Venus shares soars on Yalgoo study news

Shares in Venus Metals have jumped 27 per cent on news the company plans to commence a Scoping Study on the Yalgoo Iron Ore Project and move towards developing a world-class magnetite project.

Venus shares opened trading today at 70 cents and closed at 83 cents.

In a statement Venus said preliminary testing at the site had returned encouraging metallurgical results including concentrated magnetite grades up to 71.2 per cent iron.

There were also high iron recoveries of up to 97.6 per cent.

See full company statement below:

Venus Metals plans to commence a Scoping Study on the Yalgoo Iron Ore Project with a vision to develop a world-class magnetite project.
Preliminary Davis Tube Recovery (DTR) test results by consultants Mineral Engineering Technical Services (METS) on magnetite BIF drill cuttings from the first drillhole into the Bilberatha magnetite target (YGRC0034) have returned the following highly encouraging metallurgical results:
- Concentrate magnetite grades up to 71.2% Fe.
- Concentrates that meet a specification of Direct Reduction magnetite assaying >65% Fe and <2% SiO2.
- High iron recoveries of up to 97.6% Fe.

METS considers that preliminary Davis Tube Recovery (DTR) test results are
highly encouraging and show that the ore's behaviour is conventional and
capable of optimisation.

METALLURGICAL TEST WORK
Davis tube metallurgical test work on drill cuttings from drillhole YGRC0034 was undertaken under the supervision of Mineral Engineering Technical Services (METS) Pty Ltd, an engineering consulting group in Perth.

A sighter test programme conducted on 28 RC chip composites from drill hole YGRC0034 showed that the samples are amenable to upgrading by magnetic separation.