Shuka Minerals Plc (AIM/AltX: SKA) has reported further encouraging drilling results from the Kabwe Zinc Mine in Zambia, with exploration holes KBDD06 and KBDD07 confirming continued mineralisation in the previously unmined Speaks and Mine Club zones.
The two holes were designed to test a separate and relatively underexplored part of the Kabwe deposit, located more than one kilometre northwest of the Pit 2 area that has been the main focus of the company’s work to date.
KBDD06 was drilled to a depth of 269.1 metres and intersected mineralised veins between 55 and 91 metres downhole and again between 160 and 193 metres.
Portable XRF readings from the hole included 8.33 metres averaging 1.69% zinc from 55.66 metres, with a peak reading of 11.24% zinc.
A second interval returned 6 metres averaging 4.57% zinc from 84.66 metres, including peak readings of 21.05%, 20.84% and 22.80% zinc across one metre of core.
Further intersections included 4.33 metres averaging 1.65% zinc from 160.33 metres and 5.33 metres averaging 1.34% zinc from 187.33 metres.
KBDD07 was drilled to a depth of 173.8 metres and intersected three mineralised zones.
Results included 3.66 metres averaging 1.08% zinc from 21.33 metres, 4.33 metres averaging 1.12% zinc from 83.33 metres and 1.33 metres averaging 1.60% zinc from 140.33 metres.
Shuka said the results were particularly encouraging given that the holes were targeting the northern extremities of the underexplored Speaks and Mine Club orebodies.
The 2023 Behre Dolbear NI 43-101 report estimated that the Speaks orebody contains 1.944 million tonnes of Indicated and Inferred resources grading 12% zinc and 2% lead.
The Mine Club orebody was estimated to contain 0.666 million tonnes of Indicated and Inferred resources grading 11.7% zinc and 0.8% lead, alongside silver and vanadium oxide. Copper mineralisation has also been reported in the northern areas.
Shuka acknowledged that the average grades returned from KBDD06 and KBDD07 were lower than some of the exceptional results seen elsewhere in the current campaign. However, the company said the presence of several high-grade sections and widespread mineralisation remained highly encouraging.
Chief executive Richard Lloyd said the northern area represented a more genuine exploration target because it is less well defined than other parts of the Kabwe deposit.
“These exploration holes give us so much more information about the orebody and its behaviour along strike,” he said.
Shuka has now started drilling hole KBDD08, which will test a more central part of the northern orebody.
The initial drilling programme has also been extended to 2,500 metres following the results received to date.
The reported assays were obtained using a calibrated portable XRF machine and are based on arithmetic averages of individual readings taken across the core. They will be verified through laboratory analysis and testing in accordance with JORC and NI 43-101 standards.
