One of the largest silver-copper mineralization of the Mount Sigurdfjellet in Western Spitsbergen Island of the archipelago was discovered in 1990 by Russian geologists. The ore genesis is exclusively related to hydrothermal migration of ore substances from the enclosing sandstones and siltstones of the Devonian age. The subsequent study of the ore minerals, host rocks and basement rocks provided new insights on the geochemical characteristics of potential sources of metals and for new mineral occurrence - gold mineralization. The similarity of geochemical patterns of the Sigurd ore occurrence with that of the nearby upper Proterozoic marble may suggest that the latter is likely to be the source of ore substances and the second possible source related to the carbonate-containing streaks of the Low Devonian sediments. Ore-formation, probably due to repeated hydrothermal processes was completed in a period of tectonomagmatic activity in Jurassic-Cretaceous time.