In this research, the location of magnetic anomalies is identified using the main steps of processing and calculating the analytical signal of the magnetic data in the Marvar iron deposit area. Besides, the possible depths of the possible magnetic sources have been estimated via Euler’s deconvolution. The median of the estimated depths has been used to define the depth weighting for a three-dimensional data inversion. The resulting estimated magnetic susceptibility model illustrated the depth extension and the shape of the bodies with high magnetic susceptibilities related to iron mineralization. Finally, the estimated magnetic susceptibility model was compared with the grade of iron obtained from the geochemical analysis of exploratory drilling core samples. The comparison showed that zones with high magnetic susceptibility have a meaningful spatial correlation with areas with high iron grades.