Might be a radio collar. Or,a pet deer! We have an old woman that lives near our hunting lease and in the fall she pens up as many deer as she can and puts collars on them, hoping that if they get loose hunters won't shoot them! I have not seen one myself, but my buddy has. I'd have shot it! I don't mind it if an eccentric woman wants to fatten one up for me! It is illegal to do what she does but the Wardens won't do her anything without proof and the deer pen is deep into her property, so we'd be trespassing to get proof. I think the Wardens could really do something if they wanted to, but they don't want to hassle an old eccentric woman!