Gold in the stibnite veins of Costerfield, Victoria, was described in 1922 1, prior to any mineragraphic examination, as (a) free yellow gold (b) free rusty gold and (c) combined gold. The free yellow gold occurs in quartz and will amalgamate with mercury. The free gold of dull, rusty or copper-red colour occurs in massive stibnite and has been stated to resist amalgamation with mercury. The dull colour is only skin deep and the colour is bright when the rusty gold is scratched. The appearance of the rusty gold is spongy or cellular and it generally occurs near small cavities in the stibnite. The suggestion that the cellular character indicated the removal of a certain amount of stibnite leaving a residue of se.condary gold cannot be sustained.It now appears probable that the rusty gold is formed by the primary dissociation of a gold antimonide and is distinct in origin from the normal yellow gold which is deposited with quartz or stibnite from auriferous mineral solutions.The combined gold referred to in the earlier paper was the gold contained in the stibnite as revealed by assay. Such gold was at first thought to be either dissolved in the stibnite or else present as free interstitial particles too minute for observation in transmitted light in thin sections.Subsequent examination of numerous polished,surfaces disclosed the small particles of gold occurring in the grain boundaries in aggregates of fine grained stibnite 2. The assumption that all the gold in the stibnite, as revealed by assay, occurred in this way is now known to be incorrect, because limited amounts of a gold antimonide have been found in the veins.