Abstract: A magnetic anomaly sensing system and method uses two triaxial magnetometer (TM) sensors arranged in a one-dimensional array with the sensors' magnetic sensing axes being parallel to one another. The sensors are spaced-apart from one another along one of the sensing axes by a distance D with a midpoint between the sensors along the one sensing axis being located a distance Z from a reference datum. A processor implements an iterative process to include generating scalar magnitudes of a magnetic anomaly field measured at each of the sensors where the magnetic anomaly field is associated with a magnetic object. A scalar range from the sensors to the magnetic object is generated based on the distance D, the distance Z, and the scalar magnitudes. A magnetic dipole moment of the magnetic object is generated using the scalar range and the scalar magnitudes.