The area was formerly used for gold mining but now contains a variety of Eucalyptus which provide habitat for a range of birds and mammals, including some endangered species.

The Djab wurrung and Jardwadjali people are the traditional owners of the Deep Lead area.

On 12 December 1882, workers accidentally broke into the abandoned workings and water began flooding the new shaft.

Most of the mining equipment has been removed but the depression of the flooded shaft is visible and a cairn and trees mark the site of the tragedy.

There is an extensive track network throughout the reserve but there are no camping facilities and prospecting and fossicking are not permitted.