In the algorithm we use the physical dependence of the magnetic field of a magnetic dipole in order to define a Wavelet mother function that later on can detect magnetic targets modeled as dipoles and embedded in noisy surrounding, at improved resolution. The proposed algorithm was realized on synthesized targets and then validated in field experiments involving a marine surface-floating system for wide coverage real time unexploded ordinance (UXO) detection and mapping. The detection probability achieved in the marine experiment was above 90 % . The horizontal radial error of most of the detected targets was only 16 m and two baseline targets that were immersed about 20 m one to another could easily be distinguished.