In 1876, the mountain was discovered as a source for corundum. In 1900, mining operations began by the Canada Corundum Company. A settlement, consisting of both a company town and a private town, grew to a peak population of 600 persons, making it the world's largest Corundum producer at that time. But in 1913, a fire destroyed the mill, resulting in job loss and a gradual decline. By 1921, Craigmont was a ghost town.
A small community remains along County Road 517 (the former Ontario Highway 517), with some of the original buildings and ruins on private property.