Sherridon originated as the service centre for the nearby Sherritt Gordon nickel mines. The mine closed in 1940, resulting in the equipment and many of the workers and families relocating to Lynn Lake. A recent gold mine, operated by Pioneer Metals at Puffy Lake, closed in 1989. The community is located on the Omnitrax rail line to Lynn Lake about 156 km north of The Pas. Pukatawagan Reserve is 72 km further north of Sherridon. A 78 km community-access gravelled road was constructed as part of the Puffy Lake Mine development, and the community is now connected to PTH #10 between Cranberry Portage and Flin Flon. Sherridon is governed by a mayor and council, under The Northern Affairs Act.

Sherridon was named after one of Manitoba's oldest mining companies, Sherritt-Gordon and its formation derives directly from the mineral exploration and mining in the early 1900's. There have been various mines operated there since then. Active mineral exploration has been in progress, which may uncover more mineral finds in the near future.

Apart from the mining industry, forestry, aqua-culture and tourism further diversify the local economy. This area is rich in wildlife and plants and owns many beautiful lakes among which Kississing Lake is legendary for Trout, Northern Pike and Walleye. Its lodges and other excellent tourist facilities provide tourists with great comfort and hospitality.