The flooded mine was located where daredevil Falls is now. The Cave had inventors mansion, which was similar to grandfathers mansion, above it. It was then turned in the Dolly museum when dollywood opened. For a short while the building was used for the roller coaster museum but then sat vacant for the longest time. There were some references to the flooded mine inside the cave though.
When the flooded mine opened at Silver Dollar city Tennessee the big story/theme in the area was that one eye Jack escaped the flooded mine and is loose inside of Craftsmans valley.
Inside the cave was a great place to cool off, and for a while there was a gem mining store and arcade inside of it which has been closed for years.
People will miss the cave, but I believe it'll open up the walkway from the village, where the train is to Craftsman's valley.