Lundin Mining (TSX: LUN) last night released an initial mineral resource estimate for their Filo del Sol project, which is held by the Vicuna Corp joint venture with BHP Group. The estimate follows the two mining majors jointly acquiring Filo Mining in January.
The initial resource estimate covers the Filo del Sol sulphide deposit, while also updating the Filo del Sol oxide deposit and the Josemaria deposit, the latter of which was previously wholly owned by Lundin. Combined, the Filo del Sol and Josemaria projects are said to form one of the largest copper, gold and silver resources globally.
Highlights from the estimate for the Vicuna district include:
- Measured: 654 million tonnes at 0.33% copper, 0.25 g/t gold and 1.2 g/t silver
- Containing 2.1 million tonnes copper, 5.2 million ounces 25 million ounces of silver
- Indicated: 2,984 million tonnes at 0.36% copper, 0.28 g/t gold and 6.6 g/t silver
- Containing 10.7 million tonnes copper, 27.0 million ounces of gold, 634 million ounces of silver
- Inferred: 7,895 million tonnes at 0.32% copper, 0.19 g/t gold and 3.2 g/t silver
- Containing 25.1 million tonnes copper, 48.7 million ounces of gold and 808 million ounces of silver
The resource is defined across five different areas, including Filo del Sol Sulphide, Filo del Sol Copper Oxide, Filo del Sol Gold Oxide, Filo del Sol Silver Oxide, and Josemaria, the latter of which forming the only measured resources among the district.
On a combined basis, the two projects contain measured and indicated resources of 13 million tonnes of copper, 32 million ounces of gold, and 659 million ounces of silver, in addition to inferred resources. The massive figures amount to what Lundin says is the largest greenfield copper discovery in three decades, while Filo del Sol is said to remain open for expansion at depth.
A high grade area of Filo del Sol is meanwhile said to consist of 606 million tonnes at 1.14% copper equivalent, containing 4.5 million tonnes of copper, 9.6 million ounces of gold and 259 million ounces of silver on a measured and indicated basis. Josemaria also has a high grade area, consisting of 196 million tonnes at 0.73% copper equivalent, containing 1.0 million tonnes copper, 2.4 million ounces of gold and 11 million ounces of silver within the measured and indicated categories.
“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. Filo del Sol and the Vicuña district are poised to develop into a world class deposit that will support a globally ranked mining complex,” commented Jack Lundin, CEO of Lundin Mining.
The estimate is said to form the basis for an integrated technical report that is currently expected to be completed in the first quarter of 2026.
Lundin Mining last traded at $11.67 on the TSX.
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