Lundin Mining (TSX:LUN,OTC Pink:LUNMF) has released an initial resource estimate for the Filo del Sol sulfide deposit, as well as updated resources for the Filo del Sol oxide deposit and the Josemaria deposit.
Held in a 50/50 joint venture between Lundin and BHP (ASX:BHP,NYSE:BHP,LSE:BHP), the Argentina-based assets are collectively referred to as the Vicuña resource. The new data reportedly makes Vicuña one of the world’s largest copper, gold and silver resources, and places it among the top 10 copper resources worldwide by size.
‘Filo del Sol has been one of the most significant greenfield discoveries in the last 30 years and an amazing journey for all those that have been involved,’ said Lundin Mining President and CEO Jack Lundin in a press release.
“The initial mineral resource has highlighted the potential for one of the highest grade undeveloped open pit copper projects in the world and one of the largest gold and silver resources globally.”
According to Lundin, the Vicuña resource includes:
- 13 million metric tons (MT) of contained copper in the measured and indicated category, and an additional 25 million MT in the inferred category.
- 32 million ounces (Moz) of contained gold in the measured and indicated category, and 49 Moz inferred.
- 659 Moz of contained silver in the measured and indicated category and 808 Moz inferred.
The Filo del Sol and Josemaria deposits are in close proximity to one another, which Lundin says offers a strategic advantage for infrastructure sharing, economies of scale and phased development planning.
The high-grade mineralization at both deposits is particularly notable:
- Filo del Sol’s high-grade core has 606 million MT in the measured and indicated category at 1.14 percent copper equivalent for contained metal of 4.5 million MT of copper, 9.6 Moz of gold and 259 Moz of silver.
- Josemaria’s near-surface high-grade material contains 196 million MT in the measured and indicated category at 0.73 percent copper equivalent for contained metal of 978,000 MT of copper, 2.4 Moz of gold and 11 Moz of silver.
Lundin emphasizes the potential for future growth, noting that mineralization remains open at depth, and saying drilling at the nearby Flamenco zone has intercepted new mineralized zones beyond the current resource boundary.
The scale of the discovery has led to a substantial boost in Lundin’s portfolio.
The company reported a 29 percent increase in its measured and indicated contained copper resource, and a staggering 650 percent increase in its inferred contained copper resource, attributable to its stake in Vicuña.
“We see the potential for Vicuña to be not only a significant copper producer but also one of the world’s largest gold and silver mines as well,” Lundin said, highlighting its “truly unique asset” status.
An integrated technical report combining the deposits into a single project is expected in the first quarter of 2026.
Lundin and BHP intend to develop the site into a “globally ranked mining complex,” signaling long-term commitment to unlocking the full potential of the Vicuña district.
The announcement comes amid growing global demand for copper and critical minerals used in renewable energy and electrification technologies. Projects like Vicuña could play a central role in meeting that demand — particularly if high-grade, open-pit deposits can be brought online at competitive cost.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.