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Banded Iron Formation - I found this sample near Jasper knob, Marquette, Upper Penninsula of Michigan. The red layers are iron rich cherts and the grey layers are pure iron. No one theory has gained favor with geologists as to the origins of these lower Proterozoic rocks. Most theroies center around the hypothesis that the atmosphere at that time was depleted in oxygen increasing the amount of iron leached during weathering.