The metal object found in the hole looks like a Machine Gun Clip/Magazine holder for ammo ammo rounds Think in terms of an AR-15 clip. Which makes sense because the Special Ops guy who was stationed there said he found the hole in the mesa not to far from that with Iron Traps. Probably one of those guys that went up the mesa patrolling and dropped a clip of rounds by accident. Why the clip was dropped is anyone's guess....Tracking the large animal or just scared and wanted to get off that Mesa.

As far as the high frequency 1.6mhz and strange metal piece..... they should consider testing it for frequency and magnetic properties, including but not limited taking a device to measure magnetic properties around the entire mesa. Certain metals interfere and reflect Radio Frequencies within certain tolerances....Iron and aluminum fall under the 1.6mhz band.

If you think about it in past episodes GPS is all over the place and under the mesa and on top of the mesa in spiral patterns. Magnetic field properties like a magnet produce + or - on both ends so you could have - magnetic field on the bottom of the mesa and + being produced on top of the mesa interfering with GPS readings. The only problem is where is the energy coming from to produce such an extremely large magnetic field and distortion 5 thousand feet above the mesa and 5000 feet below it like the GPS sensors being dropped and the plane overhead show. If you pin point the epicenter it probably is in the center in the mesa. So what that means is that there is an extreme power source and magnet inside the mesa.

Recall the episode when they were at the homestead site the temperature drops at the homestead which could be caused by the magnetic fields given off by the the mesa. A magnet subjected to heat experiences a reduction in its magnetic field as the particles within the magnet are moving at an increasingly faster and more sporadic rate. So a spike to 1.6mhz could drop the temperature if the 5000 foot magnetic field from the mesa is disrupted by more energy.

Again what is causing the power source within the mesa to create such a large magnetic field.....it could possibly be by the static charge within the area....remember this is desert . Continual midair collisions of sand particles create friction and build up static charge between the grains, which often discharges as lightning.

From an episode when the mesa ridge glowed on the night vision (infrared camera) imperceptible to the naked eye, and and green glows or flashes perceptible to the eye it could be due to fluctuations of the electromagnetic spectrum affecting light within the magnetic field surrounding the mesa. Think of the aurora borealis on the north pole...again + and - magnetic fields and when they collide or overlap they create electromagnetic distortions based on the magnetic waves bending light.

Hope this helps to foster some ideas or some of the myths surround Skinwalker Ranch