Wrap Text
Kabwe Drilling (“KBDD05”) deep hole confirms ore body open at depth
SHUKA MINERALS PLC
(Registration number 05292528)
("Shuka Minerals" or "the Company")
ISIN Code: GB00BN47NP32
AIM Share Code: SKA JSE Share Code: SKA
Kabwe Drilling ("KBDD05") deep hole confirms ore body open at depth
Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to
announce that, further to the announcement on 17 June 2026, it has successfully completed the fifth
drill hole KBDD05 at the No. 2 ore body at the Kabwe Zinc Mine ("Kabwe Project").
Drilling
The fifth diamond drill hole was planned as a deep hole, at -80° at a bearing of 145o and was
designed to intersect the ore body at approximately 320-350 metres ("m") depth and to test the
western limb of the originally projected orebody. Historical plans show remaining medium to high
grade blocks to a depth of 1650 feet (550 m) depth, with mine development at these depths. This
part of the orebody was accessed by a long crosscut from the No. 5 & 6 Orebody on the 1050 foot
(320 m) level. The hole encountered a mining cavity between 324.90 m and 327.75 m downhole that
is possibly associated with workings off this tunnel. A combination of karst (solution cavities) and the
mining void contributed to a 4° - 6° westward deviation to the hole. The skill of the drillers enabled
drilling to continue to a final depth of 419 m.
The Company has commenced a sixth hole to intersect a different, previously unexploited orebody
in the "Speaks" approximately 1 kilometre ("km") from the Pit 2 area where we have been focussing
our studies to date. The anticipated depth of drill hole 6 will be at 250 m - 300 m.
The actual readings from a down hole gyroscope survey revealed the hole was 419 m deep, with a
final azimuth of 149.38° and a dip of 74.88°. This particular survey enables us to plot the western side
of the orebody and the location of further underground workings in a 3D model, and assists future
deeper hole planning.
As previously announced the Behre Dolbear 2023 NI 43-101 report indicates that the No. 2 ore body
has 3.1 million tonnes ("MT") of ore remaining at grades of 11.4% zinc ("Zn") and 1.7% lead plus silver
and vanadium oxide.
Results
KBDD05 returned 38.90% Zn over 3.50 m from 338.00.10 to 341.50 m (down hole), based on an
arithmetic average of 10 individual portable XRF pinpoint readings through the defined zone at a
typical regular data spacing of 3 readings per meter of whole core Pinpoint readings over the entire
interval ranged from 6.70% – 68.6% zinc. This interval includes one peak reading of 17.5% Lead ("Pb")
in otherwise anomalous values (0.3% – 1.8% Pb) perhaps indicating an increase in Pb mineralisation
with depth.
A lower ironstone band averaged 2.63% Zn over 2.40 m from 373.60 m to 376.0 m.
We can clearly see the mineralisation continues at depth and at the same time are successfully
testing the western limits of the known ore body. This deep hole will enable us to accurately plan
further deep holes to the east of, and below, the intersections recorded above.
These assays were taken with a calibrated XRF machine and will be verified in due course with
JORC/NI 43 101 laboratory analysis and testing. This intersection aligns with the Company's objectives
for its 2026 exploration programme aiming to increase the existing resource by 50%, subject to the
results of the drilling programme.
The GeoQuest geological team are on site with the Company's CEO, Richard Lloyd, who is
overseeing the initial (2,000 m) phase of drilling. Drilling is being undertaken by Ox Drilling Limited, a
contractor with 21 years established operating experience in Zambia.
The Company will update on further progress as drilling advances.
Shuka Minerals CEO, Richard Lloyd, commented:
"The deeper planed holes of any drilling campaign always contain some trepidation as you wait for
expected ore zones to be hit. The skill of OX drilling, especially in light of intersecting historic mine
workings and cavities, helped deliver further high grade Zn and Pb mineralisation. This deep hole
gives us much more information about the orebody and its behaviour at depth and we are now
confident we can drill to 700m + to confirm the deepest reaches of the previously developed ore
body.
We have already moved the rig about 1km to the NE and have commenced the first of our step-
out drill holes, aiming to explore the un-mined areas of "Speaks" and "Mine Club". Having had a
100% hit rate at our No. 2 ore body, with results far exceeding historical averages, we turn our focus
to other highly prospective areas of Kabwe. I look forward to updating shareholders as the results are
received from the balance of Phase 1 drilling.
Qualified Person
The technical information contained in this disclosure has been read and approved by Richard Lloyd,
a current Fellow of the Geological Society and a Fellow Institute of Metals, Minerals and Mining and
acts as a Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
The Directors of Shuka are responsible for the contents of this announcement.
ENDS
Shuka Minerals plc has its primary listing on the London Stock Exchange ("AIM") and a secondary
listing on the AltX of the JSE Limited.
LONDON
1 JULY 2026
For enquiries contact:
Shuka Minerals Plc +44 (0)7990 503 007
Richard Lloyd
Chief Executive Officer
Nominated Adviser +44 (0)20 7213 0880
Cairn Financial Advisers LLP
Sandy Jamieson / Ludovico Lazzaretti / James
Western
JSE Sponsor & Listing Advisor +27 (11) 480 8500
AcaciaCap Advisors Proprietary Limited
Michelle Krastanov
Broker +44 (0)20 7100 5100
Tavira Financial Limited
Oliver Stansfield / Jonathan Evans
Investor Relations +44 (0)208 892 8329
Olivia Lloyd
Caution:
Certain statements in this announcement, are, or may be deemed to be, forward looking statements.
Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'',
"should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of
those, variations or comparable expressions, including references to assumptions.
These forward-looking statements are not based on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount, nature and sources of
funding thereof), competitive advantages, business prospects and opportunities. Such forward looking
statements reflect the Directors' current beliefs and assumptions and are based on information currently
available to the Directors.
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 01-07-2026 11:52:00
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