Vicuña Corp., the 50/50 joint venture between BHP (NYSE:BHP) and Lundin Mining (OTCPK: LUNMF), has updated the mineral resource estimate for its flagship Filo del Sol project in Chile's Atacama region, fortifying its status as the globally leading greenfield copper project.
"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 Jack Lundin, Lundin's President and CEO. "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."
The updated resource estimate reveals a measured and indicated (M&I) sulphide resource of 606 million tons at a copper-equivalent (CuEq) grade of 1.14%. This resource includes 4.5 million tons of copper, 9.6 million ounces of gold, and 259 million ounces of silver. Inferred resources have grown significantly, totaling 6.1 billion tons at 0.37% copper, 0.20 g/t gold, and 3.2 g/t silver. Overall, it represents a 29% increase in M&I copper resources and a 650% rise in inferred copper resources compared to previous estimates.
This expansion confirms Vicuña as the largest greenfield copper discovery in recent history, with the district's total resources, across Filo del Sol and Josemaria, ranking among the top 10 global copper deposits. The newly released Josemaria estimate adds 196 million tons at 0.73% CuEq in M&I categories, further bolstering the region's profile with nearly 1 million tons of copper, 2.4 million ounces of gold, and 11 million ounces of silver.
The high-grade core at both projects will provide critical feedstock in the early years of operation, offering strong economics and scalability as the company looks to recoup initial investments.
Filo del Sol's oxide cap, which sits at the surface, adds 434 million tons at 0.34% copper, making it suitable for lower-cost heap-leach processing. Moreover, high-grade oxide and sulphide zones are still open at depth and along strike, with recent drilling encountering mineralization well beyond the current resource pit shells, indicating substantial upside for future growth.
BHP and Lundin Mining established the Vicuña joint venture last year, following a $3 billion acquisition of Filo Corp. This joint venture integrates the Filo del Sol and Josemaria projects into a unified mining district, reducing capital expenditures through shared infrastructure.
A consolidated technical report, which will outline the roadmap toward development and production, is scheduled for completion in Q1 2026.
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