This trail starts at the gate a half mile up FR 314 from the Jemez Fish Hatchery. From here it's an easy doubletrack along the valley bottom to a small lake about a mile up. The flat area on the east is the old ruins of the Lazy Ray Ranch, supposedly a summer retreat for Al Capone after visiting the bath houses in Jemez Springs. There is a small waterfall just up from the flat area that is worth a look.
The trail continues another 4 miles up the canyon as a singletrack and intersects FR 144 at the top. From here you can climb the road to the left and come back down Calaveras Canyon to the fish hatchery, or go right on FR 144 to the trails up top and make a long loop back to Fenton Lake via Barley Canyon. You can also just make this an out and back for the family or any easy day.