Here are large-scale Yanshanian volcanic rocks distributed in Fengning area. Based on a comprehensive analysis of aeromagnetic, geophysical and geochemical data, the authors have found that there exists a concealed eruption breccia pipe around Heshundian area. Accompanied by volcanic-intrusive activities, a series of annular fault structures were formed in the vicinity of or around the crater. These structures provided ore-forming channels and space for deep ore-bearing hydrothermal fluids in association with the superposition of the regional tectonic movement. Recent prospecting practice has found Ag, Pb and Zn polymetallic mineralizations in northern and eastern parts of the volcanic structure. These mineralizations are expected to form economic industrial ore bodies. Based on a comprehensive analysis of ore-forming geological conditions of this area, the authors hold that the exploration work is likely to achieve new breakthrough in southern and western parts of the volcanic structure.