The main event responsible for the deposition of tungsten at Panasqueira was closely associated with strong tourmalinization of the wall rocks. Tourmaline is coeval with a W-rich rutile (up to 8–10 wt % W), and both minerals record an early introduction of W in the system, just before the main W deposition. Uranium-Pb dating of the rutile by LA-ICP-MS yielded an age of 305.2 ± 5.7 Ma, which is 6 to 10 m.y. older than the K-Ar age of 296.3 ± 1.2 Ma obtained on muscovite, which was therefore not coeval with wolframite. Major and trace element concentration variations in tourmaline record fluid mixing between two end members, both considered to be of metamorphic derivation on the basis of rare earth element profiles. We report evidence for a fluid rich in Co, Cu, Pb, Sc, Sr, V, Cr, Nb, Ta, and Sn interpreted to be of local origin—e.g., well equilibrated with the host formations—and a fluid rich in Li, F, Fe, Mn, and W inferred to be of deep origin and related to biotite dehydration. The second fluid carried the metals (in particular Fe and Mn) that were necessary for wolframite deposition and that were not necessarily inherited from the wall rocks through fluid-rock interaction. Micrometer-scale variations in tourmaline and rutile crystal chemistry are indicative of pulsatory fluid input during tourmalinization.