With the goal of providing an effective analysis for assessment and interpretation of depth to magnetic sources, depth estimates were yielded from high density, aeromagnetic data collected over the Serra Leste region (Carajás Mineral Province, Pará State, Brazil), by three distinct methods: (i) Euler Deconvolution; (ii) Analytic Signal; and (iii) Local Wavenumber. According to the results obtained by these three methods, most of the magnetic sources in the study area are located above 100 m depth. Statistical analysis showed that the Euler Deconvolution method provides more accurate depth estimates (mean standard error = 6%) and that the solutions are better correlated with geological structures and contacts, especially those related to the mineral deposits. For instance, it was verified that the Serra Pelada (Au, Pt, Pd) deposit is located over a NNE-SWW dipping magnetic trend with depths increasing from 25 to 270 m. 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