Boiling is a well-established mechanism for precious metal mineralization in low-sulfidation epithermal veins, and is considered a key process in the formation of high-grade bonanza zones in those systems. In contrast, the potential role of fluid boiling in the formation of epithermal gold-telluride veins associated with alkalic porphyries has rarely been discussed. The Guilaizhuang gold-telluride deposit, Shandong Province, China, is an ideal location to investigate the possible role of fluid boiling because the deposit comprises several distinct styles of orebodies, ranging from finely-disseminated gold mineralization hosted in carbonate rocks at depth, through to very high-grade mineralized breccia zones at shallower levels. Here, we examine the relationships between ore-forming fluids and mineralization styles in this deposit, based on paragenesis, vein textures and fluid inclusions. In the deeper carbonate-replacement style orebodies, we found no evidence of fluid boiling and, as such, alternative mechanisms such as fluid mixing or fluid-rock reactions were likely occurring. In contrast, the shallower, high-grade breccias show clear evidence of fluid boiling, which we infer contributed to the formation of exceptional bonanza zones. Our results thus indicate that fluid boiling can play a key role in precious metal mineralization in gold-telluride deposits, analogous to the low-sulfidation epithermal deposits. Furthermore, our results illuminate how contrasting mechanisms of gold mineralization in these deposits (i.e., boiling versus non-boiling) can give rise to the diversity and distribution of gold grades and reserves within an epithermal gold-telluride system.