Source rocks for oil and gas are often associated with shales that are rich in pyrite and kerogen. Induced polarization is a suitable tool to characterize these formations. We develop a new experimental database of 43 laboratory experiments using mixtures of clay and pyrite under fully or partially water-saturated conditions. The liquid water saturation is in the range of 20%-100%, whereas the pyrite content is in the range of 0%-17%. Spectral-induced polarization measurements are performed in the frequency range of 0.1 Hz to 45 kHz at room temperature (approximately 25°C ± 1°C). The complex conductivity spectra are fitted with a Cole-Cole model, and the Cole-Cole parameters are determined using a stochastic procedure based on a Markov chain Monte Carlo sampler. The Cole-Cole parameters associated with low-frequency dispersion are then plotted as a function of the (water) saturation and pyrite content (volume fractions). Four predictions of the model are tested against the experimental data. We find that the model is able to explain the results, including (1) the chargeability depends on the pyrite content in a predictable way, (2) the (instantaneous) conductivity depends on the saturation according to Archie's law, (3) the Cole-Cole exponent does not depend on the saturation and pyrite content (except at very small pyrite content of <1 vol%), and (4) the relaxation time is inversely proportional to the instantaneous conductivity. We also develop a more advanced petrophysical model using a double Cole-Cole distribution, in which one distribution is associated with the clay minerals and the other is associated with the pyrite.