LANCASTER SOUND, Nunavut – From a distance, the northern shores of Baffin Island in the Arctic appear barren — a craggy world of snow-capped peaks and glaciers surrounded by a sea of floating ice even in the midst of summer.Story continues belowYet beneath the forbidding surface of the world’s fifth largest island lies a vast treasure in the shape of an exceptionally pure strain of iron ore. The Baffinland mine, part-owned by a local company and ArcelorMittal, one of the world’s biggest steel producers, is believed to hold enough ore to feed smelters for decades.READ MORE: Defending the Arctic: New security network in the works as world powers turn northAs climate change pushes the cold and ice a little farther north each year, it is spurring talk of a gold rush for the Arctic’s abundant natural resources, prized shipping routes and business opportunities in tourism and fishing. The Arctic, including the fabled Northwest Passage between the Atlantic and the Pacific, is among the last regions on earth to remain largely unexplored. In April, U.S. President Donald Trump signed an executive order to reverse Obama-era restrictions on oil drilling.Yet industry experts, researchers and veterans of the Far North say there remain many obstacles to reaping the riches once blocked by the ice. Conservationists also oppose the large-scale extraction of Arctic resources, fearing that the fragile environment will be irreparably harmed.Canada and Russia make claim territory in Arctic