The petrogenesis of extremely fractionated igneous rocks is closely linked to the evolution of the continental crust and the formation of rare metal mineralization. Extremely fractionated magmas evolve via fractional crystallization, hydrothermal evolution, and volatile-rich fluid–melt interaction, but the specific effects of these magmatic and magmatic–hydrothermal processes remain unclear. To understand the mechanisms by which extremely fractionated granitic magmas evolve, we characterized the geochemical and Fe isotope signatures of a suite of granites and pegmatites from the Baishitouquan (BST) granitic pluton in northwest China. The BST granitic system evolved from a high SiO2 and volatile-poor system to a low SiO2 and volatile-rich system as it transitioned from an evolutionary stage dominated by magmatic processes to one dominated by magmatic–hydrothermal processes. This transition is supported by changes in the degree of melt polymerization (NBO/T) and other geochemical indicators of fluid activity (e.g., TE1,3 (REE tetrad effect), Zr/Hf, Nb/Ta, and F/Cl ratios), suggesting that extremely fractionated granites form as a result of a combination of fractional crystallization and volatile-rich fluid–melt interactions. The bulk-rock samples of the BST pluton exhibit significant Fe isotope variability, with δ56Fe values ranging from 0.40 ± 0.02‰ in the least evolved leucogranite (Zone-a) to 0.65 ± 0.02‰ in the most evolved topaz albite granite (Zone-e). Notably, the increase in bulk-rock δ56Fe values during magma evolution is accompanied by a decrease in SiO2 contents, which is opposite to the general trend during granitic magma evolution. Given the correlations between δ56Fe values and indicators of magmatic differentiation (e.g., Fe2O3T, Rb, (Na + K)/(Mg + Ca), and (La/Lu)N), the variability in bulk-rock Fe isotope composition of granites is likely due to changes in magma composition, with garnet removal being the most likely mechanism fractionating Fe isotopes. Rhyolite-MELTS modeling, coupled with geochemical and petrographic characterization, indicate that the high concentrations of F and H2O in felsic magmas likely play critical roles in structurally modifying granitic melts by dramatically reducing their viscosity and enhancing fluid flow. The distinct geochemical–isotopic features of granites can, therefore, be used as tracers for identifying magmatic–hydrothermal processes and, potentially, rare metal mineralization.
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