Peakshole Water is a stream in the Derbyshire Peak District named after its source, Peak Cavern. It flows through the village of Castleton to join the River Noe in nearby Hope. Despite its name, much of its flow actually emerges from the Russet Well, a resurgence in a garden on the east side of the gorge below the main Peak Cavern entrance, described as the main resurgence of the Castleton area, which drains a series of swallets on the other side of the Pennine watershed below Rushup Edge. The resurgence has been explored by cave divers to a depth of but further exploration was halted by a constriction.