Magnetometer, Anyone Using a Mag? Options

[GeneYo]

Is anyone out there using a Magnetometer for prospecting for gold or other precious metals in the Rocky Mountain states?

There are numerous reports out regarding locating the iron bearing sands which typically contain gold with a mag. Not using one of these before in Colorado I'm unsure if there's so much magnetite and hot rocks and related iron bearing rocks in the ground it might render this useless. Sort of like using a non-discriminating metal detector with a 18" coil trying to search the local park. While it would work you would get so many false reads you'd throw in the towel in about 2 hours.

I am hoping to locate someone that has used this technique before I spend big bucks on something that will be difficult to use in the Colorado Rockies.