The search for golden treasures led a group of prospectors into this remote region in the summer of 1850. Climbing to the top of a ridge, they stopped to prospect at the end of a point of rocks that jutted high above the river. Several rich deposits discovered in the vicinity caused them to linger until all the provisions were gone and starvation threatened.

One of the company possessed a good rifle with one bullet left. Saying to his companions, "This is our last chance to make a grub-stake," he went into the forest, and returned with a large buck. Thus the miners were able to return to their diggings and a new camp earned its name. This is one of several versions of the origin of the name, "Last Chance."