Copper was discovered in the area in 1843 by Thomas Burr, and a mine was soon set up. One of the mine's financiers, Sir John Baker, named the area after Montacute, Somerset, which was near his birthplace. Gold was discovered in 1846 and the "Victoria Mine" became Australia's first commercially exploited gold deposit.[3]
Corkscrew Road, a small road linking Montacute Heights with Gorge Road via a precipitous route with many twists and turns, is a popular route for cyclists and day trippers.[3]