Iron Sands is named after the red sand in abundance around it, red sand; like that of Mars, contains Iron, this is how it got it's name.
It is an un-operational Mining establishment, designed to be a launch pad onto make a future mineshaft on the main island to feed the growing needs of the Mainland.
The building is also declared a site of Iborian importance on it's incredible architecture of a small secure room, composed of to Iron Doors to keep unwanted people out, leading to the habitable tower which also acts as storage and shelter to future miners there.