He will hand you Thorvar's bag and Thorvar's bucket, but he refuses to tell you what they might be used for. You will then be teleported to a Dungeoneering cave, where you can begin the event! Make sure to store any summoning familiar pouches that you may have and to dismiss any familiar that is following you. Although this is a dungeoneering activity, you are permitted to carry items in your inventory, and are not required to bank before entering.