In some areas, finding these iron nodules is a good thing, as some of the same earth building processes that make these iron concretions can also be the forces that can concentrate the gold in that area, as we know gold is normally associated with iron, the only problem is they drive metal detectors crazy, iron is common most everywhere around the world concentrations of gold are not always that common.
I believe some types of these iron modules were formed from ancient swamplands or something similar, but like today where we can find fossils of ocean life in the mountains, or fossilized wood in a desert, the land of ancient times were much different and the environment today may look much different from its past, I have found different types of these modules in many different environments the desert, the plains, thickly forested lands and along beaches.
Maybe someone with some understanding of geology can tell us more about these iron rocks, I have always been fascinated by them but know almost nothing about them.