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Location
This cave is located at 1046W 693S, about halfway between the Wheel Clan and Stillwater along the southern slopes of the Grey Mountains. It is marked on your map as you explore the area, usually when you walk from the Wheel Clan to Stillwater.
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Cave Surface
You arrive to the area at Point S. To enter the cave (Point A), you'll have to pass through some flames (Point F), which will do fire damage your party and their armor if worn.
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Cave Underground
There is a Fire Elemental (Point 1) guarding a magick ring in the treasure pile behind it. Point A is again the exit back to the surface.