REG - Shuka Minerals PLC - Kabwe Drilling (‘KBDD02’) continues to deliver

Shuka MineralsAnnouncement

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RNS Number : 7368G  Shuka Minerals PLC  03 June 2026

3 June 2026

 

 

 

Shuka Minerals Plc

("Shuka'' or the "Company")

 

Kabwe Drilling ('KBDD02') continues to deliver

 

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and
developer, is pleased to announce that, further to the announcement on 21 May
2026, it has successfully completed the second drill hole ("KBDD02") at the
No.2 ore body at the Kabwe Zinc Mine ("Kabwe Project").

 

Drilling

The second, steeper and deeper, diamond drill hole was planned at 80 degrees
at a bearing of 130 degrees and was designed to intersect the ore body below
the current workings and previous KBDD01 hole at a depth of approximately 300
metres ("m").

 

The actual readings from a down hole gyroscope survey revealed the hole was
318.7m deep, with a final azimuth of 135.72 degrees and a dip of 78.30
degrees. Again, displaying the drilling skills of Ox Drilling for a 300m+ 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 3.1 million tonnes ("MT") of ore remaining at grades of
11.4% zinc and 1.7% lead plus silver and vanadium oxide.

 

Results

KBDD02 delivered 9.79% zinc over 15.5m from 251.20m to 266.7m down hole, based
on an average of 47 individual portable XRF pinpoint readings through the
defined zone at regular spacings of 3 readings per meter. The maximum grade
recorded was 45.7% zinc with XRF results returning in the range of 9-45%
through the ore zone.

 

A very wide disseminated footwall mineralisation was also recorded, where
52.0m averaged 1.06% zinc based on 156 pXRF readings. This included lenses of
mineralisation at around 276m averaging 3.5% zinc and a spot peak value of
18.39% zinc at 285.33m. The entire 67.50m interval from the top of the main
orebody to the end of the hole (251.20m to 318.70m) averages 3.08% zinc.

 

Mineralisation is typically associated with a weakly brecciated to
semi-massive haematitic ironstone mixed with mostly zinc silicate (probably
willemite) and lesser zinc carbonate minerals. The footwall comprises
moderately jointed and fractured massive dolomite with hematite stringers and
fracture-coatings that are believed to be the main hosts to zinc
mineralisation.

 

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.  Separately,
samples from KBDD01, following core cutting and sampling, have been submitted
to ALS Laboratories for multi-element analysis. 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 (2,000m) phase of drilling. Drilling is
being undertaken by Ox Drilling Limited, a contractor with 21 years
established operating experience in Zambia.

 

Drilling is already underway on the next (third) hole, which will look to
intersect the orebody in a laterally extended zone. The Company will update on
further progress as drilling advances.

 

Shuka Minerals CEO, Richard Lloyd, commented:

"Our drilling campaign continues to deliver some amazing Zn grades. With every
hole and intersection we are learning more and more about the orebody. It is
also encouraging to have a much wider orebody than first envisaged - 67m of
mineralisation into the host dolomite is very pleasing. I am looking forward
to receiving the results from the upcoming drill holes where we will look to
prove the ore body extending laterally and at depth."

 

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 Competent
 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.

 

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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