The large Gacun silver–lead–zinc–copper deposit in Sichuan Province is one of the largest volcanogenic massive sulfide (VMS) deposits in China. The deposit consists of western and central ore bodies, which form a vein–stockwork mineralization system corresponding to hydrothermal channels, and eastern ore bodies, which form an exhalative chemical sedimentary system derived from a brine pool in a submarine basin. The Youre lead–zinc deposit, which is currently under exploration and lies adjacent to the southern part of the Gacun deposit, is characterized by intense silicification and vein–stockwork structures and consists of massive silicified rhyolitic volcanics, banded rhyolitic tuff, and phyllitic sericite tuff. From a comparison of their ore-bearing horizons, the Gacun and Youre deposits have a continuous and stable hanging wall (calcareous slate and overlying andesite) and foot wall (rhyolite–dacite breccia and agglomerate), and the lithologic sequence includes lower intermediate to felsic rocks and upper felsic rocks. Thus, the Youre deposit, which comprises relatively thinly layered low–grade ore, is regarded as forming a southward extension of the Gacun deposit. A further comparison of the structures of the ore-bearing belts between the two deposits suggests that the Youre ore bodies are similar to the western ore bodies of the Gacun deposit. Moreover, the characteristics of fluid inclusions and stable isotopes in the Youre deposit are also similar to those of the western ore bodies of the Gacun deposit. Genetic models of the deposits are proposed for the Gacun–Youre ore district, and massive concealed ore bodies may occcur in the Youre deposit at depths that are similar to those of the eastern ore bodies of the Gacun deposit.