The waterhole is surrounded by large river gums offering shade in the heat - very nice for a picnic, coffee, or just a siesta overcoming the hot hours of a mid sumer day.
In local Aboriginal meaning, Bolla Bollana is "where the dreamtime culprits got up and ran" before Arkaroo's fury.
We start to tell the legend of The Arkaroo at Nooldoonooldoona (GC2MA4N). The serpent had drunk the waters of Lake Frome and retired himself into and around the area of Arkaroola. Occasionally, he encountered warriors and other mythical creatures who tried to hold him back.
Steeply dipping rock strata and expansive rock faces, criss-crossed by fissures, tell where started warriors made their panicky escape out of the gorge in the face of Arkaroo's fury. This Bolla Bollana Springs site is where they literally "got up and ran". It is really one of the really permanent creek bed springs - as against waterholes - along this entire gorge. 
For the remainder, Arkaroo eventually arrived back into the Gammon Mainwater Pound to Yacki Waterhole. He descended into great slumber and remains sleeping there to this day. A few times each month, he turns uncomfortably in his sleep. This and his tummy-rumblings and belchings foment the Arkaroo noises. The tremors are the disturbance set up as his great body nudges the sides of his rocky lair. 
In the second half of the last century, seismologist the late Dr. David Sutton of Adelaide University torpedoed the mystery finally. In 1957 his delicate earthquake recording equipment set up in neighboring Umberatana, recorded 56 local, minor earth tremors in just one year. Shocks radiating out from rock slippages along deep-seated fractures and faults near the eastern end of the Gammons see the likely culprits. Similar movements and shocks occur along many of the front-of-the-Range faults about Paralana. Myriads of them would haves echoed out across the countryside during the past few tens of millions of years as the Ranges continued their hesitant uplift. Fault movements in the Gammon Ranges vicinity are part of this pattern.
Internationally registered seismographs record the sound waves radiated from inner earth movements. One of them is installed on Arkaroola at ARKL = (-30.2760, 139.3390) with recordings and display at the Arkaroola Reception desk. If you show high interest, Doug Sprigg himself, amateur geologist, may enthusiastically explain. Another seismograph is located in Hawker at HKER = (-31.7642, 138.5524) with recording at the Hawker Service Station. More details on this instrument and its recordings can be found by seeking the Earthcache "Did the earth move for you too?" (GCZM4J).
Last not least, the copper ore rich region of Arkaroola led to the construction of the Bolla Bollana smelters of the 1870's, which are situated almost on the northern boundary of the adjoining Balcanoona National Park. 
 Reg C. Sprigg: "Arkaroola - Mount Painter in the Northern Flinders Ranges, S.A.: The Last Billion Years" (1984) Gillingham Printers Pty Ltd, Underdale, Australia