A system and method for measurement of parameters of a conductive material, include generating an oscillating electromagnetic field (EMF) interacting with a sample portion from a remotely positioned source; measuring values of components of impedance of the electromagnetic; populating a system of equations including a theory of electromagnetism-based mathematical model of the electromagnetic system; solving the system of equations to calculate values of a distance between the sample portion and the source, thickness of the sample portion in proximity to a point of projection of the source onto the sample portion and electromagnetic properties of the sample portion; outputting the calculated values as the measured values; and repeating the steps of generating, populating, solving, outputting and repeating using the calculated values for the step of populating in place of the measured component values.