The Fancha lode gold deposit is hosted in the Neoarchean Taihua Group metamorphic rocks in the Xiaoqinling gold field, on the southern margin of the North China Craton. Pyrite, as the predominant sulphide mineral and Au‐hosting mineral, was investigated using a combination of ore microscopy and in‐situ laser ablation inductively coupled plasma mass spectrometry (LA‐ICP‐MS). Three types of pyrite were identified during the ore‐forming process, that is, the coarse euhedral grains in milky quartz veins (Py1), the fine to medium, euhedral to subhedral grains in light grey quartz (Py2), and the fine grains intergrown with abundant sulphide minerals in light grey quartz (Py3). The trace elements exhibit systematic different concentrations among three types of pyrite, implying different crystallization processes. The Py1 grains have the lowest concentrations of Au and other accompanying elements such as Ag, Te, Bi, Cu, Pb, and Zn, and the trace elements of pyrite in wall rock are similar to those of Py1. The Py2 and Py3 grains show consistently high contents of Au, Ag, Te, Bi, Cu, Pb, and Zn. The uneven distribution of gold and positive correlation between Au, Ag, Te, and Bi within Py2 and Py3 grains, indicating that gold mainly occurs as submicroscopic inclusions of Au–Ag–Te–Bi assemblages in the pyrite. This interpretation is supported by the microscopic observation that large quantities of telluride and Bi‐sulfosalt minerals contact directly with gold. Observed Te–Bi minerals include petzite, sylvanite, hessite, calaverite, rucklidgeite, altaite, volynskite, tellurobismuthite, buckhornite, tetradymite, krupkaite, and bismuthinite, and native bismuth is also found. Bi (Te) melts, as an excellent gold scavenger, have played a certain role in governing gold distribution patterns and leading to high concentrations during the mineralization process in the Fancha gold deposit. The Te–Bi mineral assemblages also reveal that the gold was precipitated under variable redox conditions with log fTe2 ranged from <−11.0 to −6.4, and log fS2 ranged from <−11.8 to −8.6 at 300°C, vertically upward from the deep fluid source. Combined with available geochronological and geochemical data, enrichment of Te and Bi indicates that the ore‐forming fluids and metals might be stemed from a mantle‐derived magmatic system.