Shuka Minerals plc (AIM: SKA) has reported another strong drilling result from its Kabwe Zinc Project in Zambia, with the third diamond drill hole of its 2026 exploration programme intersecting a substantial high-grade zinc zone within the No. 2 ore body.
Drill hole KBDD03 returned an impressive intersection of 19.0 metres grading 29.58% zinc from 221.1 metres to 240.1 metres downhole, based on portable XRF analysis. Within the mineralised interval, the upper nine metres averaged an even higher 40.09% zinc, with individual readings reaching as much as 53% zinc.
The hole was designed to test the ore body approximately 30 metres east of the previously reported KBDD01 intersection and successfully confirmed the continuity of high-grade mineralisation.
Management noted that the latest result continues a trend of zinc grades significantly exceeding those outlined in the existing 2023 NI 43-101 resource estimate, which reported remaining resources of 3.1 million tonnes grading 11.4% zinc and 1.7% lead, alongside silver and vanadium credits.
Geologically, the mineralisation is hosted within weakly brecciated to semi-massive hematitic ironstone containing zinc silicate and zinc carbonate minerals. The underlying dolomite footwall also displays structural features believed to contribute to zinc mineralisation.
The drilling programme forms part of Shuka’s strategy to increase the existing resource base by up to 50%, subject to ongoing drilling success and final assay results.
A fourth drill hole is already underway and will target the western extension of the ore body, while future holes are expected to test lateral and depth extensions of the mineralised system.
Chief Executive Richard Lloyd said the campaign continues to deliver excellent zinc grades and is providing a much better understanding of the ore body’s geometry and scale.
He added that the results are particularly encouraging given the significantly higher grades and widths being encountered compared with the historical resource model, increasing confidence in the potential for a substantial resource upgrade.
Laboratory assays compliant with JORC and NI 43-101 standards are expected to be completed in due course to verify the portable XRF results.
With drilling continuing and multiple targets still to be tested, the Kabwe Project is increasingly demonstrating the potential to become a significantly larger and higher-grade zinc asset than previously recognised.
