Investors seemed to like the news with shares in the junior up nearly 12% in morning trade.

Yalgoo is located 80 kilometres north of Gindalbie Metals and Ansteel’s Karara project and covers the Yilgarn Craton Archaean banded iron formation.

Venus and Shandong Provincial Bureau of Geology and Minerals also released a JORC-compliant inferred resource for the Bilberatha Hill deposit at the property of 443.9 million tonnes grading 30.29% iron, 1.79% aluminium oxide, 47.91% silicon dioxide and 0.047% phosphorus with a loss-of-ignition rate of 0.94%.

In March, the Chinese group invested $A4 million directly into Venus and struck a deal to earn a 50% stake in Yalgoo by spending $8 million over two years.

As part of a scoping study which is due to be released early next year, Davis Tube Recovery tests have returned a high-grade concentrate with assays of up to 70.6% iron and 1.9% silicon dioxide.

This testwork is being carried out under the supervision of Mineral Engineering Technical Services.

Bilberatha spans a strike length of around 1.6km and the BIF extends up to 630 metres below surface vertically.

Shares in Venus were up 11.43% to $1.95.