The Omeo Structural Zone, in the Lachlan Fold Belt, has known potential for tin-tungsten-tantalum-niobium deposits and, like the aforementioned Georgetown District and Texas Block, is considered to have potential for IRGS or thermal aureole gold deposits. This zone lies at the southern end of the major north-north-west trending Wagga Metamorphic Belt, a tin-tungsten-gold belt extending for some 500 kilometres from Nymagee in western NSW. The Omeo Structural Zone also marks the intersection of the Wagga Metamorphic Belt with the Boggy Plains Supersuite, a 400 kilometre north-north-east trending belt of granitic rocks renowned for gold-copper-tin-tungsten mineralisation.

The Walwa Tin Field is contained within a wedge of metamorphosed sedimentary rocks surrounded by granite intrusive and volcanic rocks. Walwa and nearby Cudgewa and Koetong tin fields produced some 600 tonnes of tin concentrates between 1880 and 1968. Around 25,000 ounces of gold were produced in the surrounding Corryong region but no substantial production is recorded from the tenement area. In recent years exploration by the existing tenement holder of EL 4431 and his joint venture partners, for example Tantalum Australia, focused on the tantalum content of the tin zones, but no substantial modern gold exploration has occurred.

QGM considers the district has excellent potential for previously unrecognised gold deposits of the Alaskan-style, for example Pogo (9.Mt @ 18.8 g/t Au).