The Haopinggou deposit in the Xiong’ershan district, southern margin of the North China Craton, comprises numerous Au and Ag–Pb–Zn veins hosted in metamorphic rocks of the Late Archean to early Paleoproterozoic Taihua Group. Two stages of mineralization have been recognized: Stage 1 pyrite–quartz veins and Stage 2 Pb–Zn-sulfide veins. Some pyrite–quartz veins are surrounded or cut by Pb–Zn-sulfide veins, others occur as independent veins. Six generations of pyrite have been identified at Haopinggou: Py1 to Py3 in Stage 1 and Py4 to Py6 in Stage 2. Pyrites from Stage 1 are enriched in Au, As, Co, Ni, and Bi, whereas Stage 2 pyrites contain higher Ag, Pb, Zn, Sn, and Sb. Invisible Au mostly occurs as lattice-bound gold in Py2 (up to 92 ppm Au) and Py3 (up to 127 ppm Au) and has a close relationship with As. Native Au grains are also present in Py3 and likely resulted from mobilization and reprecipitation of the invisible Au previously locked in the precursor pyrite. This view is supported by extensive plastic deformation in Stage 1 pyrite as revealed by electron backscatter diffraction analysis. In Stage 2, Ag is mostly present as lattice-bound silver closely associated with Sb in galena (up to 798 ppm Ag). A variety of silver minerals are also present as inclusions within galena or as interstitial grains. These silver minerals were likely formed via Ag–Cu exchange reaction between tetrahedrite and galena or represent exsolution from galena due to a temperature decrease. Pb isotopic compositions differ remarkably between Stage 1 and Stage 2 sulfides, indicating different sources of lead. Pb in Stage 2 Pb–Zn-sulfide veins is consistent with the Haopinggou porphyry close to the veins. The field, textural, compositional, and lead isotopic data led us to conclude that the early gold-bearing pyrite–quartz veins and late silver-bearing Pb–Zn-sulfide veins likely formed from distinct fluid systems related to discrete mineralization events. Our study suggests that Au and Ag–Pb–Zn veins hosted in the same metamorphic terrains may not be genetically related to each other.