The 329-Mt Brunswick No. 12 volcanogenic massive sulfide deposit (total resource of 163 Mt at 10.4% Zn, 4.2% Pb, 0.34% Cu, and 115 g/t Ag) is hosted within a Middle Ordovician bimodal volcanic and sedimentary sequence. Massive sulfides are for the most part syngenetic, and the bulk of the sulfide ore occurs as a Zn–Pb-rich banded sulfide facies that forms an intimate relationship with a laterally extensive Algoma-type iron formation and defines the Brunswick Horizon. Zone refining of stratiform sulfides is considered to have resulted in the development of a large replacement-style Cu-rich basal sulfide facies, which is generally confined between the banded sulfide facies and an underlying stringer sulfide zone. Complex polyphase deformation and associated lower- to upper-greenschist facies regional metamorphism is responsible for the present geometry of the deposit. Textural modification has resulted in a general increase in grain size through the development of pyrite and arsenopyrite porphyroblasts, which tend to overprint primary mineral assemblages. Despite the heterogeneous ductile deformation, primary features have locally been preserved, such as fine-grained colloform pyrite and base and precious metal zonation within the Main Zone. Base metal and trace element abundances in massive sulfides from the Brunswick No. 12 deposit indicate two distinct geochemical associations. The basal sulfide facies, characterized by a proximal high-temperature hydrothermal signature (Cu–Co–Bi–Se), contains generally low Au contents averaging 0.39 ppm (n = 34). Conversely, Au is enriched in the banded sulfide facies, averaging 1.1 ppm Au (n = 21), and is associated with an exhalative suite of elements (Zn–Pb–As–Sb–Ag–Sn). Finely laminated sulfide lenses hosted by iron formation at the north end of the Main Zone are further enriched in Au, averaging 1.7 ppm (n = 41) and ranging up to 8.2 ppm. Laser ablation inductively coupled plasma-mass spectrometry (ICP-MS) analyses of pyrite (n = 97) from the north end of the Main Zone average 2.6 ppm Au and range from the detection limit (0.015 ppm) to 21 ppm. Overall, these analyses reveal a distinct Au–Sb–As–Ag–Hg–Mn association within pyrite grains. Gold is strongly enriched in large pseudo-primary masses of pyrite that exhibit relict banding and fine-grained cores; smaller euhedral pyrite porphyroblasts, and euhedral rims of metamorphic origin surrounding the pyrite masses, contain much less Au, Sb, Ag, As, and Sn. Arsenopyrite, occurring chiefly as late porphyroblasts, contains less Au, averaging 1.0 ppm and ranging from the detection limit (0.027 ppm) to 6.9 ppm. Depth profiles for single-spot laser ablation ICP-MS analyses of pyrite and arsenopyrite display uniform values of Au and an absence of discrete microscopic inclusions of Au-bearing minerals, which is consistent with chemically bonded Au in the sulfide structure. The pervasive correlation of Au with Sn in the Zn–Pb-rich banded sulfide facies suggests similar hydrothermal behavior during the waxing stages of deposition on the seafloor. Under high temperature (>350oC) and moderate- to low-pH conditions, Au and Sn in hydrothermal fluids would be transported as chlorocomplexes. An abrupt decrease in temperature and aH2S, accompanied by an increase in fO2 and pH during mixing with seawater, would lead to the simultaneous destabilization of both Au and Sn chlorocomplexes. The enrichment of Au in fine-grained laminated sulfides on the periphery of the deposit, accompanied by sporadic occurrences of barite and Fe-poor sphalerite, supports lower hydrothermal fluid temperatures analogous to white smoker activity on the flanks of a large volcanogenic massive sulfide system. In lower temperature (<350oC) and mildly acidic hydrothermal fluids, Au would be transported by thiocomplexes, which exhibit multifunctional (retrograde–prograde) solubility and a capacity to mobilize Au to the outer parts of the sulfide mound. The sluggish nature of this low-temperature venting together with larger variations in ambient fO2 could lead to a sharp enrichment of Au towards the stratigraphic hanging wall of massive sulfide deposits.