The Elizabeth referred to on the grave marker is the same one on this death record from 1870:
You'll note that (1) Elizabeth Robertson was born a Fraser, (2) she was the widow of William Robertson (brewer / distiller / vintner) and (3) she died at the Blacksmith Croft at Blairshinnoch Banff, which I have discussed in length before - this was where my 3x great grandmother (Grace Fraser Robertson) and 3x great grandfather (James Steele) lived and where James and his son, Alexander Milne Steele were both blacksmiths. These documents come together in irrefutable proof that these documents are all discussing the same woman.
"Grace Fraser Daughter to William Robertson at Brackla and Elspet Fraser his wife was born the 23 of April and baptised the 8th of May 1824. Witnesses Mr. Alexr Fraser and John MacLean Excise officer there". The Fraser name was important at Brackla as what would become the Royal Brackla Distillery was started by Captain William Fraser in 1812. I am trying to find out if and how Elspet was related to the Captain. Brackla was the first distillery to be given the Royal monicker and is still in operation as part of Dewars. It was built on the estate of Cawdor Castle.
Here it was in ca. 1870:
It would appear from Grace's birth record that the family was either living at Brackla in 1824, or they lived nearby and Elizabeth had travelled to the big house for the birth. They are tightly tied to the nearby parish of Ardclach as that is where William and Elizabeth married and baptized several of their children. But since William Robertson was a distiller, he may well have been working at Brackla before getting the opportunity at the Mill of Banff Distillery.
To remind you, by 1841, William, Elizabeth, their daughter Ann (20) and 4 other children are living at the Mill of Banff. The Mill of Banff is elusive on maps - I haven't found one yet that records its location. The first mention of it I found at Scotlandsplaces is in relation to St. Mary's Well (according to the 1867-1869 Ordnance survey name books, Banffshire, Volume 3 / OS1/4/3/87) which was "... in the grounds of Duff House, Situated near the river Deveron, South of the Mausoleum and near to where the Mill of Banff Stood. It is said to be a Holy Well." Also noted in the Annals of Banff (1893, p3), The "... convent stood on Dovern at Miln of Banf in Banf parish."
St. Mary's Well is on the property of the Duff House. It is west of the golf course that is there now, and to the northwest of the big bend in the river.
The main structure on this small property now is the Duff Mausoleum (directly SE of the turquoise-y fields in the upper middle of the image - one can barely see a white dot which is the roof of the mausoleum).
If you look at the Ordnance map from 1866, you can see the area's history up to that time - in place names alone.
You'll note the Mausaleum is on the site of St. Mary's Chapel. St. Mary's Well is also there. According to the Canmore National Record of the Historic Environment, the first documentation of this site was in 1321 when as mentioned above, Robert the Bruce bestowed a chapel to the Carmelite Friars (note Mount Carmel beside Bachlaw Bridge, too).
So, the Carmelite Friars used it, a holy well is located there, the Mausoleum for the Duff house is there, a hospital was probably established during some epidemic on the land. And a Mill and Distillery lived there.
What is odd, though, is that in 1574, James VI granted the lands, buildings and revenues from this land to King's College in Aberdeen (all listed at Canmore under "Duff House Mausoleum"). The Mill of Banff Distillery would have paid taxes on this land that would have ended up at King's College.
Oddly enough, the only Aberdeen postcard in my collection is of King's College - a simple postcard to Gladys McCurrach - a 5-year-old girl who (in her whole life) had no idea that her ancestors helped pay to keep the place running.