The Pereye occurrence is located between Ruby and Cracker creeks, west of Surprise Lake, about 28 kilometres northeast of the community of Atlin.

This tungsten showing is located just east of Ruby Creek near the western contact of the Late Cretaceous Surprise Lake batholith (Surprise Lake Plutonic Suite) with Mississippian to Triassic Kedahda Formation (Cache Creek Complex) cherts and argillites and Upper Mississippian to Permian Nakina Formation (Cache Creek Complex) altered green basalts. The Surprise Lake batholith is composed of varitextured quartz monzonite often referred to as alaskite.

Aitken (Geological Survey of Canada Memoir 307, Map 1082A) surveyed this area from 1951 to 1955. He reported several small showings of wolframite, associated with quartz veins, occurring near the margin of the batholith in sericitized alaskite. Weathering of associated arsenopyrite forms a greenish yellow stain over mineralized areas. A tungsten showing located on Map 1082A is underlain by Kedahda Formation rock. However, Aitken has described only alaskite-hosted tungsten mineralization.

Near the northeastern part of the property, Cache Creek Complex metasediments consisting of a sequence of cream coloured quartzites and brown siltstones are host to green calcsilicate bands and lenses 1 to 10 centimetres thick. These calcsilicate bands are composed mainly of actinolite and occasional hornblende. Occasional specks of chalcopyrite and wolframite are associated with quartz veins cutting the sequence (Assessment Report 7278).

In 1978, Cominco Ltd. geologically mapped the property and carried out geochemical sampling (18 water samples, 9 stream sediment samples and 2 rock samples).

In 2002, prospection was done by William B Wallis on the B&B and B&W 1&2 claims, who is the owner of these claims as well.

In 2017, Global Drilling Solutions on behalf of Zinex Mining Corporation conducted extensive geochemical sampling on the Ruby Creek property, as well as drilling and ground geophysics. In 2018, Global carried out further geochemical sampling on the property, and in 2019 they continued work in this region, in the form of prospection, geochemical surveying and a ground geophysical survey.

In 2021, an airborne SkyTEM survey was conducted by Stuhini Exploration on the Ruby Creek property, which revealed a number of regional trends across the property.