Rock magnetic properties, opaque mineralogy, and degree of metomorphism were determined for 101 unoriented samples from the North Arm and Blow-Me-Down massifs of the Bay of Islands ophiolite complex. Newfoundland. The weathered and metamorphosed extrusive basalt samples have a weak, secondary magnetization arising from oxidation and exsolution of ilmenite of unknown origin. The initial magnetizaiton of the underlying sheeted dike complex appears to have been destroyed by hydrothermal alteration soon after formation. The magnetic intensity of the gabbroic samples increases as the degree of alteration increases, with the highly altered upper metagabbros having an average intensity of 3¿10-3 emu/c3. Because magnetization of the metagabbro samples is related to nonpervasive variable alteration, these crustal units are unlikely to make a significant contribution to lineated magnetic anomalies. A compilation of our results and other studies suggests a model in which oceanic crust magnetization results from an upper extrusive basalt source layer, roughly 600 m thick, with no contribution from a deeper source layer recognizable from these Bay of Islands data.