By means of kerogen purification, the proton induced X-ray emission (PIXE) and instrumental neutron activation analysis (INAA), the authors have studied the organic/inorganic occurrence modes of the metallic elements of the Baiguoyuan silver-vanadium deposit hosted in black shale in Hubei Province, China. The result shows that Au, Hg and Ta have a strong tendency to occur organically, with more than 70% of these elements being associated organically. Se, Ga, Ag and Hf are partly associated with organic matter, with more than 20% of them occurring organically. Compared with the above elements, Zn, Cu, As and Sb are weakly associated organically, and tend to be enriched in kerogen. However, Mn, Th, U, V, Co, Cr, Al, Fe and Sc usually occur inorganically. Of the rare earth elements (REE), La, Ce, Tb, Dy, Yb and Lu have stronger ability to be associated with organic matter than Sm and Eu.