Bonanza Ledge is a pyrite replacement deposit consisting of native gold in quartz veins within pyrite-bearing, carbonaceous and chloritic phyllite of the Snowshoe Group (Proterozoic-Paleozoic).

The Bonanza Ledge is 30 metres across and occurs within an overturned, northeast dipping sequence of metamorphosed turbidites, carbonates and tuffaceous rocks of the Snowshoe Group. Bonanza Ledge mineralization consists of multiple semi-massive to massive bands of fine to medium-grained pyrite that has preferentially replaced the carbonate layers within laminated, tan-coloured muscovite-rich phyllite.

In 2006, the company prepared a report that outlines its plans to mine, by open pit methods, approximately 250 000 tonnes of replacement and vein mineralization with an average grade of 7.3 g/t gold.

The SP geophysics outlined a very similar signature to that of the Bonanza Ledge gold deposit, and the ground magnetometer survey indicated the presence of the important marker horizon (magnetic porphyroblastic phyllite of Rainbow 4 Sub-unit) which is in close proximity to the favourable stratigraphy for pyrite replacement type gold mineralization.

Bonanza Ledge mesothermal vein gold deposit, completing some 2740 metres of drilling in 10 boreholes on the Goldfinch zone extension and nearby Cow Mountain. The BC vein, a massive quartz±carbonate±pyrite vein on the hanging wall of the Bonanza Ledge zone.

The Bonanza Ledge mine, near Wells, is owned and operated by Barkerville Gold Mines Ltd. It is an open pit, truck and shovel operation with a mine life of four years.

Early in 2014, the mill processed ore stockpiled in 2013. In March 2014, QR mill began processing ore trucked in from Bonanza Ledge mine 100 km away.