Abstract The Ordovician sediments that host the giant Bendigo saddle reef gold deposits consist of a 3 km-thick sequence of turbiditic sandstones and interbedded siltstones and mudstones. Sedimentological studies suggest the succession formed within a major deep marine channel–levee complex similar to those described from contemporary continental margin to basin plain settings outboard of major river systems (e.g. the Amazon, Mississippi and Congo). Black shales, which are commonly the immediate host rocks to the epigenetic gold reefs, are interpreted to be over-bank deposits or abandoned channel fills, developed adjacent to active channels which were sandstone-dominated and had an incised axial thalweg marked by the coarsest-grained sediments present. Organic carbon content of the black shales at Bendigo varies from 0.2 to 2 wt%, compared with the grey shales, siltstones and sandstones, which vary from 0.05 to 0.2 wt%. Trace elements fall into two main groups: (a) elements that have a linear relationship with aluminium, and are controlled by the detrital clay content (Sn, Ba, Rb, Li, Cs, Mn, Cr and Tl); and (b) elements that show relationships with both aluminium and organic carbon (V, U, Ni, Zn, Cu, Bi, Pb, Se, Ag and Au) and are controlled by both the clay and organic matter content in the carbonaceous shales. The elements in the second group are enriched in the black shale facies. The background gold content of the black shales in the drill holes distal from mineralization averages 8.9 ppb, compared with the sandstones with 1.5 ppb. Most of the gold in the shales is present in diagenetic pyrite and marcasite, which laser ablation inductively coupled mass spectrometer (LA-ICPMS) analyses indicate varies from 5 to 3850 ppb and averages 370 ppb Au. The geochemical data suggest that this syngenetic gold was most likely sourced by erosion of the hinterland, and transported attached to detrital clay particles or as colloidal gold, by a high-volume feeder river system. High Rb/K ratios in the shales support a highly weathered source typical of a giant river system. By analogy with modern systems, following transport into deep marine channel–levee complexes via continental margin canyons, gold and other redox sensitive trace elements were ultimately trapped by reduction, adsorption and complexation with organic matter in the sub-oxic to anoxic over-bank deposits. Oxidation of much of the organic matter during diagenesis released the gold and certain trace elements (Ni, Co, Se, Ag, Cu, Bi, Pb), which became incorporated into diagenetic pyrite. Enrichment of gold in diagenetic pyrite of the black shale facies of the Ordovician turbidites at Bendigo was the first stage in a two-stage process that produced the world-class quartz–gold saddle reef deposits. Supplementary material: Whole rock analyses for sedimentary rocks in drill holes NBD005 and NBD186, Kangaroo Flat Mine, Bendigo, are available at http://www.geolsoc.org.uk/SUP18732