Intense earthquake swarms at Long Valley caldera in late 1997 and early 1998 occurred on two contrasting structures. The first is defined by the intersection of a north-northwesterly array of faults with the southern margin of the resurgent dome, and is a zone of hydrothermal upwelling. Seismic activity there was characterized by high b-values and relatively low values of D, the spatial fractal dimension of hypocentres. The second structure is the pre-existing South Moat fault, which has generated large-magnitude seismic activity in the past. Seismicity on this structure was characterized by low b-values and relatively high D. These observations are consistent with low-magnitude, clustered earthquakes on the first structure, and higher-magnitude, diffuse earthquakes on the second structure. The first structure is probably an immature fault zone, fractured on a small scale and lacking a well-developed fault plane. The second zone represents a mature fault with an extensive, coherent fault plane.