The Shuiyindong gold deposit in the Huijiabao gold ore field is an ultra-high grade special case in Carlin-type gold deposits. Based on researches on ore field structure and ore deposit geology, combined with the results of CSAMT measurement, the authors propose a new metallogenic model which holds that Huijiabao anticline was a gas-liquid heat upheaval fold resulting from the upwelling gold-bearing overpressure fluid, that the fluid upwelling in the explosive form along the fracture zone and blind fault replaced the covering rock to form the high grade stratabound and fault-bound gold ore bodies, and that the karst unconformity structure between Middle Permian and Upper Permian served as the aggregation transshipment station, where there existed large-scale gold ore bodies too.