin goldfields prospected en route. The abandoned settlement of Teepee, just south of the property, was on the overland link between Atlin to the east and the Chilkoot Trail and White Pass railroad to the west. None of the early work, however, was documented in assessment records or Ministry of Mines Annual Reports. Old trenches and cabins are found in the area. Gold-cobalt skarn mineralization was discovered on the southwest face of Teepee Peak in 1982 by exploration geologists working for Trigg, Wollett Consulting Ltd. on behalf of Texaco Canada Resources Ltd. The TP claim was staked, and a limited amount of prospecting, rock - and stream-sediment geochemical sampling and reconnaissance geological mapping was completed on and around the claim. An exploration program on the TP mineral claim in 1983 by Trigg, Wollett Consulting Ltd. for Texaco focused on two occurrences termed the "Main showing and the "Camp showing". Work performed included geological mapping, trenching, sampling, and ground geophysical surveys (magnetometer and VLF-EM). The company kept the claims in good standing but failed to continue work in this area until 1988, when Durfeld Geological Management Ltd. undertook geological, geochemical, and geophysical studies for the Main showing on behalf of Cyprus Gold Canada, which had optioned the property under a joint venture agreement. In 1988, Cyprus expanded the property and did follow up work on aeromagnetic anomalies. In 1989, prospecting, sampling, geochemical and geophysical surveys and 1371 metres of diamond drilling were conducted on the property. This work was mainly on the Crine (104M 081) veins to the north. In 1990, trenching, diamond drilling, prospecting, and sampling was completed on the Crine veins and the UM (104M 084) vein was discovered to the southeast on the Add claims. Cyprus Gold Canada underwent a name change in 1991 to Cyprus Canada Inc., and subsequently sold 100 per cent ownership of the TP mineral claim to Hemlo Gold Mines Inc. in June 1993. In November 1993, Hemlo Gold Mines sold the TP claim ownership back to Cyprus Canada Inc., which held the claim until forfeiture in August 1995. Westmin Resources Limited re-staked the TP mineral claim in November 1995 and staked five new adjoining claims (Race 1 to 5) in February 1996. In 1996, Westmin Resources Limited completed a program of diamond drilling and lithogeochemical sampling on the TP claim. The diamond drilling was concentrated on a 15 by 200 metre, north-northwest trending zone of semi-conformable gold-cobalt skarn mineralization (Main showing). A total of 694 metres was drilled in six holes over three drill sites. Lithogeochemical prospecting resulted in the collection of twelve rock grab samples.