Geological and structural conditions of localization, hydrothermal metasomatic alteration, and mineralization of the Petropavlovskoe gold deposit (Novogodnenskoe ore field) situated in the northern part of the Lesser Ural volcanic–plutonic belt, which is a constituent of the Middle Paleozoic island-arc system of the Polar Urals, are discussed. The porphyritic diorite bodies pertaining to the late phase of the intrusive Sob Complex play an ore-controlling role. The large-volume orebodies are related to the upper parts of these intrusions. Two types of stringer–disseminated ores have been revealed: (1) predominant gold-sulfide and (2) superimposed low-sulfide–gold–quartz ore markedly enriched in Au. Taken together, they make up complicated flattened isometric orebodies transitory to linear stockworks. The gold potential of the deposit is controlled by pyrite–(chlorite)–albite metasomatic rock of the main productive stage, which mainly develops in a volcanic–sedimentary sequence especially close to the contacts with porphyritic diorite. The relationships between intrusive and subvolcanic bodies and dating of individual zircon crystals corroborate a multistage evolution of the ore field, which predetermines its complex hydrothermal history. Magmatic activity of mature island-arc plagiogranite of the Sob Complex and monzonite of the Kongor Complex initiated development of skarn and beresite alterations accompanied by crystallization of hydrothermal sulfides. In the Early Devonian, due to emplacement of the Sob Complex at a depth of approximately 2 km, skarn magnetite ore with subordinate sulfides was formed. At the onset of the Middle Devonian, the large-volume gold porphyry Au–Ag–Te–W ± Mo,Cu stockworks related to quartz diorite porphyry—the final phase of the Sob Complex— were formed. In the Late Devonian, a part of sulfide mineralization was redistributed with the formation of linear low-sulfide quartz vein zones. Isotopic geochemical study has shown that the ore is deposited from reduced, substantially magmatic fluid, which is characterized by close to mantle values δ34S = 0 ± 1‰, δ13C =–6 to–7‰, and δ18O = +5‰ as the temperature decreases from 420–300°C (gold–sulfide ore) to 250–130°C (gold–(sulfide)–quartz ore) and pressure decreases from 0.8 to 0.3 kbar. According to the data of microanalysis (EPMA and LA-ICP-MS), the main trace elements in pyrite of gold orebodies are represented by Co (up to 2.52 wt %), As (up to 0.70 wt %), and Ni (up to 0.38 wt %); Te, Se, Ag, Au, Bi, Sb, and Sn also occur. Pyrite of the early assemblages is characterized by high Co, Te, Au, and Bi contents, whereas the late pyrite is distinguished by elevated concentrations of As (up to 0.7 wt %), Ni (up to 0.38 wt %), Se (223 ppm), Ag (up to 111 ppm), and Sn (4.4 ppm). The minimal Au content in pyrite of the late quartz–carbonate assemblage is up to 1.7 ppm and geometric average is 0.3 ppm. The significant correlation between Au and As (furthermore, negative–0.6) in pyrite from ore of the Petropavlovskoe deposit is recorded only for the gold–sulfide assemblage, whereas it is not established for other assemblages. Pyrite with higher As concentration (up to 0.7 wt %) is distinguished only for the Au–Te mineral assemblage. Taking into account structural–morphological and mineralogical–geochemical features, the ore–magmatic system of the Petropavlovskoe deposit is referred to as gold porphyry style. Among the main criteria of such typification are the spatial association of orebodies with bodies of subvolcanic porphyry-like intrusive phases at the roof of large multiphase pluton; the stockwork-like morphology of gold orebodies; 3D character of ore–alteration zoning and distribution of ore components; geochemical association of gold with Ag, W, Mo, Cu, As, Te, and Bi; and predominant finely dispersed submicroscopic gold in ore.