The Kapelka Ag-Au prospect is located in the Western Chukchi Peninsula, Russia. The mineralization is hosted by Upper Cretaceous volcanic rocks of the Okhotsk-Chukchi Volcanic Belt (OChVB). Wallrock alteration and ore bodies are associated with NE and NNE trending faults. The LS and base metal types of mineralization are predominant at the Kapelka prospect. Ore bodies occur as stockwork and veinlet systems. Major alteration types are propylitic, argillic and secondary quartzite. High grades of main components were determined in ore samples: 1.5% Ag, 12% Pb, 2.2% Cu, 0.8% Zn and 27 ppm Au; gold silver ratio is from 1:100 to 1:3500. The anomalous geochemical field is widespread. The composition of secondary halos is corresponding to the one of primary ore. Propylites are composed of epidote, chlorite, K-feldspar, quartz. The main minerals of argillic rocks are tosudite, montmorillonite, dickite and quartz. Propylitic and argillic rocks were formed at the temperature of 330-365 and 110-300°C respectively (the Cathelineau thermometer [1]). Gangue minerals include quartz, adularia, sericite and others. Ore minerals are pyrite, arsenopyrite, galena, sphalerite, chalcopyrite, bornite, electrum, polybasite-pearceite, acanthite and tetrahedrite-tennantite. Native silver, acanthite, anilite, brochantite, anglesite, cerussite, malachite, azurite and wulfenite represent supergeneous assemblage. Homogenization temperatures of fluid inclusions vary from 167 to 353°C, salinity is within the range of 0.2-1.4 wt. % NaCl equiv. Pressure estimated for fluid boiling at the temperature of 353ºC is 16MPa corresponding to the ore formation depth of 0.6 km. According to geology, wallrock alteration and composition of geochemical anomalies, the closest analogue of Kapelka is the Zhilny prospect nearby the large Au-Ag epithermal Valunistoye deposit, the Eastern Chukchi Peninsula. Future exploration will clarify the parameters of the ore bodies and economic prospects of Kapelka. [ABSTRACT FROM AUTHOR]