Lead isotope analyses have been performed on the two major Miocene mining districts of Romania, Baia Mare and Apuseni Mountains. These two districts have different non-overlapping ²⁰⁶Pb/²⁰⁴Pb isotopic signatures ranging from 18.752 to 18.876 and 18.497 to 18.740. In the Baia Mare district, epithermal deposits are overall homogeneous in their lead isotopic compositions and have values similar to the average of the calc-alkaline volcanic rocks. These results suggest a magmatic signature for the Pb (and possibly other metals) in the hydrothermal fluids. However, magmas in this district show isotopic evidence of crustal assimilation. In the southern Apuseni Mountains, the lead isotope compositions of sulfide minerals in porphyry copper deposits are clustered, confirming that Pb, and probably other metals, were derived principally from associated porphyry stocks. On the other hand, lead isotope data on sulfides in epithermal ore deposits are much more scattered, indicating a notable contribution of Pb from local country rocks. In the Apuseni Mountains, ’fertile’ volcanics are few and appear to come from a more primitive mantle-derived source. Most of the analysed volcanic rocks seem ’barren’. Differences in lead isotopic compositions between the Baia Mare district and the Apuseni Mountains are due to a different basement, and probably to variations in crustal assimilation superimposed on variations in the mantle source composition. In the Apuseni Mountains, Pb may be partly inherited from the previous Mesozoic magmatic–hydrothermal stage. From a geodynamic point of view, it seems that the nature and the source of volcanic rocks and their position related to the collision area of the Carpathian arc are not the only factors controlling the ’fertility’ of a volcanic district.