One of the largest in the archipelago silver-copper mineralisation at Mount Sigurdf′ellet in West Spitsbergen Island was found in 1990 by Russian geologists. Firstly genesis was caused exclusively with hydrothermal ore migration of a substance from the enclosing sandstone and siltstone of the Devonian age. But subsequent work on the ore and nearest rocks of the basement gave a new factual material on the geochemical characteristics of potential sources of metals and found new for this mineral occurrence - gold mineralization. Similarity of geochemical associations of Sigurd ore occurrence with nearby upper Proterozoic marble as the first likely source of ore substance and the second - caused by carbonate-containing streaks in Low Devonian sediments. Ore-formation, probably due to repeated hydrothermal processes and was completed in a period of tectono-magmatic activity in Jurassic-Cretaceous time.