Magnetic properties from the Reinfjord Ultramafic Complex, in northern Norway, which formed as part of a deep magmatic conduit system, have been investigated to determine the magnetic signature of ultramafic rocks now exposed at the surface and deeper in the lower crust. The dominant carriers in these ultramafic rocks are a chrome‐spinel with Fe‐rich exsolution blebs and exsolution lamellae of magnetite in clinopyroxene. Except locally, in a fault zone and in discrete small fractures, these rocks show only minor to no alteration. We infer that the magnetic oxides characterized here are representative of pristine magnetic carriers in similar rocks deeper in the crust. These oxides can be stable in lower crustal, possibly upper mantle, depths when temperatures are below the Curie temperature of magnetite, taking into account pressure effects. These ultramafic rocks are candidates for potential sources of long‐wavelength anomalies.