Because of the high mineralization, several mines have opened in the belt.
Sherman Mine, northwest of the town of Temagami, was a major producer of iron ore.
Mining operations began in 1968, and workings consisted of seven open pits: North Pit, East Pit, South Pit, West Pit and three relatively small open pits known as the Turtle Pits.
A railroad was built from the Ontario Northland Railway to Sherman Mine in the 1960s to make transportation and shipping of iron ore easier and faster across Ontario.
To the north, Temagami North was constructed as a resource town in the 1960s to supply Sherman Mine.
With an average overall grade of 25% iron, the mine produced approximately 10,700 tons of crude ore per day and its mill capacity was 1,000,000 long tons (1.0×10⁹ kg) of iron ore pellets per year.
Operations at Sherman Mine ceased in 1990 after its owner Dofasco announced that they would be closing the mine.
The municipality of Temagami made several approaches to Dofasco before the closer of Sherman Mine, offering a partnership in the community's future in terms of shared funding for a Sherman Park.
However, it was informed during discussions with Dofasco's media executives that in the future they could not be counted on for maintenance funds for parks or anything else that was being done in partnership with the community.
This caused a large attitudinal change from a few months earlier when the mine was associated with much of Temagami.
The closure also had a significant impact on the economy of Temagami.
There is still iron ore at Sherman Mine, but Dofasco were able to obtain it more cheaply elsewhere.

The Kanichee Mine property, formerly known as Cuniptau Mine, was first discovered in the early 1900s just before World War I began.
A 7.3 m (24 ft) mine shaft with 670 m (2,200 ft) of underground lateral workings was completed on two levels in 1934.
At least 11 mine claims occupied the area at the time.
The core of a widespread massive sulfide deposit composed of palladium, nickel, copper, gold, cobalt, platinum and silver was mined out from underground and by an open pit from 1934 to 1936.
Since 1938, at least seven different ownerships have held the Kanichee Mine property.
Subsequent mining from 1974 to 1975 increased the size of the open pit and removed the shaft pillar.
The open pit and underground workings have remain flooded since the mine closed in the 1970s.

Copperfields Mine, originally known as Temagami Mine, extracted both base and precious metals on Temagami Island in Lake Temagami from March 1955 until its closer in February 1972.
A 200-ton mill refined ore from two open pits and underground workings off a 755 m (2,477 ft) mine shaft.
For the first few years after the mine opened, ore trucks were barged down the northeastern arm of Lake Temagami to the town of Temagami, but this soon proved to be too expensive.
The result was to create a gravel road from Highway 11 to the eastcentral shore of Lake Temagami.
This road, now known as the Lake Temagami Access Road, was completed in 1958 and was used to transport ore from the mine site.
The high-grade copper deposit in which the mine extracted was discovered by Canadian geophysicist Norman Bell Keevil (1910–1989) in the mid-20th century during testing of a newly established airborne metal detector.
It was the largest deposit of nearly pure chalcopyrite ever discovered in Canada.
Keevil also financed other ventures, including what became Teck Resources.
By February 1972, the Copperfields mill had treated 9,125 oz (258,700 g) of gold, 175,979 oz (4,988,900 g) of silver and 76,982,986 lb (34,918,895 kg) of copper.

Along the southeastern margin of the Net Lake-Vermilion Lake Deformation Zone lies the abandoned Beanland Mine property.
Exploration work in 1937–1938 resulted in the creation of a three level 154 m (505 ft) mine shaft.
In February 1992, Deak Resources completed diamond drilling and bulk sampling at the mine and 3,000 tons of rock was shipped to its Kerr Mill in Virginiatown.
The estimated reserves, before this work, were 8,778 tons averaging 0.31 oz (8.8 g) of
Because of the high mineralization, several mines have opened in the belt. Sherman Mine, northwest of the town of Temagami, was a major producer of iron ore. Mining operations began in 1968, and workings consisted of seven open pits: North Pit, East Pit, South Pit, West Pit and three relatively small open pits known as the Turtle Pits. A railroad was built from the Ontario Northland Railway to Sherman Mine in the 1960s to make transportation and shipping of iron ore easier and faster across Ontario. To the north, Temagami North was constructed as a resource town in the 1960s to supply Sherman Mine. With an average overall grade of 25% iron, the mine produced approximately 10,700 tons of crude ore per day and its mill capacity was 1,000,000 long tons (1.0×10⁹ kg) of iron ore pellets per year. Operations at Sherman Mine ceased in 1990 after its owner Dofasco announced that they would be closing the mine. The municipality of Temagami made several approaches to Dofasco before the closer of Sherman Mine, offering a partnership in the community's future in terms of shared funding for a Sherman Park. However, it was informed during discussions with Dofasco's media executives that in the future they could not be counted on for maintenance funds for parks or anything else that was being done in partnership with the community. This caused a large attitudinal change from a few months earlier when the mine was associated with much of Temagami. The closure also had a significant impact on the economy of Temagami. There is still iron ore at Sherman Mine, but Dofasco were able to obtain it more cheaply elsewhere.
The Kanichee Mine property, formerly known as Cuniptau Mine, was first discovered in the early 1900s just before World War I began. A 7.3 m (24 ft) mine shaft with 670 m (2,200 ft) of underground lateral workings was completed on two levels in 1934. At least 11 mine claims occupied the area at the time. The core of a widespread massive sulfide deposit composed of palladium, nickel, copper, gold, cobalt, platinum and silver was mined out from underground and by an open pit from 1934 to 1936. Since 1938, at least seven different ownerships have held the Kanichee Mine property. Subsequent mining from 1974 to 1975 increased the size of the open pit and removed the shaft pillar. The open pit and underground workings have remain flooded since the mine closed in the 1970s.
Copperfields Mine, originally known as Temagami Mine, extracted both base and precious metals on Temagami Island in Lake Temagami from March 1955 until its closer in February 1972. A 200-ton mill refined ore from two open pits and underground workings off a 755 m (2,477 ft) mine shaft. For the first few years after the mine opened, ore trucks were barged down the northeastern arm of Lake Temagami to the town of Temagami, but this soon proved to be too expensive. The result was to create a gravel road from Highway 11 to the eastcentral shore of Lake Temagami. This road, now known as the Lake Temagami Access Road, was completed in 1958 and was used to transport ore from the mine site. The high-grade copper deposit in which the mine extracted was discovered by Canadian geophysicist Norman Bell Keevil (1910–1989) in the mid-20th century during testing of a newly established airborne metal detector. It was the largest deposit of nearly pure chalcopyrite ever discovered in Canada. Keevil also financed other ventures, including what became Teck Resources. By February 1972, the Copperfields mill had treated 9,125 oz (258,700 g) of gold, 175,979 oz (4,988,900 g) of silver and 76,982,986 lb (34,918,895 kg) of copper.
Along the southeastern margin of the Net Lake-Vermilion Lake Deformation Zone lies the abandoned Beanland Mine property. Exploration work in 1937–1938 resulted in the creation of a three level 154 m (505 ft) mine shaft. In February 1992, Deak Resources completed diamond drilling and bulk sampling at the mine and 3,000 tons of rock was shipped to its Kerr Mill in Virginiatown. The estimated reserves, before this work, were 8,778 tons averaging 0.31 oz (8.8 g) of 
Temagami Greenstone Belt