Abstract: To elucidate the mineralization process of the No. 3 orebody in the III intrusion of the Jinchuan deposit and to refine the Jinchuan metallogenic model, we conducted EPMA of ore minerals together with whole-rock major–trace element and Ni–Cu–PGE analyses. Olivine from the fine-grained and pegmatitic lherzolite hosting the No. 3 orebody shows Fo values of 82.4–85.0 and Ni contents of 1069×10^-6–2420×10^-6. Both Fo and olivine Ni increase progressively from the northwest to the southeast. Major-element variations suggest that the No. 3 orebody experienced dominantly olivine- and pyroxene-controlled fractional crystallization. The ore-bearing rocks are slightly enriched in light rare earth elements (LREE), markedly enriched in large-ion lithophile elements (LILE), and depleted in high-field-strength elements (HFSE). The total PGE abundances of the No. 3 orebody are comparable to those of the No. 24 orebody, but are significantly higher than those of the No. 1 and No. 2 orebodies. Importantly, the southeastern segment of the No. 3 orebody remains relatively more mafic and therefore retains greater mineralization potential. These observations support a metallogenic model in which the Jinchuan deposit formed through “mantle-derived magma, sulfide segregation, and multi-center emplacement of mineralized magma.” The No. 3 and No. 24 orebodies were supplied by the same magma conduit, whereas the No. 1 and No. 2 orebodies were fed by separate conduits.