During the late 1800s and early 1900s, there was a gold mine in the community, from which it got its name.
On April 12,1936 the roof of the mine collapsed, trapping three men 150 feet down for 11 days. The men were reached by drilling a borehole on the sixth day to bring food , water and a telephone till the rescue was completed . Two of the men lived and the third died on the seventh day. The event was broadcasted by J. Frank Willis of the Canadian Radio Broadcasting Commission (CRBC) to over 650 radio stations throughout North America, and was picked up by the BBC and broadcast to Europe.