Shuka Minerals hits 65.7% zinc at Kabwe mine

Shuka Minerals Plc, a Kenyan-based dynamic and innovative mining and development company, has reported exceptionally high-grade zinc results from its maiden diamond drill hole at the Kabwe Zinc Mine in Zambia, marking an early milestone in its 2026 exploration programme aimed at significantly expanding the historic asset’s resource base.

The African-focused mine operator and developer said its first completed drill hole at the Kabwe project intersected peak grades of up to 65.7% zinc, reinforcing expectations of stronger-than-modelled mineralisation at one of Zambia’s legacy mining districts.

Maiden drilling delivers high-grade intercepts

The initial drill hole, KBDD01, intersected 20.7 metres grading an average 18.02% zinc at the No. 2 ore body, materially higher than the 11.4% zinc grade outlined in a 2023 NI 43-101 technical report.

Within that interval, Shuka Minerals recorded a concentrated seven-metre zone grading between 25% and 65% zinc, with the peak assay of 65.7% zinc encountered at a down-hole depth of 213.2 metres.

The London- and Johannesburg AltX-listed mining company said the hole reached a final depth of 230.14 metres, with gyroscopic readings confirming drilling accuracy through previously mined ground located at depths of more than 200 metres. Mineralised zones were intersected between 206.8 metres and 227.5 metres, aligning closely with historical datasets used to model the ore body.

Expanding Kabwe’s resource base

The results form part of Shuka Minerals’ broader strategy to expand resources at Kabwe, which remains one of Zambia’s most historically significant zinc-lead districts.

A 2023 technical assessment by Behre Dolbear estimated remaining resources at 3.1 million tonnes grading 11.4% zinc, alongside associated lead, silver, and vanadium oxide credits.

The company has already initiated a second, deeper drill hole targeting mineralisation at approximately 300 to 320 metres below surface as part of a planned multi-phase drilling campaign.

Shuka Minerals, formerly Edenville Energy, said the programme is designed to support a potential 50% increase in the project’s mineral resource base over time, subject to further drilling and verification.

Technical execution and geological targeting

Chief Executive Officer Richard Lloyd said the initial results exceeded internal expectations, noting that targeting was informed by historical datasets from Anglo American and Zambia’s former state mining operator ZCCM.

Drilling is being conducted by Ox Drilling Limited, a contractor with more than two decades of operational experience in Zambia, while geological oversight is being provided by GeoQuest Limited during the current 2,000-metre phase of exploration.

The maiden hole was drilled at a 65-degree dip and a bearing of 130 degrees, ultimately recording a final azimuth of 132.31 degrees and a dip of 65.2 degrees, underscoring the complexity of drilling through previously mined ground.

Investor implications and sector backdrop

The results come as investor interest strengthens in high-grade base metals projects across Africa, particularly in jurisdictions such as Zambia, where mining infrastructure is already established.

Zinc, widely used in galvanising steel for construction, transport, manufacturing, and energy infrastructure, remains closely tied to global industrial demand trends.

For Shuka Minerals, higher-than-expected grades could materially improve project economics and strengthen the case for future development financing, subject to further resource confirmation and metallurgical analysis.

Shuka Minerals said additional drilling updates will be released as the Kabwe programme progresses, with the overall outcome expected to determine whether the company can achieve its targeted resource expansion.

The company maintains a primary listing on the London Stock Exchange AIM and a secondary listing on the AltX board of the Johannesburg Stock Exchange.