The Olary Silver Mine and Mount Perserverance Mine occur in two separate but immediately adjacent stratigraphic intervals. The Olary Silver Mine occurs within a laterally discontinuous, massive to poorly banded siliceous ironstone which is pyritic at depth; lateral equivalents are siliceous chlorite-muscovite hornfelses. The ironstone probably represents a stratigraphic interval. Despite high pyrite abundances, induced polarisation anomalies were not recorded. Country rocks are predominantly quartzo-feldspathic gneisses with abundant pegmatitic segregations. Eight shallow percussion drill holes indicate that the ironstone is discontinuous, at least down to the water table, and contains trace but variable amounts of Cu, Ag and Au. The Mount Perseverance Mine diggings are within quartz veins which are laterally continuous within exposure limits, and which probably represent intrusions either during widespread retrogression and folding or during intrusion of an adamellite (exposed in drill core). Country rocks are predominantly micaceous gneiss containing porphyroblastic muscovite. Three diamond drill holes and three percussion holes suggest widespread trace base metal mineralisation within a broad anomalous zone through the Mount Perseverance diggings and to the northwest of the ironstone interval. Maximum mineralisation revealed by drilling was 10.3m at 0.1% Cu and 0.12% Pb. Pyrite rich, layered, fine grained gneisses exposed in the drill core, represent favourable occurrences for stratiform base metal mineralisation.