The chapel of the Icon of the Mother of God "Life-Giving Spring" became the first stone chapel in Cherepovets. It is often referred to as the "stone chapel" or "chapel by the shore." It is also known as "Source." The chapel is located on the right bank of the Yagorba River, where from the 18th to the end of the 19th century, a wooden chapel of the same name stood. The new chapel was built with funds from the Resurrection Cathedral and donations from parishioners. It and the source nearby were held in high regard by the townspeople. Each chapel in Cherepovets was associated with a specific church and had its own days for services. A procession to the Source was held annually on the fifth day of Easter week.

The chapel was built in the shape of a cross, with facades in a strict classical style. Unlike ordinary chapels, it was oriented towards the cardinal directions, which is characteristic of churches. This later allowed the chapel to be transformed into a full-fledged church.

Initially, there was no iconostasis inside, and the interior was modest, illuminated only through eight windows on the northern and southern facades. The chapel was topped with an octagonal tent dome with a drum and a cross. Around it, a palisade was established, which over time turned into a garden named Source Garden.

There are only three stone chapels in Cherepovets: the Icon of the Mother of God, the chapel of St. Philip of Irkutsk with the relics of the saint, and the chapel of St. Nicholas the Wonderworker at the train station.

After the arrival of Soviet power, the chapel lost its sacred significance: in 1924, it was used as a power station, then as a warehouse. The source was filled in. The building was abandoned, and the garden turned into a wasteland. Restoration began only in 2000. This process was long, and for 10 years, a procession to the chapel was held only once a year, while it remained closed the rest of the time. Eventually, by the decree of the bishop, a parish was opened in the city in honor of the icon, and the chapel began to be transformed into a church. The work was carried out by parishioners and lasted three weeks, and in 2014, the first liturgy was held in the new church.