Located in Late Silurian-Early Devonian felsic volcanic rocks along the southern margin of Altay, the Abagong iron deposit occurs as lens, veins and stratoid bodies controlled by volcanic fault structures, with an obvious boundary between the iron body and the host rocks, unclear alteration in host rocks, high ore grade and coexisting apatite and magnetite in iron ore. These features suggest that the Abagong iron deposit is comparable with the Kiruna type iron deposit in northern