The Demingding Cu–Mo deposit, found in the eastern Gangdese metallogenic belt in China, has a significant exploration potential. Detailed field studies coupled with short-wavelength infrared (SWIR) spectroscopy and electron probe micro analyses (EPMA) identified a total of 15 alteration minerals such as white mica group minerals, chlorite, kandite, and smectite groups. The study also discovered the spatial distribution of alteration zone patterns, including phyllic, propylitic, and intermediate argillic alterations. Furthermore, variations were observed in the Al-OH absorption position (Pos2200) of the white mica group with variable Al-Si-Fe-Mg content. Most of the white micas in the ore zone were muscovitic series, whereas the barren zone contained phengitic series micas. Some micas have undergone a transition to illite due to low-temperature alteration overprinting. The western part of the deposit exhibited lower Pos2200, higher SWIR-IC, and higher Dep2200 values, implying an intense phyllic alteration and higher paleotemperatures. These characteristics suggest that the area is in close proximity to the hydrothermal center and fluid channel. Therefore, it was identified as an exploratory target for buried copper ore bodies. The SWIR spectra of the white mica group can be used for exploration in other similar porphyry deposits. Under acidic conditions, shorter Pos2200 and higher SWIR-IC can be used as indicators for hydrothermal or mineralization centers.