In the old story, the woodcutter goes up the mountain to gather firewood.
Tips
history
樵 is rarely used alone today. In classical texts it meant firewood or to cut firewood; it now mostly survives in the word 樵夫 (woodcutter) and in set pairings such as 渔樵 (fishing and woodcutting).
register
Literary; ordinary speech uses 柴火 for firewood and 砍柴 for gathering it.