Shuka Minerals (AIM:SKA) shares surged 8.3% to 3.0p after the company reported a 65.7% zinc reading in its maiden diamond drill hole at the Kabwe mine.
The main intersection ran 20.7 metres from 206.8m to 227.5m and averaged 18.02% zinc against the Behre Dolbear NI 43-101 reported grade of 11.4% Zn, a result the company says exceeds pre-drill expectations and aligns with its objective of increasing the NI 43-101 resource by 50%.
"With this planning and the skill of the Ox Drilling operators, we hit the target spot on and the results are well beyond our expectations," Chief Executive Officer Richard Lloyd said.
GeoQuest logged a 7m zone from 210.5m-217.5m with values between 25-65% Zn and recorded the maximum reading at 213.2m.
Assays reported were taken with a calibrated XRF and will be verified with JORC/NI 43-101 laboratory analysis.
A down‑hole gyroscope survey showed the hole finished at 230.14m with a final azimuth of 132.31 degrees and a dip of 65.2 degrees.
Shuka has commenced a deeper follow-up hole targeting c.300-320m as part of an initial 2,000m programme overseen on site by GeoQuest and the CEO and drilled by Ox Drilling Limited.
The company will provide further updates as drilling progresses.
