Abstract <p>The Southern Ashaly deposit is located in the south-east of the Akzhal-Boko-Ashaly gold-ore district of the West Kalba gold belt. As a result of geostructural studies, four stages of formation and activation of the fault network of the Daubay–Ashaly ore field, characterized by different orientations of the axes of the main normal stresses, have been substantiated. Ores of the early gold–sulfide and late gold-low-sulfide–quartz types are distinguished at the deposit. Based on the results of studying fluid inclusions in quartz from a late type of ores, homogenization temperatures (338–147°C) have been established. The composition of the fluids is dominated by NaCl and KCl; CO₂, N₂, and CH₄ are present in the gas phase. The sulfur isotope composition of pyrite-I (δ³⁴S = –7‰) corresponds to a sedimentary source, and that of pyrite-II and arsenopyrite-I (δ³⁴S = 1.6–4.3‰) corresponds to a deep source. The obtained U–Pb (LA-ICP-MS) isotope ages of zircon from the albitophyre–syenite-porphyry and granodiorite-porphyry 309.1 ± 2.1 and 305.8 ± 2.2 Ma, respectively. The Ar/Ar age of sericite from gold-low-sulfide-quartz ores is 279.8 ± 4.3 and 279.6 ± 1.9 Ma. A structural-compositional model of the ore formation is proposed, which includes six stages: I—sedimentation and early diagenesis; II—late diagenesis and/or metamorphism, associated with the gold-sulfide ores; III—effusive magmatism; IV—intrusive magmatism; V—hydrothermal-I, associated with gold-low-sulfide-quartz type ores; and VI—post-ore hydrothermal-II stage.</p>