It's about 92 miles from where it was believed to be stuck in the ice. This may raise as many new questions as it does answers, as pointed out by Russell Potter at Visions of the North and William Battersby at The Franklin Site.
One thing seems now clear: Both ships were not simply abandoned, followed by a long death march along the western coast of KWI, but they both seem to have been remanned. This was certainly what you would conclude from Inuit oral testimony as re-told by David Woodman.
Unbelievably, the ship was found very close to shore, in sight of land and, ironically, in Terror Bay. According to a comment from David Woodman, the ship was found near a known large shore encampment. Again, something supported by Inuit testimony. As would be the fact that it is in pristine condition consistent with a quick sinking.
This story was broken by The Guardian:
Ship found in Arctic 168 years after doomed Northwest Passage attempt
Exclusive: Perfectly preserved HMS Terror vessel sank during disastrous expedition led by British explorer Sir John Franklin
“We spotted two wine bottles, tables and empty shelving. Found a desk with open drawers with something in the back corner of the drawer.”
After finding nothing in an early morning search, the research vessel was leaving the bay when a grainy digital silhouette emerged from the depths on the sounder display on the bridge of the Bergmann.
About six years ago, Kogvik said, he and a hunting buddy were headed on snowmobiles to fish in a lake when they spotted a large piece of wood, which looked like a mast, sticking out of the sea ice covering Terror Bay.