The data on the distribution of elements in the Pb–Zn cross-section of the Gatsirovskaya vein (the Upper Zgid deposit, North Ossetia, Russia) have shown that the spectra of rare-earth elements (REEs) changed significantly in the ore samples during the vein formation. The sharp growth of the LaN/YbN, LaN/NdN, GdN/HoN, and GdN/YbN ratios is confined to the vein intervals, where the maximum amount of ore components is deposited. The comparison of the REE spectra of ores to the characteristics of the spectra of the rocks surrounding the vein and the host rocks suggests that the vein material deposited from the solutions in which the REE ratio changed with time. REE fractionation occurred due to the mobilization of components by hydrothermal solutions during their interaction with the Paleozoic host granites.