Due to its profuseness and high iron content, hematite is considered one of the most important sources of iron ore. The mineral occurs, however, in a variety of forms, some of which are more commercially valuable than others. The type of hematite that occurs in large sedimentary deposits, such as the ones found near Lake Superior and Quebec in North America, is the most notable for its metal ore. Interestingly, according to ancient folklore, such sizable deposits of hematite were formed from the bloodshed of fierce battles seeping into the ground.