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Kabwe Drilling (“KBDD06” and “KBDD07”) Initial northerly exploration holes confirm continued mineralisation
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
KABWE DRILLING ("KBDD06" AND "KBDD07")
INITIAL NORTHERLY EXPLORATION HOLES CONFIRM CONTINUED MINERALISATION
Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is
pleased to announce that, further to the announcement on 1 July 2026, it has successfully
completed the sixth and seventh drill holes KBDD06 and KBDD07 in the previously unmined
"Speaks" and "Mine Club" zones at the Kabwe Zinc Mine ("Kabwe Project").
Drilling
The Company and consultants, GeoQuest, planned these exploration holes to intersect a
different, previously unexploited orebody in the Speaks and Mine Club areas some 1km+
NW from the Pit 2 area where we have been focussing our studies to date. The anticipated
depths of these drill holes will be at 150-275m.
KBDD06 drilled to a depth of 269m represents the first exploratory drill hole into the northern
part of the Speaks / Mine Club area which represents the northern extension of the old (and
a previously unexploited section) of the Kabwe Zinc-Lead-Copper deposit. The hole was
planned at a 50° dip on an azimuth of 050°. The actual readings from a down hole
gyroscope survey revealed the hole was 269.1m deep, with a final azimuth of 48.73° and a
dip of 51.32°.
It intersected a sequence of massive to banded dolomites, the Kabwe mineralisation host
rock, with mineralised veins from 55 to 91m downhole and 160 to 193m downhole.
KBDD07 drilled to a depth of 173.10m represents further exploratory drilling into the northern
part of the Speaks / Mine Club area. The hole was planned at a 75° dip on an azimuth of
090° from the same collar position as KBDD06. The actual readings from a down hole
gyroscope survey revealed the hole was 173.8m deep, with a final azimuth of 93.26° and a
dip of 73.88°.
Three mineralised zones were intersected at 20 to 25m, 83 to 88m and 140 to 142m
downhole.
The Behre Dolbear 2023 NI 43-101 report indicates that the Speaks orebody contains 1.944
million tonnes ("MT") of indicated and inferred resource at grades of 12% Zn and 2% Pb. The
Mine Club orebody contains 0.666 MT of indicated and inferred resource at grades of 11.7%
zinc ("Zn") and 0.8% lead ("Pb") plus silver and vanadium oxide. Copper mineralisation has
also been reported in the northerly areas.
Results
KBDD06 – 8.33m @1.69% Zn from 55.66 to 63.99m. A peak Zn reading of 11.24% was recorded.
KBDD06 – 6.00m @4.57% Zn from 84.66 to 90.66m. Peak Zn readings of 21.05%, 20.84% &
22.80% occurred across 1m of core.
KBDD06 – 4.33m @1.65% Zn from 160.33 to 164.66m. Pinpoint readings ranged from <1.00%
to 4.96% Zn.
KBDD06 – 5.33m @1.34% Zn from 187.33 to 192.66m. Pinpoint readings over the interval
ranged from <1.00% to 3.02% Zn.
KBDD07 – 3.66m @1.08% Zn from 21.33 to 24.99 m. Pinpoint readings ranged from <1.00% to
1.70% Zn.
KBDD07 – 4.33m @1.12% Zn from 83.33 to 87.66m. Pinpoint readings ranged from <1.00% to
4.15% Zn.
KBDD07 – 1.33m @1.60%Zn from 140.33 to 141.66m. Pinpoint readings ranged from 1.22% to
2.53% Zn.
These assays were taken with a calibrated XRF machine and will be verified in due course
with JORC/NI 43 101 laboratory analysis and testing. The results are based on the arithmetic
average of individual portable XRF pinpoint readings through the defined zone at a typical
regular data spacing of 3 readings per meter of whole core.
Encouragingly, we can clearly see the mineralisation in the northerly area, some 1km from
the main Pit 2 area, occurs in numerous veins. Whilst the average grade was lower in KBDD06
and KBDD07 than the exceptional grades encountered thus far in the current drilling
campaign, the presence of high-grade sections and mineralisation in general in these holes
is highly encouraging. The purpose of these holes was to target the northern extremities of
the underexplored Mine Speaks and Club orebodies. Hole KBDD08 is already underway and
will focus more centrally in these orebodies.
The GeoQuest geological team are on site with the Company's CEO, Richard Lloyd, who is
overseeing the initial phase of drilling which has now been extended to 2,500m due to the
excellent results received to date. Drilling is being undertaken by Ox Drilling Limited, a
contractor with 21 years established operating experience in Zambia.
The Company will update on further progress as drilling advances.
Shuka Minerals CEO, Richard Lloyd, commented:
"The northern areas of the Kabwe Project are less defined so the programme here is much
more of a true exploration drilling programme, we again hit mineralisation in our first holes
and demonstrated the northerly reaches of the orebodies. These exploration holes give us
so much more information about the orebody and its behaviour along strike. We now return
to drilling more centrally in this northern orebody and will have further drilling updates in the
near term."
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 Competent 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
Shuka Minerals plc has its primary listing on the London Stock Exchange ("AIM") and a
secondary listing on the AltX of the JSE Limited.
LONDON
10 July 2026
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: 10-07-2026 08:00:00
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