Carol Lake

an iron deposit in Canada. Located in Labrador near Carol Lake, south of Schefferville. Total reserves are estimated at 1.5–2 billion tons, with an iron content of 36–38 percent. There is a large concentrating mill in Labrador City. The concentrates are exported by a railroad branch to the Schef-ferville-Sept-Iles line, which goes to the port of Sept-Iles.