Conceptual Models of Epithermal Precious Metal Deposits

INTRODUCTION Epithermal silver-gold deposits form at low to moderate temperatures in near-surface environments. These deposits are found in all rock types, but historically, the most important deposits occur as veins in volcanic rocks (e.g., Creede, Colorado; Pachuca, Mexico) and as replacements in sedimentary sequences (e.g., Mercur, Utah; Carlin, Nevada). Increases in the open-market prices for silver and gold in the last few years have resulted in renewed interest in precious metals and the economic viability of large-tonnage low-grade deposits. These bulk-mineable deposits form as replacements in permeable horizons or as stockworks in the up- per parts of otherwise bonanza-type hydrothermal systems and newly recognized systems that erupted onto the surface as hot springs, fumaroles, or geysers. Large tonnage low-grade de- posits were an unconventional resource prior to price increases; however, now they constitute one of the main sources of precious metals in the United States and the importance is growing worldwide. This paper presents conceptual geologic- geochemical models of epithermal precious-metal deposits derived from studies of productive deposits throughout the world. Much of the data presented is not new. However, the interpretation of the data in terms of current concepts of hydrothermal processes is new. This paper deals with idealized and general ore-forming mechanisms, and no attempt is made either to explain the origin of the different chemistries of ore- forming fluids or to examine all of the variations in specific deposits due to local structural controls and host-rock compositions.