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.

“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.

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.

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