A fossil hydrothermal system on Barton Peninsula, King George Island, Antarctica, formed a series of lead-zinc- and pyrite + native sulphur-bearing epithermal quartz ± calcite veins, filling fault-related fractures in hydrothermally altered volcanic rocks of Eocene age. The lead-zinc veins occur within argillic hydrothermal alteration zones, whereas the pyrite + native sulphur veins are found within advanced argillic alteration zones. Fluid inclusion data indicate that the vein formation occurred at temperatures between about 125° and 370°C (sphalerite deposition formed at 123–211°C) from fluids with salinities of 0.5–4.6 wt.% eq. NaCl. Equilibrium thermodynamic interpretation of mineral assemblages indicates that the deposition of native sulphur in the upper and central portions of the hydrothermal system was a result of the mixing of condensates of ascending magmatic gases and meteoric water giving rise to fluids which had lower pH (<3.5) and higher fugacities of oxygen and sulphur than the lead-zinc-depositing fluids at depth. The δ34S values of sulphide minerals from the lead-zinc veins (δ34S = −4.6 to 0.7‰) are much higher than the values of pyrite and native sulphur from the pyrite + native sulphur veins (δ34S = −12.9 to −20.1‰). This indicates that the fluids depositing native sulphur had higher sulphate/H2S ratios under higher fo2 conditions. Sulphur isotope compositions indicate an igneous source of sulphur with a δ34SΣS value near 0‰, probably the Noel Hill Granodiorite. Measured and calculated δ18O and δD values of the epithermal fluids (δ18Owater = −6.0 to 2.7‰, δDwater = −87 to −75‰) indicate that local meteoric water played an important role for formation of lead-zinc and native sulphur-bearing quartz veins.