A new Precambrian palaeomagnetic pole has been obtained for the Gawler Craton, South Australia. The pole is based on results obtained from the accurately dated Gawler Range Volcanics (1525±15 m.y.) and is situated 230°E 60.4°N witha95 = 6.2°. The pole is in excellent agreement with poles previously determined from the negatively magnetized ore of Iron Monarch and the negatively magnetized dykes that intrude the Gawler Craton. The results suggest that the iron ore‐forming process is closely related to igneous activity and supports the hypothesis of a hypogene origin for the ore.