In Takshanuk Mountains, 3.4 mi ENE of Klukwan and 15 mi. SW of Skagway, Coast Mountains.
Local name published in 1954 by U.S. Geological Survey (USGS). Name is derived from a large deposit of magnetite iron ore discovered in the mountain about 1869. The Tlingit name "Kahwateta Mountain," published in 1952 by the U.S. Geological Survey (USGS), according to E. C. Robertson, means "maiden hiding place" and was based on the local Indian custom of sending the young girls of the Klukwan village at the base of the mountain up to a glacial amphitheater near the top to hide, in order to appease the angry god of the mountain who, it was believed, caused the floods and mudflows which plagued the village during the fall months.