The story of the Octavius is legend, not fact. A tall tale, origin unknown. No verification that the ship ever existed.
See Wikipedia, etc.

The first North American expedition to find a northwest passage sailed March 4, 1753 from Philadelphia, the schooner Argo under Capt. Charles Swain. It got as far as Cape Farewell and Hudson Strait, but was stopped by ice. In 1854, it tried again, but after three men were killed by natives on the Labrador coast, it abandoned the quest.
Raold Amundson was the first to succeed, 1903-1906.