There is fantastic fishing on Loon Lake and nearby streams. You will catch small-mouth bass, northern pike, a few elusive large-mouth bass, a very rare rainbow trout (rare on the lake, there are plenty in the streams) and perch. Veronica and I have caught numerous bass upwards of 5 lbs!
This "Small"-mouth was caught in June 2017.
The water in Loon Lake is crystal clear and you will occasionally boat over a school of perch which seem like there are thousands. Small mouth and large mouth bass can be found all around the perimeter of the lake near underwater structure. The "narrows" is a narrow area between the 2 bigger areas of the lake which is a favorite fishing spot. I learned from a family staying with us (at Camp Loony) in June 2017 that there are indeed trout in the lake. The rainbow trout in the pic below was caught on a dry fly.