Shuka Minerals marks key exploration step with Kabwe Zinc Mine drill success

Shuka Minerals Plc has successfully completed the first drill hole at the No.2 ore body at the Kabwe Zinc Mine.

The initial diamond drill hole was planned at 65 degrees at a bearing of 130 degrees and was planned to intersect the ore body below the current workings at a depth of approximately 220-230 metres. The Company has commenced a deeper hole to intersect the orebody at c.300-320m below surface.

The actual readings from a down hole gyroscope survey revealed the hole was 230.14m deep, with a final azimuth of 132.31 degrees and a dip of 65.2 degrees. That is extremely accurate for a 200m+ hole in a previously mined area.

As previously announced, the Behre Dolbear 2023 NI 43-101 report indicates that the No.2 ore body has 3.1MT of ore remaining at grades of 11.4% zinc and 1.7% lead plus silver and vanadium oxide.

Results

Some zinc mineralisation was noted near surface (5-15m) however the main intersection of the orebody, as anticipated by GeoQuest Limited (“GeoQuest”), was 20.7 metres (from 206.8m to 227.5m) at an average grade of 18.02% zinc, including 7m (from 210.5-217.5m) with values between 25% to 65% zinc. A maximum value of 65.7% zinc occurred at 213.2m down hole depth.

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 commencement of the initial (2,000 metres) phase of drilling. Drilling is being undertaken by Ox Drilling Limited, a contractor with 21 years established operating experience in Zambia.

Shuka Minerals CEO, Richard Lloyd, commented:

“The initial drill hole of any campaign, even in a known mineralised and previously mined area, is nerve wracking. The detailed planning based on previous reports from ZCCM and Anglo-American data allowed GeoQuest and the team to target a very specific zone of the ore body below the old workings. With this planning and the skill of the Ox Drilling operators, we hit the target spot on and the results are well beyond our expectations. I am looking forward to receiving the results from the upcoming drill holes.”