Copper mineralization in the Magadan region (North-East of Russia) has been established in quartz-chloritoid and chlorite shales of the middle and upper Riphean of the Prikolymsky terrane. Compared to the upper crust, copper shales of the Oroek deposit are noticeably enriched in a narrow range of trace elements: Cu, Ag, Au, Rh, and Se, with enrichment factors ranging from 10-fold (Se, Rh) to 100-fold (Ag, Au) and even 1000-fold (Cu) suggesting, apparently, their synchronous involvement in ore formation. In addition, the studied samples are slightly enriched in Cd, Li, Co, Zn, V, U, Sc, Y, and REE. Copper shales show relatively flat rare earth element (REE) patterns similar to the chondrite-normalized pattern having no distinct positive or negative Eu anomalies and dominated by light lanthanides. The Ce/Ce* and Eu/Eu* values indicate that ore formation proceeded under oxidizing conditions. The obtained geochemical data show that the Riphean host rocks could serve as a source of trace elements and REE ore-forming fluids. In the ores, covellin and chalcocite are the main copper minerals; less common are roxbyite, idaite, nukundamite, spioncopite, chalcopyrite, silver-bearing (Ag about 1 wt. %) bornite and yarrovite, as well as native gold. Fluid inclusions in quartz suggest that copper mineralization was formed at temperatures of 212–190 °C and a pressure of 1 kbar, from hydrothermal solutions of medium salinity (from 13.8 to 12.4 wt. % eq. NaCl) and high density (0.95–0.98 g/cm3) saturated with chlorides of Ca, Mg, and K. The copper shales of the Prikolymsky terrane differ from sedimentary copper and copper shales of the African Belt by low Co and Ni contents and from the Kupfershifer by low concentrations of Pb and Zn. The obtained results can be used for prognosticating new deposits.