REG - Shuka Minerals PLC - Commencement of Drilling at Kabwe

Shuka MineralsAnnouncement

14/05/2026 07:00

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RNS Number : 2419E  Shuka Minerals PLC  14 May 2026

14 May 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

 

Commencement of Drilling at Kabwe

 

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and
developer, is pleased to announce that, further to the announcement on 29
April 2026, it has commenced the Phase 1 drilling programme at the No.2 ore
body at the Kabwe Zinc Mine ("Kabwe Project").

 

The Behre Dolbear 2023 NI 43-101 report indicates that the No.2 ore body has
3.1 million tonnes of ore remaining at grades of 11.4% zinc and 1.7% lead plus
silver and vanadium oxide. As previously announced, the Company's objectives
for its 2026 exploration programme aims to increase the existing resource by
50%, subject to the results of the drilling programme.

 

The No.2 orebody is open at depth and the initial diamond drill hole will be
angled at 65 degrees and is planned to intersect the ore body below the
current workings at a depth of approximately 220 to 230 metres. Silver,
vanadium, gallium and germanium are present at the No.2 orebody, although have
never been the focus of exploration and testing in previous operations. The
Company intends to undertake further work to identify the potential of these
commodities as part of the ongoing programme.

 

The GeoQuest Limited 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 established operating experience in Zambia.

 

The Company and its contractors will be sampling the drill core initially with
a calibrated XRF machine and further samples from the disseminated and main
ore zones will be sent to the ALS labs for preparation and assaying to JORC/NI
43-101 standards.

 

The Company will update on progress as drilling advances.

 

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.

 

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.

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