Gold commonly occurs in pyrite (FeS2) as "invisible" or refractory gold, as is the case at the giant Lihir (i.e., Ladolam) hybrid alkali-type gold deposit in Papua New Guinea. The Lihir gold deposit is also unique as it the exemplar of a telescoped ore deposit, whereby volcanic sector collapse led to superimposition of shallow-level gold-rich epithermal mineralization upon preexisting, but genetically related, porphyry-style alteration. While this superimposition led to a giant 56 Moz gold resource, it also created complications with regards to ore processing, specifically with regards to the difficulties in mineral processing of the refractory gold-rich pyritic ore.We have analyzed trace element zonation and composition of pyrite grains, using LA-ICP-MS imaging coupled with NaOCl etching, from a subset of spatially and paragenetically constrained pyrite-bearing samples from the Lienetz orebody. Pyrite grains belong to either porphyry-or epithermal-stages, or are composite pyrite grains with a multi-stage history. Trace element zonation and metal contents are unique to pyrite from each paragenetic event, providing insights into the nature of the mineralizing fluids. Early generations of coarse-grained pyrites that formed under higher temperature porphyry-style conditions have low trace element contents compared to epithermal-stage pyrites, except for Co, Ni and Se. Later generations of oscillatory zoned pyrites that formed under lower temperature epithermal conditions are comparatively enriched in trace elements such as As, Mo, Ag, Sb, Au and Tl. The composite pyrites are relatively coarse-grained and display textural and geochemical evidence of modification (i.e., dissolution and re-precipitation). They are interpreted to be porphyry-stage pyrite grains that have been overgrown by rims of delicate banded epithermal-style pyrite enriched in gold, arsenic and other trace elements.The composite pyrite grains are volumetrically dominant in the deep-seated anhydrite zone at Lienetz. Because gold is concentrated only along the rims of these pyrite grains, they can be subjected to a shorter period of oxidation and leaching to liberate most of their gold. This is in contrast for areas dominated by high-grade epithermal-stage mineralization where pyrite grains are arsenic-and gold-rich throughout, and thus require longer oxidation and processing time.Understanding gold deportment in telescoped deposits is therefore essential for optimising mineral processing and can impact significantly on the economics of mining these complex, hybrid ore deposits.