The mining town of Lake Valley was founded in 1878 after silver was discovered. Almost overnight, the small frontier town blossomed into a major settlement with a population of 4,000 people. Today, silver mining has played out and all that remains is a ghost town. BLM has restored the schoolhouse and chapel. The restored schoolhouse provides a glimpse of what schooling in a rural area was like in the early 20th century. Other buildings in the town site have been stabilized to slow further deterioration. There also is a self-guided, interpretive walking tour.

Go west of Caballo Lake on NM 152, then south on NM 27. Alternatively, from NM 26 at the town of Nutt, travel north on NM 27 for about 12 miles.