When you arrive at Witchwood Lake for the first time, you should find it mercifully free of enemies. You might as well make the most of the calm and pick the area clean before moving on. There’s a Power Moustache card in the barrels dead ahead, alongside a few other handy items elsewhere.
As you continue along the path, there’s a glowing red gargoyle statue to one side—dig at its base to earn another Silver Key. Next, make your way to the largest body of water in the area and fish for a Will Master’s Elixir. Finally, there’s a Flame Augmentation in the chest across the pond directly behind you. When you’re done, take the south-eastern path to Knothole Glade, where a Hero of your calibre is urgently required.