http://www.instructables.com/id/Simple-metal-detector/step1/Schematics/
Can I build this without the 555 IC?
While still keeping it VERY simple (component-wise).
I will not be using an air core, it will be more of a pointer - Iron oxide core.
You
CAN build it without the 555 IC.
In the same way, you
CAN have a car without an engine or a house without a roof.
As long as it never rains, and you only want to drive, downhill, you will be fine.
But if you want the circuit to work as intended, then it needs the 555 IC, to make it work. Without it, you will basically end up with a non-functioning paper weight.
The 555 IC is a highly versatile, low cost/simple timer/oscillator, which creates the functionality needed to make your metal detector work.