There appears to be some clean up required around the airfield, these signs are very evident to the south of the airfield along route 500 which runs along lower ground where some areas are fenced off. This one was seen at the top of the higher ground above rote 500 (if that makes sense!). I do not think these hazard areas are to do with munitions, Canada has been very active in cleaning up old ranges and so forth.
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Took a while to get to the bottom of this! I saw a plaque in the Churchill Falls community centre . There looks to have been a bit that has fallen off so it was not clear what the thing was about.... then I came across this