GeologyRocks

Welcome to GR.

Firstly, a picture would be extremely useful.

Secondly, to be sure of what you mean here (since you have two different spellings - the first of which I asume to be a typo),  I think you mean magnestite, rather than magnesite (bitter spar).

I have never heard of gold bearing magnetite.  What about you Gus?

The associated minerals for magnetite are ilmanite, apatite, augite, hematite and amphiboles.  I can find no reference to a gold association in any of my books, but that is not to say that your specimen does not contain gold, although realistically it will be unlikely.  

It would also be useful to know exactly where you found it, since there certainly are traces of gold in the Lake District, Cornwall, parts of Wales and east Scotland.

 John

“Civilisation exists by geological consent, subject to change without notice.” -  Will Durant

I've not come across gold-bearing magnetite either.  However, I have seen specimens of magnetite with flecks of chalcopyrite in them which tend to look even more gold-like due to the dark background.  Not that I'm suggesting this is the case here.

Certainly sounds more realistic, Gus.  My first thoughts were pyrite/chalcopyrite - or possibly a bit of mica.

However, lets wait for the pictures.

John

“Civilisation exists by geological consent, subject to change without notice.” -  Will Durant

I also am skeptical about gold content.  During this search, however, I have found a "gold in magnetite" specimin.  Also a description of same on gold mining site.  Just wonder why it would set off the Goldbug which does not respond to surrounding similar rocks.  

Specimin found in Golden, NM, where a cyanide extraction process was used for a time.  They told me there were veins oif gold-bearing pyrite here.  Can't find "Attach" button on this. 

Sorry, but what is NM?

John

“Civilisation exists by geological consent, subject to change without notice.” -  Will Durant

New Mexico.  Site of earliest gold mine west of the Mississippi River (1840 and earllier).  Ortiz Mountains.  Legends say it was mined by Spanish conquerors of natives.  Gold finds not reported to Spain to keep from being taxed on it.