Although iron ore resources occur in all the Australian States and Territories, almost 90% of identified resources (totalling 54 billion tonnes) occur in Western Australia, including almost 80% in the Hamersley Province, one of the world's major iron ore provinces.
Overview Oceanic is focused on the development of the Ungava Bay iron properties. These properties comprise 3,703 claims over three project areas, namely Hopes Advance, Morgan Lake and Roberts Lake, which are located over 1,568 km 2 along the northern extension of the Labrador Trough in the Nunavik Region of northern Quebec.
Australia's iron ore reserves and resources are in both hematite and magnetite ores. Because of the high average grades (% Fe) of hematite ores when compared to the average grades for magnetite ores, it is necessary to report national resources in terms of contained iron.