crystals in high-temperature feeder zones range from −3.19 to 1.88 ‰ (±0.5 ‰), consistent with sublimation directly from a high-temperature magmatic vapor phase. Late pyrite crystals are distinctly more enriched in δ 34 S than early pyrite (δ 34 S = 0.05-4.77 ‰, ±0.5 ‰), as a consequence of deposition from a liquid phase at lower temperatures. It is unclear whether the late pyrite was deposited from a small volume of liquid condensate, or a larger volume of hydrothermal fluid. Both types of pyrite exhibit intracrystalline δ 34 S variation, with a range of up to 3.31 ‰ recorded in an early pyrite crystal and up to 4.48 ‰ in a late pyrite crystal. Variations in δ 34 S pyrite at El Indio did not correspond with changes in trace element geochemistry. The lack of correlation between trace elements and δ 34 S, as well as the abundance of microscale mineral inclusions and vugs in El Indio pyrite indicate that the trace element content of pyrite at El Indio is largely controlled by nanoscale, syndepositional mineral inclusions. Co and Ni were the only elements partitioned within the crystal structure of pyrite. Cu-rich oscillatory zones in early pyrite likely formed by nanoscale inclusions of Cu-rich sulfosalts or chalcopyrite, evidence of deposition from a fluid cyclically saturated in ore metals. This process may be restricted to polymetallic high-sulfidation-like deposits.