Metamorphosed black shale formations 120 150 m thick with median concentrations of 7% non-carbonate carbon and 6 8% sulphur are abundantly met in drill cores in the Kainuu and Outokumpu areas. Carbon isotope c~t3C values are comparable to the average isotopic composition of non-carbonate carbon in sedimentary rocks. The rare earth element patterns show cerium depletion, indicating a marine origin. Base metal concentrations in black shales are high in the Talvivaara mineralization (ore estimate: 300 Mt with 0.26% Ni, 0.14% Cu and 0.53% Zn) and in the vicinity of ophiolite complexes. In the Kainuu schist belt, the median value for gold is 35 ppb (max 170 ppb) in the western part and 16 ppb (max 180 ppb) in the east. Highest platinum and palladium concentrations encountered are 60-70 ppb. It is shown that in the Kainuu black shales, concentrations of sulphur, base metals and precious metals have been increased by hydrothermal processes, as indicated by positive europium anomalies, elevated mercury concentrations (max 7.5 ppm), high sulphur isotope 634S values and the enrichment of sulphur and base metals relative to carbon. The processes operative during the deposition of these shales find an analogy in recent processes in ocean ridge spreading axes.Black shales were originally argillaceous sediments containing organic matter. Their chemical composition has therefore been affected by numerous factors, including physicochemical conditions, prevailing organisms, the chemical composition of the water during deposition and the composition of detrital material. The hydrothermal activity leaves fingerprints in the mineralogy and geochemistry of sediments depositing near the vents (e.g. McMurray 1990). Hydrothermal fluids may also add metals to a black shale sediment later, during diagenesis, as indicated by studies on the Kupferschiefer (Jowett etal. 1987; Piittmann and Gobel 1990). In addition, metamorphic and tectonic remobilization may affect the chemical composition of shale.In a preliminary study (Ruskeeniemi etal. 1986;Ruskeeniemi 1988, the chemical characteristics of metamorphosed black shales were studied in 16 localities in the Proterozoic of Finland, to discover whether hydrothermal activity is reflected in their chemical composition, and, if so, whether the element ratios could be used in ore exploration. The promising nature of the results encouraged us to begin a detailed study in eastern Finland, where the Outokumpu Cu-Co-Zn-Au ore deposits and the Talvivaara Ni-Cu-Zn mineralization are located. The present publication reports on this work and represents a progress report on the total research, which will continue up until 1992.In the following, metamorphosed black shale is referred to as black schist.