In 1874 a stockman, JE Wright of Foxlow Station, recognised copper
mineralisation when he was about 12 kilometres south of the station. The
find was on the banks of the Molonglo River. Several small mines were
soon operating along the ridge above the river, and the village of
Captain's Flat was established.
One mining company established in the 1880s was Lake George
Mines. It's name was to remain synonomous with the name of the town
until mining and treatment ceased on 11 March 1962.