Well, yes. Gray "Pond" would probably be more appropriate! But it _is_ a source of perennial surface water, and thus a critical resource for wildlife, in this overall very dry mountain range. The lake's elevation is 9043 ft/2756 m and it's off the Tahoe Rim trail (TRT), in Nevada's Mt. Rose Wilderness area within the Humboldt-Toiyabe National Forest. Two trails access the lake from the TRT, thru saddles to the south and east, and so you can do a loop by the lake from off the trail.
Why "Gray" Lake? It's hardly gray! Dunno, actually, but I suspect it may come from that slope of broken gray rhyolite talus off to the right.