Sipingshan gold deposit is gold-bearing sillcalite in type． There only exist a few kinds of sulfide in the ore and it is lower in content． The gold degree is lower． Au is closely related to the Ag，Cu，Pb，As and Hg elements． The upper sillcalite has Eu and Ce negative anomaly，and the lower sillcalite has Eu positive anomaly． however，the hot spring cemented breccia and rhyolite porphyry have Eu negative anomaly; the S isotope component has deep-seated magmatic sulfur and terrestrial sulfate characteristic; and the Pb isotope has the character of the mixture origin of crust and mantle that is mainly dominated by Pb in the orogenic belt． The oreforming fluid temperature is 180℃-244℃，characterized by magmatic hydrothermal and meteoric water; and the ore-forming age is 87 Ma． The deposit was formed by the metallogenic fluid in the tectonic fault zone overflowing near the earth’s surface and leading to the metallogenic function and the metallogenic substance deposition．