David,
Get a coffee cup out that has a white, unglazed mating ring on the bottom. Rub the rock vigorously along the ring (or vice versa may be easier) and check the color of the streak left by the rock; it is one of the geologist's standard field tests and is called, oddly enough, the streak of the mineral tested. One of the most common meteorwrongs is hematite which has a reddish-brown streak along with magnetite with its' black streak. Meteorites almost universally (highly weathered ones may leave a faint one) leave no streak at all. I recently got hornswaggled by a hydrothermal deposit of hematite with accessory magnetite and silicates mixed in for good measure. Another one of hematite's main properties is its weak magnetic signature, but this stuff was rather strong magnetically, a property lent by the magnetite. I'd be willing to bet your rock will streak reddish and the weak magnet signature will tell you hematite has been found, but
I'm no expert so be sure to find one if there's a question. Good luck and keep searching!
Mark Jackson
Chaosity Meteoritics
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