This paper presents the petrographical, mineralogical and geochemical characteristics of the Carlés Cu–Mo–Au ore deposit, located in the Rio Narcea Gold Belt (Cantabrian zone of the Iberian Massif). It is related to a small postkinematic calc-alkaline monzogranite, which intrudes as a cedar-tree laccolith into the upper siliciclastic Furada Formation (late Silurian age) and the Nieva carbonates (early Devonian age). The Carlés deposit consists mainly of a well-developed exoskarn. The exoskarn is mostly calcic skarn made up of early garnet and pyroxene, and later amphibole, magnetite and sulfides. The presence of magnesian skarn has been recorded on the north side of the intrusion (roof of granitoid). Magnesian skarn consists of olivine, which is partially replaced by diopside and phlogopite and spinel. Close to the igneous rock, skarns are overprinted by strong potassic alteration. The ore is related to the skarn retrogradation and post-skarn veining and faulting. The skarn-related ore consists of earlier, uneconomic magnetite and Fe–As sulfide assemblages and economic Cu–Au–Ag (Bi–Te) assemblages on the eastern and western sides of the contact aureole, and uneconomic Mo and subeconomic Fe–As–Cu–Au–Ag on the northern side of the contact. Later subeconomic Fe–As–Sb–(Zn–Sn–Cu–Au–Ag) assemblages crosscut the granitoid, skarn, marbles and mineral associations developed previously, and are related to younger episodes of fracturing and faulting. Fluid inclusions in the first hydrothermal stage consist of an aqueous solution with significant contents of CO2, which reach unmixing conditions as a result of a decrease in P–T conditions. This led to two types of solutions, aqueous solutions of moderate to high salinity and hydrocarbon solutions of low salinity. This unmixing phenomenon controlled the first stage of gold precipitation. During the late hydrothermal activity, primary low-salinity-aqueous-carbonic inclusions with contrasting densities are found. They homogenize into vapor, critical or liquid phase. Homogenization temperatures are practically the same in all inclusions, indicating a boiling phenomenon that could control a new precipitation of gold.