REG - Shuka Minerals PLC - Kabwe Site Visit Update

Shuka MineralsAnnouncement

19/03/2025 07:15

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RNS Number : 2093B  Shuka Minerals PLC  19 March 2025

19 March 2025

Shuka Minerals Plc

("Shuka" or the "Company")

Kabwe Site Visit Update - V High Grade Samples returned at Kabwe

Highlights

·    High grade Zn encountered across all surface collected samples

·    Certain samples exceeded testing limits of 30% Zn, sent to Canada for
further analysis

·    Other Critical Minerals encountered, not previously incorporated in
Kabwe studies

 

Shuka Minerals Plc (AIM: SKA), an African focused mine operator and developer,
is pleased to provide sampling results from the Kabwe Zinc Mine ("Kabwe Mine")
in central Zambia, in anticipation of completing the proposed acquisition of
Leopard Exploration and Mining Limited ("LEM"), the owner of the Kabwe Mine,
following the signing in December 2024 of a conditional Share Purchase
Agreement ("SPA")  with the LEM shareholders.

·    As reported on 11 February 2025 during a recent site visit members of
the Shuka team were able to observe high-grade surface zinc (Zn) and lead (Pb)
mineralisation from identified deposits within the Kabwe Mine, that were
outcropping at surface, and at local small-scale zinc and base metals mining
and processing operations.

·    Ten field samples were taken during the site visit and have now been
analysed by ALS  laboratories in Ndola (Zambia) and Johannesburg (South
Africa) for grade and metallurgical testing across 40 elements

·    The results obtained confirm the extremely high-grade nature of the
at surface deposit

·    The presence of valuable Critical Minerals and Metals such as Cesium
(Cs), Cerium (Ce), Gallium (Ga), Molybdenum (Mo), Rubidium (Rb), Scandium
(Sc), Vanadium (V) and Yttrium (Y) were also identified, having not previously
been considered for exploitation at Kabwe

·    Zinc grades returned in the range from 7.5% Zn in the overburden,
14-16% Zn in the Pit 2 outcrops and 20-27% in the washed material from
artisanal worked areas in Pit 5.

·    Two samples returned values of greater than 30% Zn (the normal lab
detection limits) and will be sent to ALS Vancouver for further analysis.

·    Lead grades above lab detection limits were also returned from 8 of
the 10 samples and have been re-submitted for "Overlimit" testing with results
pending.

·    Silver (Ag) grades of 1-7g/t were also encountered and are expected
to provide a further revenue stream in the future.

·    The Company's executive management and consultants continue to review
and compile historical geological, geophysical and mine development data

·    The table below summarises the key contained elements and the grades
therein from the surface samples collected. (Nb 1,000 ppm = 0.1%)

 SAMPLE                                          Zn        Pb     Ag    Ce     Cs    Ga     Mn    Mo    Pb         Rb    Sc    V          Y     Zn
 DESCRIPTION                                     %         %      ppm   ppm    ppm   ppm    ppm   ppm   ppm        ppm   ppm   ppm        ppm   %
 KAB 25 001. Pit 2 surface outcrop.              14.05     >1     1.16  6.38   0.13  10.3   3790  44.1  >10000     2.3   0.7   836        7.5   14.05
 KAB 25 002. Pit 2 surface outcrop.              8.06      >1     0.62  7.68   0.08  10.55  1005  32.2  >10000     1.7   0.9   >10000     28.5  8.06
 KAB 25 003. Pit 2 surface outcrop.              7.53      >1     1.36  26.6   0.29  13.8   4750  44.3  >10000     5.4   1.5   5690       18.3  7.53
 KAB 25 004. Pit 1 surface outcrop.              16.25     0.53   0.41  6.94   0.69  4.74   510   9.44  5300       6.5   2.1   449        8.9   16.25
 KAB 25 005. Pit 1 surface material.             27.3      >1     7.19  49.4   2.19  9.75   7540  13.1  >10000     18.6  6.6   5670       27.8  27.3
 KAB 25 006. Pit 5. Dolomite contact.            >30.0     >1     3.53  9.22   0.13  3.55   322   17.2  >10000     1.5   0.5   739        16.4  >30.0
 KAB 25 007. Pit 5. High Grade.                  20.3      >1     3.54  35.2   4.56  17.5   4740  6.36  >10000     47.8  15.1  1550       23.5  20.3
 KAB 25 008. Pit 5. Washed Med Grade.            21.1      >1     1.06  25.9   5.56  13.05  3140  6.27  >10000     53.5  11    1955       20.9  21.1
 KAB 25 009. Pit 5. Washed High Grade.           >30.0     0.356  0.97  12.95  2.6   10.25  3760  1.41  3560       23.1  6.9   653        12.7  >30.0
 KAB 25 010. Pit 5. Tailings.                    12.4      >1     2.96  24.2   6.11  21.1   4840  4.57  >10000     36.9  13.8  1400       18    12.4

