One medium sized gold and copper deposit and one medium sized polymetallic deposit have been discovered in Qibaoshan area in Wulian county. It is a terrestrial volcanic hydrothermal deposits. In recent years, a series of exploration work have been completed, and new prospecting achievements have been achieved. The gold, copper and polymetallic deposits are closely related to subvolcanic complex rock activity in Qibaoshan area. Subvolcanic intrusive rocks will cause high magnetic anomalies, while gold, chalcopyrite, galena and sphalerite will cause controlled source audio magnetotelluric (CSAMT) low resistance anomalies. It is found that anomalous characteristics of Qibaoshan gold and copper deposit are low magnetic and CSAMT low resistance. Combining with previous short infrared spectrum alteration measurements, it is determined that Qibaoshan area is the hydrothermal center. It will provide comprehensive exploration information for discovering gold, copper and polymetallic ore bodies in the deep surrounding areas of gold and copper deposit.