Peruvian minerals group RioSol has staked a claim to what it says is a "significant" rare earth element and poly-metallic discovery in the 10-kilometer Capacscaya and adjacent claims.

The area 123 kilometers northwest of Cusco, Peru, is believed to have the highest rare earth ranges in Peru, containing both light rare earth elements (LREEs) and heavy rare earth elements and metals (HREEs).

Specific rare earth elements featuring prominently in the geologists' work include Neodymium, Scandium, Lanthanum, Cerium, Europium and Yttrium, as well as other LREEs and HREEs and their related oxides. Radionuclides were reported as extremely low.

Citing geologists leading the excavation, the company's report finalized earlier this month said the find supports percentages of Total Rare Earth Oxides (TREOs) at 3% or greater within the granite and altered granite ore bodies.

Further exploration on this claim is expected in 2015 by RioSol, which is seeking partnerships with other companies to further delineate the scale of the claim volumes and concentrations.

In addition to light and heavy rare earth elements and metals, the report said Capacscaya also contains copper, zinc, cobalt, aluminum, iron and other base metals. "This proves," the company said, that "potential for rare earth elements exists outside of China with significant opportunity for development of new production in Peru."

Currently, some 90-95% of rare earth elements are located in China. Having a supply source in the Americas for commodities used today and in the future will be important for geographic diversity and commercial consumption given increasing demand, RioSul stressed.