Soap Lake is located 5 kilometres southeast of Spences Bridge in a northeast trending valley.
The area is underlain by Middle and Upper Cretaceous Kingsvale Group (redefined to the Spius Creek Formation of the Spences Bridge Group) mafic volcanics (Geological Survey of Canada Map 42-1989).
Salts are evidently leached from surrounding volanic rocks, carried into the basin by springs and concentrated there during dry summer seasons. No outlet is visible. A sample of brine taken in 1926 yielded 81.42 per cent sodium carbonate, 5.93 per cent sodium sulphate and 2.17 per cent sodium chloride (Geological Survey of Canada Memoir 262).
Salt was not produced commercially but reported as being used locally. Ecological Reserve 3 presently includes Soap Lake (see claim map 92I 06W).