Shuka Minerals plc (AIM: SKA) has reported another encouraging drill result from the Kabwe Zinc Mine in Zambia, with its fourth diamond drill hole confirming the western extension of the high-grade No. 2 ore body.
The latest hole, KBDD04, was designed to test a shallower section of the deposit approximately 70 metres west of previous drilling. Despite being terminated earlier than planned after intersecting historic underground mine workings, the hole successfully encountered significant zinc mineralisation and further demonstrated the scale of the remaining resource.
Portable XRF analysis returned an average grade of 6.86% zinc over 13.0 metres between 106.6 metres and 119.65 metres downhole. Within the mineralised interval, the upper nine metres delivered particularly strong results, averaging 40.09% zinc from individual point measurements, with a peak reading of 53.0% zinc.
The mineralisation is hosted within a weakly brecciated to semi-massive ironstone unit containing zinc silicate and zinc carbonate minerals, while zinc-bearing structures also extend into the surrounding dolomite host rocks.
Although the results are currently based on calibrated portable XRF readings, the company intends to verify the assays through independent laboratory testing in accordance with JORC and NI 43-101 reporting standards.
The hole also provided valuable geological information beyond the mineralisation itself. Downhole gyroscope surveys have improved understanding of the geometry of both the ore body and historical underground workings, helping management refine its three-dimensional geological model and future drilling strategy.
The results continue to support the substantial remaining resource identified in the 2023 NI 43-101 technical report prepared by Behre Dolbear, which estimated approximately 3.1 million tonnes of remaining ore grading 11.4% zinc and 1.7% lead, together with silver and vanadium oxide credits.
Shuka has already commenced drilling its fifth hole, a deeper target designed to intersect the ore body between 450 and 500 metres depth as part of the company’s ongoing 2,000-metre drilling campaign.
Management’s objective is to increase the existing resource base by 50%, subject to drilling results, while simultaneously improving confidence in the geological model.
Chief Executive Richard Lloyd described the latest intersection as another excellent result, noting that the drilling campaign continues to encounter grades that compare favourably with those reported in the historical resource estimate. He added that each new hole is improving understanding of the deposit and supporting the case for both lateral and depth extensions to the ore body.
For investors, KBDD04 provides further evidence that Kabwe remains a high-grade zinc asset with significant resource growth potential. The combination of strong grades, substantial widths and ongoing success in step-out drilling continues to support the company’s strategy of expanding the known resource while evaluating the broader development potential of one of Africa’s most historic zinc mining districts.
