The Cu-Au deposit of Bor (Serbia) represents a continuum of mineralization styles, from porphyry-style ore occurring in quartz-magnetite-chalcopyrite veins and chalcopyrite disseminations to high-sulfidation epithermal Cu-Au ores in pyrite-chalcopyrite and anhydrite-sulfide veins. Decisive for the great economic importance of Bor is the presence of exceptionally rich high-sulfidation massive sulfide orebodies, composed of pyrite + covellite + chalcocite/digenite and minor anhydrite and enargite. They form irregular bodies measuring 0.5–10 million tons of ore grading up to 7% Cu, hosted by andesites and surrounded by intense argillic alteration. This study focuses on a small but rich underground orebody mined out recently, where limited drillcore is preserved for quantitative geochemical study. This paper documents the vein relationships within the deep porphyry-style orebody of Borska Reka, the transitional porphyry-epithermal veins, and the overlying and laterally surrounding epithermal massive sulfides of the Bor deposit. Geological observations indicate that the formation of massive sulfide orebodies concludes the ore formation. Mass balance calculations, recast into geologically realistic bulk fluid-rock reactions, confirm textural evidence that near-isovolumetric replacement of andesite host rocks is the dominant formation mechanism of massive sulfide orebodies at Bor, whereby all lithophile elements including Si are dissolved and only Ti stays relatively immobile. While net volume changes for individual mineralization styles within the massive sulfide orebody vary from − 16% volume loss to + 127% volume gain, overall volume change for the whole massive sulfide orebody was probably slightly negative. Brecciation is important only as means of creating channelways for reactive fluid that turns the andesite protolith into massive sulfide, whereas net breccia infill occurred only locally.