Interpretation methods for borehole TEM data are mainly for qualitative interpretation, and their development has been very slow in spite of the fact that the borehole TEM method is an effective method to explore deep orebodies. This paper presents a new quantitative interpretation method based on the equivalent vortex hypothesis. According to the relevant theory, the vectors of anomaly area can intersect at a point, and the anomaly center can be calculated by using the characteristic vector of each station. The method was tested by the interpretation of the model and field data, and the results show that the vector intersection method can be used to correctly locate the center of the blind orebody beside the borehole.