So I got the fountain and I heard you could throw the axe in and maybe get the golden axe. But as of now, I don't see how you can even do that. There's nothing there to do.
well, I don't know how you do it, but I do know it's actually a tedious task.
Serena, the guardian of the fountain can pretty much do millions of random things to you before you get the silver or gold axe...she asks you a question that's always different and the results can be either giving you your axe back, taking your axe, getting the silver axe, getting the gold axe or absolutely nothing...