Gunnison River
The Powderhorn is an important watershed for the Gunnison River. The area protects the East, Middle, and West forks of Powderhorn Creek, which merge and then have a confluence with Cebolla Creek. Calf Creek, which is on National Forest land flows south and eventually joins the Lake Fork Gunnison River that also flows into the Gunnison via Lake City. Within the area there are numerous small lakes and beaver ponds. The largest of these are Devil's Lake and Powderhorn Lake.