This Pereye Asbestos occurrence is located at the headwaters of Cracker Creek which drains eastward into the north end of Surprise Lake, about 27 kilometres northeast of the community of Atlin.

The area is underlain primarily by porphyritic alaskite to quartz monzonite of the Late Cretaceous Surprise Lake batholith (Surprise Lake Plutonic Suite). These have intruded Upper Mississippian to Permian serpentinized peridotites (Cache Creek Complex), Mississippian to Triassic Kedahda Formation (Cache Creek Complex) cherts and argillites, and greenstone of the Upper Mississippian to Permian Nakina Formation (Cache Creek Complex). The ultramafics are spatially related to Nakina Formation mafic volcanics and, according to Monger (Geological Survey of Canada Paper 74-47), they may also be genetically related.

Veins of tremolite asbestos cut the ultramafic body in the northwestern part of the Pereye claim (ca. 1978; Assessment Report 7278). The veins are 0.5 to 4.0 millimetres wide and have a density of 6 veins per metre.

In 1978, Cominco Ltd. geologically mapped the property and carried out geochemical sampling; a total of 18 water samples, 9 stream sediment samples and 2 rock samples were collected.

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.