Hongfanchi magnetite deposit locates in Shancaoyu formation of Neoarchean Taishan group. Orebodies show as cellar and lens type. Its orebodies belong to iron-poor type. Average grade of TFe is 31.43%, average grade of mFe is 22.30% and the grade is stable in the mine. Nine orebodies are circled in this area. Among them, the scale of No.1 and No.2 are deposits with large scales, and the others are sporadic orebodies. The shape and structure of orebodies are simple comparatively and the thickness changed a little. The ore-forming materials come from the volcanic eruption undersea and the gentic types of mineral deposits belong to a volcanic sedimento-metamorphic type.