The SYG (Sichuan–Yunnan–Guizhou) area is one of the most economically significant Mississippi Valley Type (MVT) ore provinces, providing approximately 27 % of the Pb–Zn resources in China. The Pb-Zn deposits in this region are renowned for their high grade, and the Maoping deposit with 20.3 % Pb-Zn grade is one prime example. However, the mechanism of such high-grade mineralization remains unclear, and pyrite may record valuable ore-forming information before and during Pb-Zn mineralization. Based on field geology and petrography, three hydrothermal stages were identified in the Maoping deposit: dolomite–pyrite vein (stage I), dolomite–sphalerite–galena vein (stage II), and calcite vein (stage III). Three types of pyrite are recognized: Py1 and Py2 occur in stage I, and Py3 is closely associated with sphalerite and galena in stage II. Py1 exhibits the highest concentrations of S, Pb, Sb, Cu, Co, Ni, V, Ag, Mn, Se, and Mo, and Py3 shows the highest Fe and As contents but the lowest levels of S, Pb, Sb, Cr, Ti, Co, Ni, Mn, and Mo. The element composition of Py2 shows transitional characteristics between those of Py1 and Py3. The Co and Ni contents gradually decrease from Py1 through Py2 to Py3, while their ratios remain within the range of 0.1–1.0. Compared with Py1 and Py2, Py3 exhibits suddenly elevated As levels and apparent acicular structures, indicating that a rapidly precipitating environment was likely triggered by an abrupt temperature decrease. Py1 exhibits δ34S values of 19.7–21.5 ‰, followed by Py2 between 18.6 and 21.1 ‰; both indicate that the sulfur was sourced from sulfates by thermochemical sulfate reduction (TSR). In contrast, Py3 exhibits lower δ34S values ranging from 7.5 to 11.0 ‰, potentially attributed to bacterial sulfate reduction (BSR). The differences in mineral structure, element composition, and sulfur isotopes among the three pyrite types indicate the involvement of two distinct fluids: metal-bearing basin brine and fluid containing reduced sulfur. The former was derived from basin brine that extracted ore metals (Pb2+ and Zn2+) from host sedimentary piles. The latter originated from carbonate strata in the Maoping area containing reduced sulfur formed by BSR. We propose that the ore-bearing basin brine reacted with organic matter in the wallrock through TSR to generate Py1 and Py2 in stage I and then mixed with the positioned fluid containing reduced sulfur via BSR to precipitate Py3, sphalerite, and galena in stage II. Hence, fluid mixing is the primary ore-forming mechanism and effectively accounts for the high-grade Pb–Zn ores in the Maoping deposit.
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