Silver is probably the closest isotopic proxy to track monoisotopic gold and has been shown to have great potential to yield new information on the origin and enrichment processes of gold. This study describes the development of a tailored analytical protocol for accurate analysis of Ag isotopes and provides the first Ag isotope data for the Paleoproterozoic Rajapalot Au-Co deposit, Finnish Lapland. Six native Au samples yield ε109Ag values (relative to NIST SRM 978a) from −6.8 to +2.1 and are within the range of Ag isotopic compositions reported for native Au samples. The mean of the analyzed Au samples is ε109Ag = −3.8 ± 1.7 (2SD) with most of the samples with negative ε109Ag values (−6.7 to −2.0); one sample has a positive ε109Ag value of +2.1 ± 0.5. Silver isotope fractionation in the Rajapalot Au deposit was likely associated with physicochemical processes related to deposition and/or re-mobilization of the ore rather than with source region inheritance. It is suggested that redox reactions involving Ag+ ↔ Ag0 phase change primarily account for the isotopic differences within the deposit. Our results also suggest that the Rajapalot Au-Co deposit was formed via multistage ore-forming processes and/or that the primary ore was re-mobilized, which caused isotope fractionation along fluid pathways. Silver isotope variation within a deposit may mark a fractional crystallization trend with the lightest isotopic composition representing the earliest precipitate. Hence, Ag isotopes show potential as an isotopic vectoring tool in search of Au-enriched domains.