Mineralization characterized by Au, Hg, and Tl enrichment is rare, and research on Au, Hg, and Tl mineralization is limited. The Lanmuchang Au–Hg–Tl deposit is located in the “Golden Triangle” of Yunnan, Guizhou, and Guangxi Provinces in China. In this study, we used scanning electron microscopy (SEM), electron microprobe analysis (EPMA), and a Tescan integrated mineral analyzer (TIMA) to analyze the mineral composition and distribution of the different types of ores and identify the occurrence state and enrichment mechanism of ore-forming elements in the Lanmuchang deposit. The results show that the primary ore minerals in the Lanmuchang deposit are pyrite, cinnabar, and lorandite. Cinnabar is the primary carrier of Hg (>90%), and pyrite is the primary carrier of Tl (>60%). Gold, Hg, and Tl primarily occur as solid solutions in hydrothermal pyrite, whereas they primarily occur as nano-scale particles in diagenetic pyrite. The substitution of As for S in hydrothermal pyrite promotes Au enrichment. The coupled substitution of 2Fe2+ ⇔ Tl+ + As3+ may be a significant Tl incorporation mechanism and promotes the occurrence of Hg in pyrite. The As and Se contents and Cu/Au and Co/Ni ratios of the hydrothermal pyrite demonstrate that the ore-forming fluid was mostly in a low-temperature, low-salinity, almost-neutral pH, and nearly reducing environment. The results show that the mineralization of the Lanmuchang deposit is associated with the cooling, oxidation, water–rock interaction, and boiling processes of the ore-forming fluid(s).
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