Ok, I know Hellboy, Windd, Yummy and I had a hell of a time finding this last night. I'm not even to sure if those guys found it yet or not.(I logged, to tired) But this morning I logged on and found it.
First you have to climb all the way to Jormund spawn area. Run straight through that until you get to the area with the 2 slopes. You wanna be on the south slope looking down. You want to be a little less than 1/4 of the way from the left wall. From there you slide down. Try to run back up the slope(makes you fall slower). You want to land on the lower cliff on the left side of the slope(your left while your going down). The cliff is 1/4 of the way from the left. Go to the back of the cave to the spring. Trade the pouch to it, then take it back to the galka to get the key item.
I hope this helped, its really hard to explain without a picture though.
Enjoy.