The conservation area lies just north of the bedrock scarp that denotes the boundary between the Canadian Shield of the Frontenac Axis with its Precambrian bedrock and the PaleozoicOrdovician formations to the south. The bedrock was significantly eroded by the glaciers of the Late Wisconsinan age.
The headwaters of the Millhaven Creek system lies within the area. Gould Lake drains south through Silvers Lake and Little Long Lake and then into Eel Bay, an extension of Sydenham Lake. Sydenham Lake in turn drains into Millhaven Creek, which flows to Lake Ontario. The park's watershed is thus in the Great Lakes Basin.
Industrial expansion in the 19th century led to the opening of several mica mines in the Gould Lake area. A number of old mine pits and other mining relics can be seen. The McClatchy Mine, which operated until 1912, originally mined phosphate until it was sold and then mined for mica.
The Cataraqui Region Conservation Authority bought land that would become the conservation area between 1967 and 1973.
Facilities and activities
Gould Lake Conservation Area is a day-use area; no camping is permitted. Picnicking, fishing, canoeing, wildlife viewing, cross country skiing, hiking, and swimming are the main activities visitors participate in. The Rideau Trail Association maintains about 20 kilometres (12 mi) of trails, including a portion of the main trail of the Rideau Trail and many side trails. The Limestone District School Board uses the original barn located near the beach as the focus of its outdoor education programs at the property.