Canyons are inherently risky. Flash floods occur without notice on sunny days. Technical skills & surrounding topography knowledge required yet does not eliminate risk.
More of the Good Stuff!
The two drainages separated by the Ridge holding The Lost Trail are defined as Lost Trail Canyon North and Lost Trail Canyon South, both merging on the far west end off the bottom of the Ridge.
There are a variety of spur cuts connecting to both main canyons.
The North Canyons split off then re-split as they climb towards the cliffs holding Winter Peak to the east.
For the most part it is enough to say that there are numerous opportunities for exploring; just head up and branch off.
But, if you want a sure bet, check out this main Spur.
Hike up canyon from the intersection of Lost Trail and the Indian Wells formations. Stay in the primary drainage enjoying the wide assortment of sculptured rock and bedrock hiking. You will eventually come to a major split; take the cut to your left.
After some minor scrambling, you will reach a major dryfall blocking the canyon. At this point you may turn around and hike back the way you came… or enjoy the nice staircase climb up the right side of the dryfall, continuing on up canyon over more bedrock. Unfortunately, the canyon proper will not last long after the big falls, but there is a nice ridge exit on your right that will carry you steeply up to the upper section of the Mineral Springs Trail. There you may opt for the trail up or down… or… head over to descend down one of the area canyon cuts.
The canyon does continue up and beyond the Mineral Springs Trail but it is a bit overgrown and overly steep. Venture up only if you just need to have done it all.
There are ridge accesses to the north all along the lower section of this Spur canyon. The Mineral Springs Trail is winding along above you the entire time. Feel free to explore the potentials.
Also, that lower right branch will carry you up to the Mineral Springs Trail, intersecting fairly close to the junction of the Lost Trail... an interesting option if you decide to turn around at the big Dryfall.
This is one worth taking the time to find!
Note: Your true distance, time and elevation gain for this hike will vary widely, determined by the approach route chosen and the exit route you decide for your return hike. You can access the Lower Lost Trail drainage from over near the water tanks up Thunder Road... or from a variety of trails off the east end of Indian Wells Road. If you decide to loop out across and up to Ortega Peak (...a good option!) you could be in for an all day outing.
WARNING! Hiking and outdoor related sports can be dangerous. Be responsible and prepare for the trip. Study the area you are entering and plan accordingly. Dress for the current and unexpected weather changes. Take plenty of water. Never go alone. Make an itinerary with your plan(s), route(s), destination(s) and expected return time. Give your itinerary to trusted family and/or friends.