the PI detector works in different way to VLF.. you don't have to think at frequency as a continuous wave but at the frequency of pulses (number of pulses x second).
the detector gives an impulse to the coil, this impulse interact with the object in the ground.
after the pulse, the detector "listen" to the coil to get a "response" by the target, the decay time of the "mirrored" pulse given by the object gives you some form of discrimination, you have to choose the delay (after the pulse) after you listen to the eventually returned signal by the object, metal with high conductivity gives you a longer decay time so we can say that the returned pulse is more delayed.
This way of works gives you a better understand on the fact they have a mono coil with one winding, the coil in fact it's alternatively transmitting and than receving.
This is a very simplified explanation.
In the surf PI clone that I build I remember that there was a trimmer to set this delay time, and i set the unit to the delay more suitable for detecting gold.