The Atlin Magnetite occurrence is located 2 kilometres east of the headwaters of Cracker Creek, north of Surprise Lake, about 27 kilometres northeast of the community of Atlin. It is shown on Christopher and Pinsent's map (Map 52, 1979) of the Ruby Creek-Boulder Creek area (Adanac Molybdenum deposit, 104N 052).

The showing occurs in deformed Mississippian to Triassic Kedahda Formation (Cache Creek Complex) recrystallized limestone or impure chert and sheared greenstone sandwiched between a large body of Upper Mississippian to Permian Cache Creek Complex ultramafic rocks and the Late Cretaceous Surprise Lake granitic batholith (Surprise Lake Plutonic Suite). The granite is about 200 metres to the east and the mineralization is likely due to skarnification of the limestone. The rich magnetite may be related to the talcose serpentinized peridotite which occurs within 15 metres of the deposit. In this area, the marginal phase of the batholith is a rusty weathered quartz porphyry that hosts the Purple Rose uranium occurrence (104N 005) which lies approximately 330 metres north of the Atlin Magnetite skarn.

The mineralization itself is black or dark maroonish brown, hackly weathered, siliceous, and conspicuous due to bright green malachite derived from the associated chalcopyrite. Magnetite octahedra reach 3 millimetres. The zone is 0.5 to 1.0 metres thick and occupies a gully in the cliff and does not appear to be faulted.

Skarn alteration and mineralization are concentrated in marble layers close to their contact with sheared ultramafic rocks. Layers, masses, and veins of garnet are present with lesser amounts of pyroxene, actinolite and coarse green epidote; minor veins of rhodonite, and float containing coarse, white wollastonite crystals up to 2.5 centimetres long, were also seen. Garnets vary in colour from red, orange, and yellow-green, brown, amber and black. Some of the sugary textured marbles contain euhedral crystals of black garnet up to 1 centimetre across.

Mineralization is dominated by layers and masses of magnetite, up to 0.5 metres thick, that are generally concordant with the foliated marbles. Magnetite is often intergrown with garnet although locally it is cut by garnet veins. Lesser amounts of chalcopyrite, pyrrhotite and sporadic pyrite occur with some azurite and abundant malachite staining. Geochemical analyses of mineralized samples indicate the skarn is weakly anomalous in silver and gold (Fieldwork 1991, Table 2-2-1a).

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. Rock sample 1532920 returned 27.29 per cent iron and more than 1 per cent copper (Assessment Report 37171). 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.