McFaulds Lake is a lake

Lake

A lake is a body of relatively still fresh or salt water of considerable size, localized in a basin, that is surrounded by land. Lakes are inland and not part of the ocean and therefore are distinct from lagoons, and are larger and deeper than ponds. Lakes can be contrasted with rivers or streams,...

 located in the Unorganized Part of Kenora District

Kenora District, Ontario

Kenora District is a district and census division in Northwestern Ontario, Canada. It was created in 1907 from parts of Rainy River District. It is, geographically, the largest division in that province; at 407,192.66 km2 it comprises almost 38 percent of the province's land area...

 in northwestern

Northwestern Ontario

Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. Its western boundary is the Canadian province of Manitoba, which disputed Ontario's claim to the...

 Ontario

Ontario

Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....

, Canada

Canada

Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

. It is part of the James Bay

James Bay

James Bay is a large body of water on the southern end of Hudson Bay in Canada. Both bodies of water extend from the Arctic Ocean. James Bay borders the provinces of Quebec and Ontario; islands within the bay are part of Nunavut...

 drainage basin

Drainage basin

A drainage basin is an extent or an area of land where surface water from rain and melting snow or ice converges to a single point, usually the exit of the basin, where the waters join another waterbody, such as a river, lake, reservoir, estuary, wetland, sea, or ocean...

 and is in the Hudson Bay Lowlands

Hudson Bay Lowlands

The Hudson Bay Lowlands is a large, poorly drained piece of wetlands wedged between the Canadian Shield and southern shores of Hudson Bay and James Bay. Many wide and slow-moving rivers flow through this area toward the salt water of Hudson Bay. Mosquitoes and black flies thrive here. This is a...

 area. The primary outflow is an unnamed creek to the Attawapiskat River

Attawapiskat River

The Attawapiskat River is a river in Kenora District in northwestern Ontario, Canada that flows east from Attawapiskat Lake to James Bay.-Course:The Attawapiskat River travels a distance of , and has a drainage area of ....

, which flows to James Bay.

Geology

McFaulds Lake is home to the so-called Ring of Fire

Northern Ontario Ring of Fire

The Ring of Fire is the name given to an area of muskeg swamps in the James Bay Lowlands located in Northern Ontario, Canada, which is currently home to a major mining exploration project...

, a region of geological activity which has left a rich source of minerals, including nickel

Nickel

Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...

, copper

Copper

Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...

, platinum

Platinum

Platinum is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term platina del Pinto, which is literally translated into "little silver of the Pinto River." It is a dense, malleable, ductile, precious, gray-white transition metal...

, palladium

Palladium

Palladium is a chemical element with the chemical symbol Pd and an atomic number of 46. It is a rare and lustrous silvery-white metal discovered in 1803 by William Hyde Wollaston. He named it after the asteroid Pallas, which was itself named after the epithet of the Greek goddess Athena, acquired...

, chromite

Chromite

Chromite is an iron chromium oxide: FeCr2O4. It is an oxide mineral belonging to the spinel group. Magnesium can substitute for iron in variable amounts as it forms a solid solution with magnesiochromite ; substitution of aluminium occurs leading to hercynite .-Occurrence:Chromite is found in...

, vanadium

Vanadium

Vanadium is a chemical element with the symbol V and atomic number 23. It is a hard, silvery gray, ductile and malleable transition metal. The formation of an oxide layer stabilizes the metal against oxidation. The element is found only in chemically combined form in nature...

, diamond

Diamond

In mineralogy, diamond is an allotrope of carbon, where the carbon atoms are arranged in a variation of the face-centered cubic crystal structure called a diamond lattice. Diamond is less stable than graphite, but the conversion rate from diamond to graphite is negligible at ambient conditions...

 and gold

Gold

Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...

, buried beneath the muskeg

Muskeg

Muskeg is an acidic soil type common in Arctic and boreal areas, although it is found in other northern climates as well. Muskeg is approximately synonymous with bogland but muskeg is the standard term in Western Canada and Alaska, while 'bog' is common elsewhere. The term is of Cree origin, maskek...

.

Mining interests

The area near the lake has attracted the attention of junior mining exploration companies. Since a 2002 investigation of the area, some 20 companies have staked claims, forming joint ventures (JV). While efforts are still in the exploration phase, there have been some finds.

First Nations

First Nations

First Nations

First Nations is a term that collectively refers to various Aboriginal peoples in Canada who are neither Inuit nor Métis. There are currently over 630 recognised First Nations governments or bands spread across Canada, roughly half of which are in the provinces of Ontario and British Columbia. The...

 communities in Northern Ontario are involved in the mining exploration. These communities include the Webequie First Nation

Webequie First Nation

Webequie First Nation is located on the northern peninsula of Eastwood Island on Winisk Lake, 540 km north of the city of Thunder Bay, Ontario. Webequie is a fly-in community with no summer road access. The primary way into the community is by air to Webequie Airport or winter road, which...

 and the Marten Falls First Nation

Marten Falls First Nation

Marten Falls First Nation is an Anishinaabe First Nation located in northern Ontario. The First Nation occupies communities on both sides of the Albany River in Northern Ontario, including Ogoki Post in the Cochrane District and Marten Falls in the Kenora District...

.