The Thabazimbi iron ore deposit comprises a series of stratabound orebodies, on average 18 - 25 m thick that are aligned along the faulted basal contact between the Penge Iron Formation and dolostones of the Malmani Subgroup, Transvaal Supergroup. Field geological relationships and petrographic observations suggest that the formation of high-grade iron ores took place after contact metamorphism related to the intrusion of the Bushveld Complex (2.06 Ga) but before the deposition of red beds of the Waterberg Group at ca 1.9 Ga. Hard, high-grade iron ores are predominantly composed of martite and microplaty hematite. Goethite is restricted to supergene-modified ores close to the Late Cretaceous - Early Cenozoic Old African land surface. At depth, the high-grade hematite ores interfinger with low-grade dolomite-hematite and calcite-hematite ores. Iron oxides (martite, microplaty hematite) present in these low-grade ores are texturally indistinguishable from those in the associated high-grade ores, ie ore formation is genetically associated with carbonate metasomatism. Microthermometric studies of fluid inclusions in sparitic carbonates and rare megaquartz reveal their hydrothermal origin. Two compositionally distinct aqueous fluids of shallow crustal origin are identified, namely a Ca-Na-rich high-salinity brine (26 wt per cent NaClequivalent, TH ~160C), and an aqueous Mg-K-bearing fluid of intermediate salinity (8.3 - 12.6 wt per cent NaClequivalent, TH~120 - 150C). The results confirm that high-grade hematite orebodies at the Thabazimbi deposit owe their origin to an event of extensive oxidative carbonate metasomatism (calcification), similar to that recognised at other important high-grade iron ore deposits in the world. Hydrothermal ore formation is both structurally and lithologically controlled. Size and quality of the orebodies was improved by Late Mesozoic-Cenozoic deep lateritic weathering as carbonate-hematite ores were enriched to friable high-grade ores, but this supergene modification is second in importance compared to the primary event of hydrothermal ore formation.