The Zhen’an-Xunyang Basin is a late Paleozoic rifted basin with a series of Au-Hg-Sb deposits that have been found, mostly along the Nanyangshan fault. Recently discovered large- and medium-sized gold deposits such as the Xiaohe and Wangzhuang deposits exhibit typical characteristics of Carlin-type gold deposits. Therefore, it is imperative to select a typical deposit for an in-depth study of its metallogenic mechanism to support future prospecting efforts targeting the Carlin-type gold deposits within the area. Based on detailed field investigation and microphotographic observation, four ore-forming stages are identified: I, low-sulfide quartz stage, characterized by euhedral, subhedral pyrite, and fine veins of quartz injected parallel to the strata; II, arsenopyrite–arsenian pyrite–quartz stage, the main mineralization stage characterized by strongly silicified zones of reticulated quartz, disseminated arsenopyrite, fine-grained pyrite; III, low-sulfide quartz stage, characterized by large quartz veins cutting through the ore body or fine veins of quartz; Ⅳ, carbonate–quartz stage, characterized by the appearance of a large number of calcite veins. In situ analysis of trace elements and S isotopes of typical metal sulfides was carried out. The results show significant variations in the trace element compositions of metal sulfides in different stages, among which the main mineralization stage differs notably from those of the Au- and As-low surrounding strata. In situ S isotope analysis reveals δ34S values ranging from 15.78‰ to 28.71‰ for stage I metal sulfides, 5.52‰ to 11.22‰ for stage II, and 0.3‰ to 5.25‰ for stage III, respectively, revealing a gradual decrease in S isotopic values from the pre-mineralization stage to post-mineralization stage, similar to those observed in the Xiaohe gold deposit. These features indicate a distinct injection of relatively low 34S hydrothermal fluids during the mineralization process. The element anomalies of the 1:50,000 stream sediment in the region revealed ore-forming element zonation changing in W→Au (W)→Hg, Sb (Au) anomalies from west to east, manifested by the discovery of tungsten, gold, and mercury–antimony deposits in the area. Moreover, conspicuous Cr-Ni-Ti-Co-Mo anomalies were observed on the western side of the Wangzhuang and Xiaohe gold deposits, indicating a potential concealed pluton related to these deposits. These lines of evidence point to a magmatic–hydrothermal origin for the Carlin-type gold deposits in this area. Furthermore, hydrothermal tungsten deposits, Carlin-type gold deposits, and low-temperature hydrothermal mercury–antimony deposits in this region are probably controlled by the same magma–hydrothermal system.