A method for processing magnetotelluric data to identify subterranean deposits is provided for. The data comprise the amplitude of alternating magnetic or electrical fields recorded over time in at least two vector components at one or more locations in an area of interest. Amplitude pulses are identified in the data, wherein the pulses are time segments comprising an amplitude peak meeting defined threshold criteria in at least one vector component. The pulses are filtered at a set of predetermined frequencies to separate amplitude data at each frequency from the remainder of the amplitude data in the pulses. The frequencies correspond to subterranean depths over a range of interest. Differential impedances ΔZ of the pulses at each frequency at each location are then statistically analyzed to determine a value correlated to the resistance of the earth at each frequency. The resistance values are indicative of the presence or absence of deposits at the corresponding subterranean depth at the location.