The mine was named after Mr. Heath Steele, the Vice-President of Exploration of the American Metal Company.

This was the first discovery in Canada of an ore body by means of an airborne electromagnetic survey (AEM).

American Metals had financed Mr. Boylen's exploration, and as a result of a 1953 agreement with Inco, acquired a 75% ownership of the new mine.

Due to low metal prices and metallurgical issues, the mining operation was suspended in April 1958.

As the ore body was gradually depleted operations were increasingly dependent on strong metal prices.