In this study, we have used visible near infrared (VNIR) and shortwave infrared (SWIR) spectral bands of the Operational Land Imager (OLI) sensor of Landsat 8 satellite to delineate promising areas for iron exploration in the parts of Madhya Pradesh, India. OLI bands resampled laboratory reflectance spectra of Banded Iron Formation (BIF) were used as the reference to identify OLI spectral bands suitable in recording spectral features of Iron bearing minerals. Subsequently, BIFs were delineated in the principal component (PC) image prepared using those PC bands; which had opposite Eigen vector loading for the spectral bands; which recorded absorption minima and shoulder of the spectral feature of iron. Within the BIF, iron enriched zones were identified by integrating constrained energy minimization (CEM) maps of BIF, hematite and limonite-goethite. Integrated CEM map delineating iron enrichment zones was validated in the field based on measured Fe values of samples using X-ray Fluorescence Instrument.