The authors report the results of the detailed study of the geological, mineralogical, geochemical and metallogenic characteristics of the 2.45 Ga Luupeansuo gold occurrence located in the Kostomuksha Ore Province. Geological, physico-chemical and mineralogical studies of the gold occurrence have led the authors to conclude that the gold mineralization was dominantly controlled by structural, lithostratigraphic, magmatic and metasomatic factors. The predicted Au resources of the occurrence, traced to a depth of 500 m, are estimated at 125 t, the average Au content being up to 3 g/t and the average thickness of the ore bodies being up to 5 m.