This paper focused on detailed field inspections and petrographic research work on the Zhijiadi Pb—Zn—Ag deposit, Lingqiu County, Northeastern Shanxi Province. The research work brought about a discovery of the conduit facies of ore-bearing crypto-explosive breccia pipe. It is mainly developed at the top of small stock of quartz porphyry—quartz porphyry breccias, and has great significance. The general shape of conduit facies is intensive vein-liked mineralization alteration with intervals developed in the bottom of the breccia pipe. The studies also showed that the formation mechanism of the Zhijiadi deposit ore-bearing breccia pipe is related to the magmatic hydrothermal release in the second boiling phase of magma intrusion.