In addition it was reported that the mineralization at the Wallace Mine became uncovered in 19 century, which was discovered 35 years earlier than the Sudbury Basin Claims. More so this whole entire claim was reported to have been discovered in 1849, when many copper discoveries were made in Bruce Mines, Ontario, Canada.At the time it was reported that no work had ever commence on the Wallace Mine as it was commonly considered as a prospecting site. In addition it was found that the ore-body also contained 1% cobalt that was mixed in with 8% nickel content.
Nevertheless it was also reported that an ore-body was being prospected along the shoreline of Lake Huron, and had been located on the west side of Wallace Mine Location 2. It became identified that three pits or small shafts became sunken on this location. These became noted as shafts that became determined as the No. 1, 2, and 3 shaft operations. Estimation were rather made on this location as the shafts were only sunken to depth of 40 to 50 feet that was judge by the estimation of the dumps. In addition to this the No. 1 shaft was considered to have been sunken on the contact of a basic dyke with quartzite to the north of these workings. These dumps did not show any evident of massive sulphides mineralization, but sparse pyrite and chalcopyrite mineralization.
Sample No. 1 had mainly consisted of Quartzite, with lightly mineralized pyrite, and chalcopyrite, and was strongly known to have been taken for an open-cut that was 32 feet east of the No. 2 shaft. These assays had determined that this deposit had so far contained 0.94% copper, 0.23% Nickel, that was associated with traces of Cobalt. Another sample known as Sample No. 2 was taken off the dump which was a few feet south of the No. 2 shaft, and had consisted of a sheared basic dyke rock that was mineralized with pyrite. Further assaying of these samples indicated 0.52 % copper, and 0.18% Nickel with traces of Cobalt. One last sample known as Sample No. 3 was grab taken off the dump a few feet north-east of shaft No. 2, and was known to consist of quartzite, which was mineralized with pyrite, and Chalcopyrite. More so these assayings had indicated 0.70% copper, and 1.04% Nickel with no Cobalt traces.
Later on in history the Wallace Mine became explored by the historical Thomas Frood within the year of 1990. In addition Mr. Frood had stated that a discovery of iron was made on the back from Lake Huron on the Wallace Mine location. More so this deposit was reported to have been uncovered on a mountain that overlook the Wallace Mine Project. This whole entire area had consisted of 2,200 acres of continuous mining land, and was under the control of Thomas Frood, and the Hughes Bros. of Toronto, Ontario, Canada. At the time these three prospectors had taken over a total of 1,600 acres from the 2,200 acres that this claim had consisted of. There was also shaft that was sunken to a depth of 20 feet, and was being cleaned out by Cornish Miners that Mr. Frood had hired. Much of this iron formation is visible for a distance of 200 yards. At the west end of the surface its considered to be 6 inches wide, and continues to the east end where the pit has been sunk, which the vein has a width of 8 feet.
Another discovery of Iron Deposits were made by Henry. S. Hedges who uncovered three deposits of Hematite ore. Almost all of these discoveries were reported to have carried a deposit that could be mined for three generations if worked on. This whole entire deposit zone was rather considered as an enormous ore-body that contains hematite, and magnetic beds that are located on the same property, and are known to outcrop on 10 to 15 acres of land so far.
Further predictions became made by Thomas Frood who had stated that gold was discovered in the sand in front of the Wallace Mine. In addition this sand also is considered to carry small but considerable amounts of gold. Some more samplings that was done on 5 or 6 place where William, and the cornish miners had dug into the pit, also revealed small particles of free gold. At this time it was reported by Thomas Frood that no major vein discoveries were made yet but the deposit was determined to carry galena mixed in with pyrite. Much of the diorite within this mountain range had showed significant metal results that mainly consist of pyrite. Some of these places where the diorite is cut also contain a mixture of silver, and copper ore. Mr. Lumberman who was a geologist at the time had also brought several speciments from the north slope on a mountain that was called Lacloche Mountain that consisted of good galena. Several iron bands also became noted that were mixed with pyrites that contained of copper pyrite, aresenical pyrites, small quanties of spectacular iron and galena but no precious metals.