Mormon Island, a Gold Rush-era town, became submerged under Folsom Lake due to the construction of the Folsom Dam in 1955. The dam was built to create a reservoir, California's ninth-largest, which resulted in flooding the historic town. Occasionally, during periods of drought, remnants of Mormon Island become visible, including foundations and artifacts from the era.
For more detailed information, you can read about it on Wikipedia or explore historical insights from El Dorado County Historical Museum.
Here is an image showing the town remnants during a drought:
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