Garside and Schilling report warm springs at Pyramid Island (Sec. 3, T24N, R22E) and on Anaho Island (Sec. 16?, T24N, R22E), with both localities being within the Walker Lane fault zone. Both localities were visited in March 2005.

Pyramid (the namesake of the Lake) Island is a spectacular mass of tufa that was deposited in Pyramid Lake when its level was higher than at present. The collection of tufa into needles, spires, and pyramids is believed to be related to underwater warm springs (Russell, 1885), and divers reported that underwater hot springs are present near the Needle Rocks and The Pyramid. The Pyramid lies along the Lake Range fault zone (Faulds, pers. comm., 2005; formerly called the East Pyramid Lake fault). Benson and others (1995) reported a temperature of 89°C for the spring at Pyramid. In March 2005, there were 2 orifices on the Pyramid, 6 feet apart, from 0.2 to 0,35 m above the lake water level on the west side of the pyramid near the center of the island. One spring is flowing down into the lake (96.2°C) and the other (97.8°C) is spouting up and out, spilling into the lake. This second spring was sampled for water chemistry analysis on 3/15/05 and had a pH of 7.7 and specific conductance of 8120 mS/cm. Steam can be seen above the springs, ~9 m above the lake surface, which was at 1,160 m (3,807 ft) on 3/15/05.

The spring on Anaho Island is reported by Waring (1965) to be 49°C; however, attempts to locate it on March 15, 2005 failed. An unreferenced web site www.hotspringsenthusiast.com/Nevada.htm shows a spring just off the coast of the southern point of Anaho island. There was no evidence of a spring on the south or west sides of the island on land during the March 2005 visit, although there may have been a spring(s) off shore. No vents were visible, but green algae occurred in the shallow water off the island on the south side of the island.

The Pyramid Lake Paiute Tribe is undertaking the Pyramid Lake Energy Project to develop geothermal resources on their reservation. The project includes geophysical, gravity, and magnetic surveys in addition to a thermal gradient drill-hole program. Drilling of the gradient holes started in November 2005, and three had been completed by March 2006 (Nevada Geothermal Update, April 2006, Nevada Division of Minerals). Part of the exploration and geophysical work has been done in collaboration with the University of Nevada, Reno, Great Basin Center for Geothermal Energy.