The Limahe Ni–Cu sulfide deposit is hosted by a small mafic–ultramafic intrusion (800 × 200 × 300 m) that is temporally associated with the voluminous Permian flood basalts in SW China. The objective of this study is to better understand the origin of the deposit in the context of regional magmatism which is important for the ongoing mineral exploration in the region. The Limahe intrusion is a multiphase intrusion with an ultramafic unit at the base and a mafic unit at the top. The two rock units have intrusive contacts and exhibit similar mantle-normalized trace element patterns and Sr–Nd isotopic compositions but significantly different cumulus mineralogy and major element compositions. The similarities suggest that they are related to a common parental liquid, whereas the differences point to magma differentiation by olivine crystallization at depth. Sulfide mineralization is restricted to the ultramafic unit. The abundances of sulfides in the ultramafic unit generally increase towards the basal contacts with sedimentary footwall. The δ34S values of sulfide minerals from the Limahe deposit are elevated, ranging from +2.4 to +5.4‰. These values suggest the involvement of external S with elevated δ34S values. The mantle-normalized platinum-group element (PGE) patterns of bulk sulfide ores are similar to those of picrites associated with flood basalts in the region. The abundances of PGE in the sulfide ores, however, are significantly lower than that of sulfide liquid expected to segregate from undepleted picrite magma. Cr-spinel and olivine are present in the Limahe ultramafic rocks as well as in the picrites. Mantle-normalized trace element patterns of the Limahe intrusion generally resemble those of the picrites. However, negative Nb–Ta anomalies, common features of contamination with the lower or middle crust, are present in the intrusion but absent in the picrites. Sr–Nd isotopes suggest that the Limahe intrusion experienced higher degrees of contamination with the upper crust than did the picrites. The results of this study permit us to suggest that the parental magma of the Limahe intrusion was derived from picritic magma by olivine fractionation and contamination in a staging chamber at mid-crustal levels. Depletion of PGE in the sulfide ores in the Limahe intrusion is likely due to previous sulfide segregation of the parental magmas in the staging chamber. Sulfide mineralization in the Limahe intrusion is related to second-stage sulfide segregation after the fractionated magmas acquired external S from pyrite-bearing country rocks during magma ascent to the Limahe chamber. The abrupt change in mineralogical and chemical compositions between the ultramafic unit and the overlying unit suggests that at least two separate pulses of magma were involved in the development of the Limahe intrusion. We propose that the Limahe intrusion was once a wider part of a dynamic conduit that fed magma to the overlying subvolcanic dykes/sills or lavas. The ultramafic unit formed by the first, relatively more primitive magma, and the mafic unit formed by the second, relatively more fractionated magma. Immiscible sulfide droplets that segregated from the first magma settled down with olivine crystals to form the sulfide-bearing, olivine-rich rocks in the base of the intrusion. The overlying residual liquids were then pushed out of the chamber by the second magma. Critical factors for the formation of an economic Ni–Cu sulfide deposit in such a small intrusion include the dynamic petrologic processes involved and the availability of external sulfur. The Limahe deposit reminds us that small, multiphase, mafic–ultramafic intrusions in the region should not be overlooked for the potential of economic Ni–Cu sulfide deposits.
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