Peruvian rare earth discovery richer than initially thought

Peruvian rare earth discovery richer than initially thought

Rare earth concentration area #1 at RioSol's rare earth project.

U.S.-based rare earth explorers RioSol and its Peruvian mining arm Compañia Minera Rio Sol, which announced last month a significant rare earth element and poly-metallic claim discovery, said Thursday the site holds the highest rare earth ranges in the South American country.

According to a geological report finished earlier this month, the 10-kilometer Capacscaya and adjacent claims, contain significant quantities of high-range of Neodymium, Scandium, Lathanum, Cerium, Europium and Yttrium, as well as other LREEs and HREEs and their related oxides. Radionuclides, however, were found to be extremely low.

The claim, located approximately 123 kilometers northwest of Cusco, also contains copper, zinc, cobalt, aluminum, iron and other base metals, according to the report.

Peruvian rare earth discovery richer than initially thought

Spectral image map of claim site. Primary claim in RioSol's project area are highlighted by iron and copper oxides. (Click on it to enlarge)

“It proves that the potential for rare earth elements exists outside of China with significant opportunity for development of new production in Peru," RioSol said in the statement.

The company believes that having a supply source in the Americas for commodities used today and in the future will be important for geographic diversity and commercial competition, as China currently accounts for 90% to 95% percent of global rare earth mine production.

Peruvian rare earth discovery richer than initially thought

South side trail up one side of RioSol's Capacsaya project.

RioSol, which is based in Portland, Oregon, has been testing the claim over the last two years. It initially concentrated on base metals. In recent field explorations and assay results it discovered rare earths, and consequently carried out further testing.

Peruvian rare earth discovery richer than initially thought

View up the valley at Capacsaya from the south at RioSol's rare earth project.

The company will present the discovery and the latest results at the 9th International Congress of Prospectors and Explorers in May, 2015.