On Sunday, Lundin Mining announced the initial mineral resource estimate for the Filo del Sol sulphide deposit, along with updates to the resource estimates for the Filo del Sol oxide deposit and the Josemaría project. These assets, managed by Vicuña Corp.—a 50/50 joint venture between the Canadian firm and BHP—position the Vicuña district as one of the most promising regions globally for copper, gold, and silver production. San Juan, Argentina, stands out as a key region amid the red metal boom.
By Panorama Minero
The mineral resource estimate for the Vicuña district, effective as of April 15, 2025, reveals outstanding figures:
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Contained copper: 13 million tonnes in Measured and Indicated categories, and 25 million tonnes in the Inferred category.
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Contained gold: 32 million ounces (Moz) in Measured and Indicated, and 49 Moz Inferred.
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Contained silver: 659 Moz in Measured and Indicated, and 808 Moz Inferred.
These volumes place the Vicuña district among the top ten largest mineral resources of the world's major copper-producing mines.
High-Grade Cores and Expansion Potential
The Filo del Sol sulphide deposit features a high-grade core with 606 million tonnes (Mt) in Measured and Indicated categories, at a copper equivalent grade (CuEq) of 1.14%, comprising 4.5 Mt of copper, 9.6 Moz of gold, and 259 Moz of silver.
Meanwhile, Josemaría offers a near-surface high-grade core of 196 Mt in Measured and Indicated categories, with a 0.73% CuEq, including 978,000 tonnes of copper, 2.4 Moz of gold, and 11 Moz of silver.
In addition, the Filo del Sol oxide mineralization, with 434 Mt at a copper grade of 0.34%, offers a lower capital intensity heap leach development option.
Drilling at Filo del Sol has encountered mineralization at depth, and the Flamenco zone—located about 2 km to the south—has intercepted mineralization beyond current resource model limits, indicating clear expansion potential.
Formation of Vicuña Corp. and Strategic Synergy
In January 2025, Lundin Mining and BHP completed the joint acquisition of Filo Corp. for approximately C$4.0 billion, forming the Vicuña Corp. joint venture. Simultaneously, BHP acquired a 50% interest in the Josemaría project for US$690 million. Vicuña Corp. operates independently and is responsible for managing both projects, with joint governance between Lundin Mining and BHP.
The close proximity of Filo del Sol and Josemaría—separated by roughly 10 km—enables operational synergies, economies of scale, and flexible phased expansions, supporting the development of a world-class mining complex.
Outlook and Next Steps
The mineral resource estimate represents a critical milestone and will serve as the foundation for an integrated technical report, scheduled for completion in the first quarter of 2026. This report will outline a combined project that could position the Vicuña district as one of the world’s leading producers of copper, gold, and silver.
Jack Lundin, President and CEO of Lundin Mining, remarked: “Filo del Sol has been one of the most significant greenfield discoveries in the last 30 years. The initial mineral resource estimate has highlighted its potential to become one of the highest-grade undeveloped open-pit copper projects in the world, as well as one of the largest gold and silver resources globally.”
