Ammolite is the name gemologists and jewelers give to opalized Ammonite fossils that are most often found within the Black Bearpaw shale deposits of Southern Alberta, Canada.
The opalizing gives the fossils a "mother-of-pearl" sheen that gives them gemstone-like quality and makes them a popular pendant stone.
Opal is made up of tiny uniform spheres of transparent hard silica, which fit together in an orderly three dimensional frame, sitting in a "bath" of silica solution. Light passes through the transparent spheres in a direct line, but when it hits the 'bath' of silica, it is bent and deflected at different angles, thus producing a rainbow or "mother-of-pearl" effect. The name opal means "to see a change in colour."
Opalized Ammolite fossils simply form when the silica minerals replace the original shell of the Ammonite.
Since Ammolite is simply an Ammonite fossil it has the attributes that any other fossil would have...
such as past-life work, longevity and protection