Elizabeth Lake Nature Preserve Varga Archeological Site is a large, diverse wetland community composed of every different stage of high-quality wetland, including: graminoid fens, calcareous floating mats, graminoid bogs, marshes, low gradient creek, pond, lake, sedge meadow, wet prairie and dry Mesic savanna. Because of its wide range of habitats, Elizabeth Lake Nature Preserve Varga Archaeological Site has 29 species of native fish, at least 200 species of plant life, 55 species of birds, 15-20 butterfly species, and 20 state threatened and endangered species including Iowa darters, pugnose shiners, ospreys and black terns.
Several different kinds of wildlife can be spotted, including white-tailed deer, raccoon, rabbit, muskrat, woodchuck, beaver, marsh wren, sora rail, green frog, smooth green snake and other small animals. The diverse wetlands are important for amphibian breeding and provide habitat for a variety of waterfowl, migrating birds, reptiles, amphibians and insects. A small woodland area exists on the south western portion of the preserve.