The paper is a brief overview of the geological study of the Novye Peski deposit (South Karelia) from detection of the goldsulfarsenide manifestation to the stages of prospecting and evaluation. The results of trial operation of the pilot industrial quarry are analyzed. The features of the geological structure of the deposit are associated with the composite Ulyaleg structure of the Vedlozero-Segozero greenstone belt of the Fennoscandian Shield. This structure is an isolated remnant of the rocks of the greenstone belt, preserved among the older granite-gneisses and young granites that cut through them, in the eastern Hautavaara-Vedlozero band of the greenstone belt. The gold-bearing ore in the site is localized in amphibolites of the Shotozero strata of the Neoarchean. This article is the first to consider the Novye Peski gold ore site as a composite one, which, alongside gold as main mineral, can yield other useful minerals from overburden rock.