China Yunnan Copper Australia Ltd has discovered a significant rare earth deposit in northwest Queensland, Australia.
The heavy rare earth element Yttrium was found in the Mt Dorothy region based Mary Kathleen joint venture with Goldsearch Ltd. The mining site was initially being targeted by the mining operators for uranium.
The announcement of the discovery led the shares in the Australian listed China Yunnan Copper company to rise by 68.18 percent to 37 cents. The major shareholder for the company happens to be Chinalco. The shares in the partner company Goldsearch also doubled reaching 6.6 cents.
The managing director of China Yunnan Copper, Jason Beckton said that the discovery of the heavy rare earth element Yttrium at Mount Dorothy was exciting, and the increased element associations they were seeing with HREE-Y suggested a very important target for future drilling after the current wet season.