The pumps holding back the waters of the lake stopped and in early 1884 the islet's mine shafts, which had reached a depth of 384 metres, were flooded.
The general store has been restored, and serves light meals in its tea-room, in addition to selling a variety of knickknacks and basic foodstuffs.
Outside the Atikokan Library & museum is a bronze plaque erected by the Ontario Department of Public Records and Archives to mark the historical significance of the Steep Rock Iron Range.
On December 29, 1971, the man who unveiled this plaque, and made possible the Steep Rock story, Julian Gifford Cross, died at the age of 83.
Sleeping Giant Provincial Park has an excellent exhibit in its visitor centre, detailing the structure and history of the mine.