As one of the Himalayan sediments-hosted base metal deposits in Sanjiang region, the newly-found Chaqupacha Pb-Zn deposit is less known. This paper deals with its history, current status and next targets of exploration. Mineralization anomalies were found in the ore deposit on the basis of 1∶200 000 and 1∶50 000 geochemical investigations in the period of 2002～2004. Subsequently, the ore bodies were delineated through 1∶10 000 investigations by means of geology, geochemistry and induced polarization (IP) sounding as well as trench excavation and drilling. It has been so far determined that the ore deposit has (332+333+334) Pb+Zn resources of 996 000 tons. Geological mapping shows that marl and mudstone in Miocene Wudaoliang Formation (Nw) unconformably overlies limestone in Permain Jiushidaoban Formaion (Pj) that rides on clastics in Permain Nayixiong Formation (Pn) in terms of a N-dipping thrust fault in the ore zone. This fault was interpreted as a pop up structure of a S-dipping thrust fault found in a drilling hole. Ore bodies in Kongmolong ore block hosted by Pj limestone are apparently better than those in Chaqupacha ore block that is hosted by Nw and Pn strata. Four E-W-striking anomaly belts of IP sounding and geochemistry occur in the Nw-dominated northern segment, the Pj-dominated middle segment, and the Pn-dominated southern segment in the ore deposit, respectively. Audio magnetotelluric (AM) sounding shows that limestone has higher resistivity than clastics, fault zone, water, and ores. It is suggested that Pre-Cenozoic carbonates are prime prospect targets forexploration of this type of ore deposits in Fenghuoshan-Nangqian fold-thrust belt. Within the ore district, the next exploration targets should be relatively lower AM sounding resistivity parts in limestone of Duocaima ore block where mineralization and IP sounding-geochemical anomaly are present on the surface.