The Lake of the Woods area had a gold rush that lasted approximately 20 years. During this time prospectors and investors moved into the area hoping to make the "Big Strike." Some did. 20 mines were working across this body of water from Bigstone Bay to Shoal Lake on the Western Peninsula. With what the area had to offer, rich ores, fuel and water which almost unlimited, inexpensive and available workforce their investments were well founded.

Some of the claims became quite famous. The Sultana Mine, Regina Mine, Mikado Mine (in Shoal Lake) were still worked into the 30's and 40's. During those years half a million dollars of gold was taken from Mikado alone. These mines were the chief producers for Ontario during 1898 and 1899.

Today little mining is done in this area. However modern day prospectors still scour the bush seeking that one big strike. Cameron Island in Shoal Lake is still considered today as possible mine that could go into operation given the right gold prices, and the ability of getting the ore out safely without harming the environment.