 

Richard Lloyd, CEO, said:

 

"The results received confirm our initial field observations regarding the
world famous Kabwe Mine in Zambia. The results were even better than we
expected. In the modern day, where the need for critical minerals such as
Gallium, Vanadium and Yttrium is ever important, it is exciting that the Kabwe
mine contains these valuable elements, as well as the main Zinc and Lead
mineralization.

 

Kabwe is considered a Tier One high grade zinc deposit, that was previously a
major underground mining operation, extracting 14.5 Mt of ore grading 25.4%
zinc and 14.7% lead. The mine produced 1.8 Mt of zinc, 800,000t of lead,
7,816t of vanadium oxide, 2.8 Mozs of silver and 235,000kg of cadmium over the
period 1906 - 1994 from seven massive orebodies

 

We are very excited by the opportunity to bring the Kabwe Mine into Shuka and,
subject to completion, will progress to the next stages of confirmatory
geological studies, such as geophysics and drilling, as well as developing a
complete 3D understanding of the ore body."

 

About Shuka Minerals

 

Shuka Minerals plc, is a dynamic and innovative mining and development
company, committed to exploring and harnessing Africa's mineral resources.
Shuka's focus lies in the acquisition and development of valuable minerals,
aiming to contribute to the sustainable growth and development of local
communities.

 

Shuka has an operating coal mine in Tanzania, which capacity is under
consideration for upgrading by management depending on funding and strategic
direction.

 

About the Kabwe Mine

The Company has signed a conditional Share Purchase Agreement with Leopard
Exploration and Mining Limited ("LEM") to acquire 100% of LEM's share capital.
LEM is the registered holder of a large-scale mining license 12848-HQ-LML
issued in December 2014 for a period of 25 years, and which includes the
historical Kabwe Zinc Mine ("Kabwe Mine") located in central Zambia, approx.
110km north of the capital city of Lusaka.

 

The Kabwe Mine, was previously operated by Anglo American plc and Zambia
Consolidated Copper Mines Limited, and was mined continuously for 88 years
until its closure in 1994, due to the then current commodity prices. It was
ranked as one of the world's highest-grade zinc and lead mining operations and
is considered one of the famous mines in Africa, holding a position of
national economic importance in Zambia.

 

Upon completion of the Acquisition and subject to securing the requisite
funding, the Company will commence a 3-phase exploration and development
programme at the Kabwe Mine, as part of its plans to re-commence both open-pit
and underground mining and processing operations.

 

This 3-phase programme, as also recommended by our consultants Behre Dolbear,
will comprise:

 

(i)         a high-resolution geophysical survey,

(ii)        a JORC Code 2012 resource drilling programme, updated
metallurgical test work and additional environmental and mining studies; and

(iii)       detailed feasibility study work and underground mine
refurbishment and new access decline activities as well as the establishment
of new ore processing facilities and value addition in respect of the
production of refined metals products.

 

For Enquiries:

 Shuka Minerals Plc                   +44 (0) 7990 503007

 Richard Lloyd - CEO
 Strand Hanson Limited                +44 (0) 20 7409 3494

 Financial and Nominated Adviser

 James Harris | Richard Johnson
 Tavira Securities Limited            +44 (0) 20 7100 5100

 Joint Broker

 Oliver Stansfield | Jonathan Evans
 Peterhouse Capital Limited

 Joint Broker                         +44 (0)20 7469 0930

 Charles Goodfellow | Duncan Vasey
 Investor Relations

 Faith Kinyanjui Mumbi                +254 746 849 110

 

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