The Jiamante Au deposit is one of the important deposits in the Axi ore cluster of the Western Tianshan, Xinjiang. The orebodies occurring mainly as quartz‐sulphide veins are hosted in Late Devonian volcanoclastic rocks and granitic porphyries, and structurally controlled by a group of NNW‐ and NNE‐ trending extensional faults and volcanic breccias. Primary metallic minerals are chalcopyrite, galena, pyrite, sphalerite, and native gold, with minor amounts of bismuthinite and bismuth. Nonmetallic minerals are dominated by quartz, sericite, chlorite, and calcite. Medium to low temperature hydrothermal alterations are well developed and characterized by silicification, beresitization, phyllic alteration, and chloritization. Two hydrothermal stages were identified: (a) the main‐ore quartz‐sulphide stage; and (b) the post‐ore quartz‐calcite stage. Microthermometric measurements indicate that the primary biphase liquid‐rich aqueous fluid inclusions within quartz of the main‐ore stage homogenize at temperatures (Th) of 176 to 251°C and have salinities of 2.1 to 7.4 wt% NaCleqv. A lower range of homogenization temperatures (169 to 212°C) and salinities (1.6 to 5.2 wt% NaCleqv) were obtained in calcite of the post‐ore stage. The fluid characteristics of moderate to low temperatures and salinities imply that the ore‐forming process occurred in an epithermal environment. In addition, there is a positive relationship between Th and salinities consistent with the fluid mixing trend. Together with H–O isotopic data (δDH2O = −118 to −97‰ and δ18OH2O = −5.5 to −1.6‰) and fluid characteristics, it is suggested that the ore‐forming fluids were a mixture of magmatic and meteoric waters. The δ13C values for CO2 in the hydrothermal fluids range from −3.2 to −2.7‰, and the sulphides have δ34S values of −5.2 to 2.9‰ with relatively uniform Pb isotopic compositions (206Pb/204Pb = 18.228 to 18.287, 207Pb/204Pb = 15.574 to 15.617, and 208Pb/204Pb = 38.151 to 38.251), indicating that the ore‐forming materials were magmatic sources that were derived directly from magmatic fluids and/or leached from volcanic‐subvolcanic rocks by hydrothermal fluids. Combined with the evidence from the mineralization and alteration, fluid inclusions, and C–H–O–S–Pb isotopes suggest that the Jiamante deposit is an intermediate‐sulphidation epithermal Au deposit. A combination of fluid mixing and fluid–rock interactions is inferred as the important factors causing ore deposition. According to the close spatial and temporal relationship between intermediate‐epithermal deposits and porphyry deposits, it is further suggested that porphyry‐type mineralization should have a good potential at the deep sites of the Jiamante deposit and its vicinity.