Gold bearing metavolcanics of Gadag Gold Field (GGF) are represented by mafic (metabasalt, metabasaltic andesite), intermediate (metaandesite) and felsic (metadacite, metarhyolite) rocks. Mafic metavolcanic rocks are low-K Fe-rich tholeiites and were derived by partial melting of the upper mantle sources with high Fe/Mg ratios and low M values. Intermediate and felsic metavolcanics were formed by remelting of these tholeiites mainly in crustal regimes. Although a complete sequence of metavolcanic rocks from mafic to intermediate to felsic fractions occurs, these products were not the result of differentiation from a single magma, crustal contamination was involved in the formation of intermediate and felsic rocks. A clear gap in the chemical composition as well as index of differentiation among the mafic, intermediate and felsic fractions indicate that these metavolcanics constitute a typical bimodal character. It is suggested that these metavolcanics were emplaced in an active continental margin or a continental island arc setting. The petrogenetic processes of formation of Fe-rich tholeiites that evolved in an active continental margin or a continental island arc setting could have provided a favourable geochemical environment for gold mineralisation under the conditions of deformation and metamorphism.