Vicuña Mine Field Attracts Exploration Companies' Attention

According to a report on the BNAmericas website, the Vicuña mining district has attracted the attention of junior mining companies. It hosts the Josemaría and Filo del Sol copper-gold-silver projects, as well as the Lunahuasi and Los Helados copper-gold mines.

The Vicuña mining district is located in the Andes Mountains, between the Atacama Region of Chile and the San Juan Province of Argentina, at an altitude of 3000-4500 meters. The harsh climate, lack of energy infrastructure, and logistical challenges have not deterred exploration efforts.

However, these factors have not stopped Sendero Resources, which is exploring the Peñas Negras project, and Mogotes Metals, which is prospecting in Filo Sur.

Mogotes Metals recently secured $7 million from the Braun family of Argentina to strengthen its prospecting efforts in the region.

The most advanced project is the Vicuña Group, a joint venture between Lundin Mining and BHP, which owns the Josemaría and Filo del Sol projects. Additionally, there are the Los Helados and Lunahuasi projects of NGEx Minerals, covering an area of approximately 150 square kilometers.

There are also hopes for downstream copper processing in the region.

"We are trying to convince Argentina to build a copper smelter in San Juan Province," said Juan Rayo, director of local engineering firm JRI.

Josemaría

Josemaría is the most advanced project in the region.

Currently, while awaiting permits, the joint venture is conducting detailed engineering studies and is researching the locations for a processing plant and shared infrastructure, including tailings storage facilities, roads, and power lines, to enable coordinated development with the Filo del Sol project, located 10 kilometers away.

On June 3, the Vicuña Group announced that it had awarded a road maintenance contract to local company Zlato for the highway between Angualasto and La Majadita in San Juan Province. This road "will improve the stability of fuel, light vehicle, and critical material supply to remote areas, serving as a reliable and safe alternative to the current route to the field site in Guandacor, La Rioja Province," the company said in a press release.

Filo del Sol

As one of the company's projects, exploration work at Filo del Sol continues to advance, with the goal of submitting a technical report in Q1 2026.

Vicuña Group plans to submit an application to include the Filo del Sol and/or Josemaría projects in the list of large-scale investment incentive plans (Rigi), with a combined investment of nearly $6 billion for these two projects.

The projects have measured and indicated copper metal content of 13 million mt, 32 million ounces of gold, and 659 million ounces of silver, as well as inferred copper metal content of 25 million mt, 49 million ounces of gold, and 808 million ounces of silver.

Los Helados

This project, located in the Atacama Region, is the only one with nearby infrastructure, situated approximately 17 kilometers from the Caserones copper mine, which is 70% owned by Lundin Mining Corporation.

As of now, the project has inferred copper metal content of 18.4 billion pounds (8.35 million mt), inferred copper metal content of 8.3 billion pounds, inferred gold of 10 million ounces, and inferred silver of 97.5 million ounces, making it another large project in the Vicuña mining district.

Lunawasi

However, Future Minerals' current focus is on advancing exploration of the Lunawasi project, while the company is considering various options, including mergers or acquisitions.

The company estimates that the total transaction value of Lunawasi and Los Helados is comparable to that of Caserones, at approximately $3.3 billion. Last year, Caserones produced 124,761 mt of copper, while Filo del Sol is valued at $4.5 billion and Josemaría at $1.9 billion.

However, the region faces significant challenges that require bilateral negotiations. While Argentina lacks infrastructure, Chile has better conditions in terms of mining logistics and infrastructure.

Appropriate cross-border cooperation can reduce costs, increase water and energy supply, and enhance the region's competitiveness as a new source of critical minerals.