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An essential piece of Smith's legacy is Project Magnet, a semi-official research initiative he proposed to analyze flying saucers through the lens of geomagnetism. Despite its unofficial status, Smith was allowed to utilize government facilities for part-time investigations, and a monitoring station was set up at Shirley Bay, near Ottawa.
The project's goal was to gather real-time data on magnetic disturbances potentially correlated with UFO sightings. Despite claiming success in operating for several years, the project faced increasing scrutiny and eventual shutdown following Smith's passing in 1962. Questions regarding its findings and implications have lingered ever since, adding layers of mystery to Smith's overall contributions.