A gold discovery was reported to have been made when quartz veining was discovered along the surface. It was additionally discovered by two of prospectors (Ollier and Renault) who formed their own company called the Pontiac and Abitibi Mining Company. Prospecting in Boischatel Township had taken place in 1907, when the company explored this quart vein area by an open pit. A small amount of surface work was also completed during this time period.
1908-1910 - Pontiac and Abitibi Mining Company
Several pit were reported to have been establish in order to evaluate, and sample other quart vein structures in the area.
1910 - Property acquired by Union Abitibi Mining Company
Structural development within this time period had included the construction of a power plant in order to operate the 4 Stamp Mill. Other development also took place when the company had started to commence underground explorations. This whole entire development phase was being aimed at sinking the No. 1 shaft to a depth of 43 meters. After not encountering any encouraging results it was stated that the company decided to abandoned mining operations.. No drifting, or cross-cutting was reported to have taken places besides sinking the shaft on the No. 1 vein zone
1923 - Towagmac Exploration Company Acquired this Property
Further explorations and development had continued to take place when the company sank the No. 2 shaft to a depth of 46 meters. A minor amount of drilling that consisted of three holes, totalling 557 feet was completed.
1924 Towagmac Exploration Company
Diamond Drilling consisted of 2 holes, totalling 123 feet from the surface within this time period. A small amount of sampling was additionally done at the bottom of this shaft at the time.
1925 - Towagmac Exploration Company
Anther diamond drilling program of 4 surface holes, totalling 560 feet was completed, and underground diamond drilling consisted of 2 holes, totalling 233 feet in length. There was also a small amount of surface prospecting that commence at the time. A small amount of surface prospecting, and diamond drilling had continued til 1934, when the company abandoned mining operations. It was stated that the 1927 drilling program had totalled a length of 5,000 feet from the surface/
1934 - Property acquired by Lake Fortune Gold Mines, Limited
It was at this time when the No. 3 shaft was being officially sunken to its own depth of 149 m below the surface. A small amount of sampling occurred before all mining operations became suspended once again. Statements had stated that the company uncovered some spectacular ore but it was not considered to have been commercial grade.
1988 - Staked by Ressources Minières Rouyn Inc.
Development at the time had resulted in the sinking of ramp which was do explore the area for distance of 108 m. A small amount of diamond drilling, and sampling had occurred within this ramp. Nothing else had taken place, and the mine became abandoned from any more exploration procedures.
Geology of Lost Fortune Lake Gold Mine
The geological structure of this area is mainly formed by Keewatin Lavas which a repersented here as volcanic agglomerate, anganite, and andesites are highly folded, and deep steeply to the north. The exact dip could not be determined deffinatly since the area has been subjected to intense regional metamorphosis. These flows are also considered to also form a part of a south limb overturned synoline. Native gold is known to occur in quartz, and is associated with pyrite, chalcopyrite, and telluride minerals.sylvanite, and petzite.quartz-ankerite veins. Its also stated that the carbonated quartz vein are known to contain green chrome mucovite (fuschite).