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Kabwe Drilling (“KBDD01-05”) ALS Laboratories Confirm Scale and High-Grade Drilling Results at Pit 2 of the Kabwe Project
SHUKA MINERALS PLC
(Incorporated in England and Wales)
(Registration number 05292528)
(“Shuka Minerals” or “the Company”)
ISIN Code: GB00BN47NP32
AIM Share Code: SKA JSE Share Code: SKA
Shuka Minerals Plc
("Shuka" or the "Company")
Kabwe Drilling (“KBDD01-05”)
ALS Laboratories Confirm Scale and High-Grade Drilling Results at Pit 2 of the Kabwe Project
Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to
announce that, further to the announcement on 26 August 2026, it has received laboratory results
from ALS Labs for all 5 holes drilled in the “PIT 2” area at the Kabwe Zinc Mine (“Kabwe Project”).
Holes KBDD01 through KBDD05 were drilled as part of the 1st phase drilling campaign recently
concluded by Ox Drilling. Samples were delivered to ALS Labs, Ndola, where they were prepared
and sent to the ALS laboratory in Johannesburg where they were tested by ICP Sodium Peroxide
Infusion (ME-ICP 81) for Zn, Pb and Cu.
The table below summarises the results received and the Zinc (“Zn”) intersections derived at
2 different cut off grades. A 10% Zn cut-off grade was historically used, however, the Board considers
that, given current analysis and commodity prices, utilisation of a 5% Zn cut-off grade is more
appropriate, which significantly increases the historically reported and current resources. KBDD05
holes can even sustain a 2% cut off grade due to the very high grade zones within. The final mining
methods would determine these cut offs:
Cut
Hole ID From To Width Zn% Pb% Off Comment
21.34m @13.37% Zn from 206.06m to
KBDD01 206.06m 227.40m 21.34m 13.37% 0.96% 5% Zn 227.40m
10% 12.29m @17.61% Zn from 206.06m to
KBDD01 206.06m 218.35m 12.29m 17.61% 0.90% Zn 218.35m
27m @5.46% Zn from 251.0m to
KBDD02 251.0m 278.0m 27.0m 5.46% 1.06% 5% Zn 278.0m
10% 5.9m @10.29% Zn from 251.0m to
KBDD02 251.0m 256.9m 5.9m 10.29% 1.36% Zn 256.9m
19.95m @29.07% Zn from 221.0m to
KBDD03 221.0m 240.9m 19.95m 29.07% 0.87% 5% Zn 240.9m
10% 19.95m @29.07% Zn from 221.0m to
KBDD03 221.0m 240.9m 19.95m 29.07% 0.87% Zn 240.9m
6.84m @9.37% Zn from 106.06m to
KBDD04 106.06m 112.9m 6.84m 9.37% 0.69% 5% Zn 112.9m
10% 5.09m @9.76% Zn from 106.06m to
KBDD04 106.06m 111.15m 5.09m 9.76% 0.49% Zn 111.15m
6.4m @15.33% Zn from 335.6m to
KBDD05 335.6m 342m 6.4m 15.33% 0.62% 2% Zn 342m
10%
KBDD05 338m 341m 3.0m 30.22% 0.97% Zn 3m @30.22% Zn from 338m to 341m
A strict QAQC Regime representing combined 14.5% Insertion frequency of CRM’s, Blanks and
Duplicates was followed and adhered to.
Maximum zinc grade lab results returned for the Pit 2 drilling campaign were as follows and compare
favourably with the pXRF results previously announced:
KBDD01: 38.4% Zn
KBDD02: 31.9% Zn
KBDD03: 48.5% Zn
KBDD04: 25.5% Zn
KBDD05: 48.5% Zn
The Behre Dolbear 2023 NI 43-101 report indicates that the No 2 orebody contains 1.958 million tonnes
(“MT”) of indicated and inferred resource at grades of 12% Zn and 2% Pb down to 300m depth, out
of a total estimated remaining tonnage of 2.956MT at 11.5% Zn and 1.7% Pb to 600m depth.
Significant silver and vanadium oxide also exist. Additional analysis is still being undertaken by ALS for
silver, vanadium, germanium and gallium with those results expected in due course.
Shuka Minerals CEO, Richard Lloyd, commented:
“The lab results returned confirm extremely high grades in the Pit 2 area and well above those grades
previously reported in the historic blocks where averages were reported at 11.5% Zn and 1.7%Pb with
the highest grades reported being 20-22% Zn. This may be due to the improvement in laboratory
testing capabilities since the historic resource.
“The lab results compare favourably to the spot pXRF results. We have compared readings with 2 cut
off grades, a historic 10% Zn cut-off and a more realistic 5% Zn cut-off, the results clearly show much
wider intersections at the more realistic cut-offs, and with the very high grades you would be able to
withstand increased internal dilution once mining commences.
“These results give the Board confidence in a significantly increased mineral resource and supports
the Company’s statement that we are looking to increase the historical resource at Pit 2 by at least
50%.”
Qualified Person
The technical information contained in this disclosure has been read and approved by Richard Lloyd,
a current Fellow of the Geological Society and a Fellow Institute of Metals, Minerals and Mining and
acts as a Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
The Directors of Shuka are responsible for the contents of this announcement.
ENDS
LONDON
23 September 2026
Shuka Minerals plc has its primary listing on the London Stock Exchange (“AIM”) and a secondary
listing on the AltX of the JSE Limited.
For enquiries contact:
Shuka Minerals Plc +44 (0)7990 503 007
Richard Lloyd
Chief Executive Officer
Nominated Adviser +44 (0)20 7213 0880
Cairn Financial Advisers LLP
Sandy Jamieson / Ludovico Lazzaretti / James
Western
JSE Sponsor & Listing Advisor +27 (11) 480 8500
AcaciaCap Advisors Proprietary Limited
Michelle Krastanov
Broker +44 (0)20 7100 5100
Tavira Financial Limited
Oliver Stansfield / Jonathan Evans
Investor Relations +44 (0)208 892 8329
Olivia Lloyd
Caution:
Certain statements in this announcement, are, or may be deemed to be, forward looking statements.
Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'',
"should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of
those, variations or comparable expressions, including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the Directors' current expectations and
assumptions regarding the Company's future growth, results of operations, performance, future capital
and other expenditures (including the amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward looking statements reflect the Directors'
current beliefs and assumptions and are based on information currently available to the Directors.
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 23/09/2026 08:01:00
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