Magnetite...Any Value?

[swizzle]

I've got a few chunks of magnetite. The biggest one is the size of a quarter. Is magnetite worth anything? If so who buys it? Jason

[ghost surf]

I found a few peices of magnetite too and took it to a mineral show..A few people said to keep it and that there are collecters who do buy it and put it in their collections.All depends on who wants it at the time.There are mineral shops all over the net, contact a few and see what they think.

[bakergeol]

Nugget hunters are quite familiar with magnetite.
 It is an FeO that is a "hot rock" that detectors pick up when we are searching for gold. We just kick them?aside and move along. I suppose if you had some spectacular mineral specimens with magnetite and associated minerals it would be worth something to a collector. Perhaps large magnetite crystals? Quite a bit of the black sand in placer deposits is magnetite. After dredging for a day you may have 50 lbs of magnetite concentrate. After removing the gold, the magnetite is pitched out. So magnetite is a very common mineral out there.

George

[swizzle]

Here's the chunk in question. I didn't know there was 2 types of magnetite. Its definately magnetite though. Its highly magnetic, it sets off my detector and it left a black streak on the toliet top. I'm hoping to find bigger chunks because I think it looks cool. Too bad it wasn't a gold nugget though. Jason

[oldestjim]

Jason--- This variety is commonly known as "kidney ore." You might take a look at <www.mineralsunlimited.com> They have been in business since 1948.? ?

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Treasure > Prospecting > Nugget Hunting (Moderators: Marc, jeff of pa) > Topic: Magnetite...Any Value?