An object locator system utilizes a microtransponder (12) that is used in association with an object to be located. A remote locator (10) transmits an encoded signal in which is embedded an identification code associated with the object to be located. The microtransponder (12) receives the encoded transmitted signal and processes such signal utilizing fast fourier transform techniques. The microtransponder (12) correlates the transformed received signal with a fast fourier transformed version of an identification code associated with the microtransponder (12) and upon detection of a correlation, transmits an acknowledgement signal to the remote locator (10). The remote locator (10) determines the distance to the microtransponder (12) based upon the round trip time from transmission of the coded signal to the microtransponder (12) to the receipt of the acknowledgement signal.