The formation of volatile-rich phases in magmatic sulfide systems has been interpreted at least in six different ways. The most popular model attributes their origin to secondary processes, mostly due to the presence of serpentine, chlorite, phlogopite, amphibole, and calcite. While chlorite and serpentine are likely to form as alteration products, the other volatile-rich minerals have the potential to originate in a range of ways, including by primary magmatic processes. Based on mineralogical and petrological studies, it was recently suggested that volatile- and incompatible element-rich halos around sulfide globules may form due to the interaction between three immiscible liquids: silicate, carbonate, and sulfide. This hypothesis was confirmed by experimental data revealing the systematic envelopment of sulfide globules by carbonate melt, indicating their mutual affinity. In this study, we present data on isotopic signatures and trace element distributions of three minerals commonly found in spatial association with sulfides—calcite, apatite, and zircon—to address the question of the source and nature of volatiles and other incompatible elements involved in the formation of the halos. Here we compare our new hypothesis with all the previously proposed explanations to show if they can be consistent with obtained results. Our findings indicate that both mantle and crustal sources play a role in the formation of volatile- and incompatible element-rich halos, strongly correlating with sulfur isotope data previously reported for the sulfide globules in the same intrusions. This correlation confirms the shared origin of sulfides, carbonate and fluids during ore-forming processes, ruling out the secondary origin of volatile-rich phases. The isotope and trace element signatures support the newly proposed hypothesis that volatile- and incompatible element-rich halos could have been formed due to the interaction of immiscible sulfide, carbonate, and silicate melts. The volatile-rich carbonate melt could be sourced from the mantle or it could be added from the crust. Regardless of the origin, carbonate melt and sulfide liquid both immiscible with mafic magma tend to stick to each other resulting in the formation of volatile- and incompatible element-rich halos commonly documented in magmatic sulfide deposits.