Shuka Minerals secures £750k at 45% premium as Kabwe drilling returns up to 65% zinc grades
StockBox Media spoke with Rich Lloyd, CEO of Shuka Minerals (AIM/AltX: SKA), for an update on the company’s Kabwe project in Zambia.
Rich discusses the restructuring of the company’s loan arrangements and the arrival of Menel Energy and Resources as a strategic investor. The group has committed £750,000 across two tranches at a significant premium to the company’s prevailing share price.
The interview also covers the latest 2,500-metre drilling programme at Kabwe, where reported intersections included zinc grades of up to 65%. With further assay results pending, Shuka Minerals is now working with its technical consultants to plan the next drilling phase and advance the project towards an upgraded resource and definitive feasibility study.
Key topics discussed:
• £750,000 strategic investment from Menel Energy and Resources
• Loan restructuring and commencement of repayments
• Kabwe drilling programme expanded to 2,500 metres
• Zinc grades reaching up to 65%
• Results pending from the final drill holes
• Further drilling planned for the autumn
• Target to increase the Kabwe resource by at least 50%
• Long-term plans to advance the project towards feasibility studies
