London-based Shuka Minerals Plc has reported the […]

London-based Shuka Minerals Plc has reported the discovery of another high-grade mineralized zone at the historic Kabwe Zinc Mine in Zambia, further boosting confidence in the site’s worldclass potential.

The company, which recently acquired 100% ownership of the mine by purchasing Leopard Exploration and Mining Limited (LEM) for US$4.5 million, continues to advance its exploration campaign with positive results.

 Shuka Minerals, which is dual-listed on the London Stock Exchange AIM (LSE AIM: SKA) and Johannesburg Stock Exchange AltX (JSE AltX: SKA), confirmed the successful completion of a third diamond drill hole at Kabwe’s No. 2 ore body. This hole, planned at a 65-degree dip and 125-degree bearing, targeted mineralization 30 metres east of a previous intersection, reaching a depth of 240 metres. Downhole gyroscope surveys confirmed precise drilling, essential for 3D modeling of the orebody.

Preliminary results from the drill hole (KBDD03) show an impressive 29.58% zinc over 19 metres, based on 62 individual portable XRF readings, with zinc grades ranging from 1.0% to 53.0%. Notably, the uppermost 9 metres averaged 40.09% zinc. This follows the 2023 Behre Dolbear NI 43-101 resource estimate, which outlined 3.1 million tonnes of ore at an average grade of 11.4% zinc and 1.7% lead, along with silver and vanadium oxide.

 Meanwhile, responding to a query from the Zambian Business Times – ZBT, on whether the valuation of the Zinc mine now confirms the mine exceeds $2 billion, thereby enhancing its investment appeal, Shuka Minerals CEO Richard Lloyd emphasized that it is too early to make definitive assessments. “There remains a significant amount of work to be done before any firm conclusions can be reached,” he stated.

“However, the results from the initial phases have been very encouraging.” Lloyd further noted, “Substantial investment will be necessary to advance the project. We have already begun employing local residents and are hopeful that our efforts are starting to make a positive impact in Kabwe.”

 “The follow up holes of our campaign continue to deliver excellent Zn grades, with every hole and intersection we are learning more and more about the orebody. It is also extremely encouraging to continue to see much higher grades and over significant widths versus the previously reported N 43 101 resource. The upcoming drill holes will look to prove the ore body extending laterally and at depth.” He noted.

Article by Tyndale Muchiya