Fe precipitates in a Cufcc matrix, prepared using the Bridgeman method and with an average composition of Cu97Fe3, displayed the coexistence of ferromagnetism ~FM!, spin glass-like ~SGL! behavior and antiferromagnetic ~AFM! correlations. The two former contributions may be attributed, respectively, to the segregation of FM, a-Febcc precipitates and to the few Fe spins distributed in the matrix. The annealing procedures increased the FM contribution and, as particle growth and phase segregation took place, the SGL behavior progressively disappeared. Results from high resolution transmission electron microscopy ~HRTEM!, x-ray photoelectron spectroscopy ~XPS!, and electron energy-loss spectroscopy ~EELS! suggest that the AFM correlations are due to the a-Fe particles that show a surface layer of a few nanometers in thickness, of either FeO and/or g-Fefcc . XPS and EELS measurements confirm the presence of FeO; however, the latter is only tentatively suggested by the HRTEM analysis of the particle/matrix interfaces.