Seasonal variations of drainage waters and ochreous products of their discharge from the closed abandoned old gallery at the Grantcharitsa scheelite deposit (Bulgaria) were studied by field and laboratory methods for the period 2019–2023. The drainage is generated under anoxic conditions and is inherently diluted (EC = 100–202 µS/cm) with S (6–12 mg/L), Si (6–22 mg/L), Na (6–10 mg/L), Fe (0.2–3.3 mg/L), and W (0.19–3.5 µg/L), at a pH 4.4–6.5 and temperature 7–11.5 °C, with dissolved oxygen DO (2.1–7.7 mg/L). The concentrations of Fe and W and the pH of the water are variable and reach their maximum values during the dry (autumn) season. It was found that such parameters as pH, Eh, DO, Fe and W content change dramatically at a distance of up to 3 m from the water outlet; the values of pH, DO and Eh are sharply increased with a simultaneous nearly 5–6-times reduction in iron and tungsten content. The decrease in the contents of these elements is associated with the precipitation of ochreous material consisting of nanoscale ferrihydrite with an intermediate structural ordering between 2-line and 6-line ferrihydrite (major phase), hematite, goethite, quartz, montmorillonite and magnetite. The formation of ferrihydrite occurs as a result of abiotic and biotic processes with the participation of iron-oxidizing bacteria. Besides Fe2O3 (55.5–64.0 wt.%), the ochreous sediment contains SiO2 (12.0–16.4 wt.%), SO3 (1.3–2.4 wt.%), Al2O3 (3.1–6.8 wt.%) and WO3 (0.07–0.11 wt.%). It has been shown that drainage waters and ochreous sediments do not inherently have a negative impact on the environment. The environmental problem arises with intense snowmelt and heavy rainfall, as a result of which the accumulated sediments are washed away and carried in the form of suspensions into the water systems. It is suggested that by providing atmospheric oxygen access to the closed gallery (via local boreholes), it is possible to stop the generation of iron-enriched drainage.