Lake Namakagon is located in Bayfield County, Wisconsin. The lake is a large freshwater drainage lake that opens inlet and outlet of streams located between Lake Superior and Mississippi River system. The lake is located in the upper Namekagon river watershed as St. Croix river basin is the subwatershed of it. The lake derives its name from the Ojibwe lan…Lake Namakagon is located in Bayfield County, Wisconsin. The lake is a large freshwater drainage lake that opens inlet and outlet of streams located between Lake Superior and Mississippi River system. The lake is located in the upper Namekagon river watershed as St. Croix river basin is the subwatershed of it. The lake derives its name from the Ojibwe language, and it means "Lake abundant with sturgeons." It is known for tourism and was the home of the legendary Anishinaabe Chief Namakagon.