During any Season other than Summer, the Lake will be dry and unusable. The players can walk over it during this time.
During Summer, the Lake will fill up with water and there is an option to fish in it. Using a Fishing Rod, Fish and Crumpled Packages can be caught at any time of Day. Similar to its smaller counterpart, Ponds, it has a limit on Fish or Packages. There are 15 Fish or Packages, and one more will be added into the pond every 90 seconds if the current count is less than fifteen. The chance of getting a Fish is 40%, and getting a Package is 60%.
There are 3 Fireflies on the Lake. They are not catchable while the Lake is full of water.
Making a small outpost near the Oasis can be beneficial as players will be staying at the Lake for long periods of time to fish out the various rare Blueprints only obtainable through Crumpled Packages that are exclusively found in the Lake.
Building a base around the oasis area is also a good idea in general, because wildfires do not spawn there and it is cooler, making Overheating easier to manage.