Quartz phenocrysts from 31 granitoid stocks in the Colorado Mineral Belt yield ??18O values less than 10.4???, with most values between 9.3 and 10.4???. An average magmatic value of about 8.5??? is suggested. The stocks resemble A-type granites; these data support magma genesis by partial melting of previously depleted, fluorine-enriched, lower crustal granulites, followed by extreme differentiation and volatile evolution in the upper crust. Subsolidus interaction of isotopically light water with stocks has reduced most feldspar and whole rock ??18O values. Unaltered samples from Climax-type molybdenumbearing granites, however, show no greater isotopic disturbance than samples from unmineralized stocks. Although meteoric water certainly played a role in post-mineralization alteration, particularly in feldspars, it is not required during high-temperature mineralization processes. We suggest that slightly low ??18O values in some vein and replacement minerals associated with molybdenum mineralization may have resulted from equilibration with isotopically light magmatic water and/or heavy isotope depletion of the ore fluid by precipitation of earlier phases. Accumulation of sufficient quantities of isotopically light magmatic water to produce measured depletions of 18O requires extreme chemical stratification in a large magma reservoir. Upward migration of a highly fractionated, volatile-rich magma into a small apical Climax-type diapir, including large scale transport of silica, alkalis, molybdenum, and other vapor soluble elements, may occur with depression of the solidus temperature and reduction of magma viscosity by fluorine. Climax-type granites may provide examples of 18O depletion in magmatic systems without meteoric water influx. ?? 1986 Springer-Verlag.