To evaluate the importance of variations in the neutron energy distribution in borehole activation analysis, capture gamma-ray measurements were made in relatively dry, low-porosity gabbro of the Duluth Complex. Although sections of over a meter of solid rock were encountered in the borehole, there was significant fracturing with interstitial water leading to a substantial variation of water with depth in the borehole. The linear-correlation coefficients calculated for the peak intensities of several elements compared to the chemical core analyses were generally poor throughout the depth investigated. The data suggest and arguments are given which indicate that the variation of the thermal-to-intermediate-to-fast neutron flux density as a function of borehole depth is a serious source of error and is a major cause of the changes observed in the capture gamma-ray peak intensities. These variations in neutron energy may also cause a shift in the observed capture gamma-ray energy.