I go there every august and the fishing is outstanding. Lots of kokanee around but most are fairly small. There are lots of huge rainbows and bull trout but rarely hear of a kamloop caught. Also lots of cuttys up to 25". We mainly fish the lower 20 miles near the Libby Dam. The kokanee are like a plague down on that end. You can easily get a limit of 20 in a few hours on anything from spinner to worms and wedrings with maggots or jig with a Sweedish Pimple. Most of the bigger kokanee are in the small bays and can be often taken still fishing on bottom in about 20-30 ft of water. Don't use worms on bottom or you won't keep the Peemouths and squaw fish off.
For the rainbows we head up the east side about 15 miles up from the dam to the next marina. Fish right out in front of the marina/launch or go up to a popular spot called five mile(just around the corner) and troll large rainbow or shad imitations in the 30-90ft range. Vary your depth till you get a hit. Rarely deeper than 40ft. Some days you can hook 10 fish averaging 6-12lbs.
BUT, if you want a shot at a world record fish, i mean a real shot at breaking it, go right below the Libby Dam and fish the spillway up close. During late july and august the kokanee start spawn and all the huge fish move up to feast on the bounty. Also tons of kokanee get chopped up in the turbines and the huge rainbows(up to 30lbs +) and bull trout(up to 80lbs) sit there all day long and munch the kokanee bits that come through. Just a swivel, single #5 pinchweight, 4 foot leader,#4baitholder, and half a worm will keep you busy with numerous bow and cuts up to 5lbs. But for the big boys put on a 3 or 4 inch chrome dimpled or hammered body spoon. Cast out, close the bail and just dead drift it and hold on to your britches cuz you'll never know what you'll get but you know it will be big. I've broke poles and snapped lines many times from the sheer power and spazticity of these fish. A true test of gear and skill. One of my all time favorite fishing spots.
Fish the left side for Bows and right side for Kokanee.
