Shuka Minerals (AIM:SKA), the AIM and AltX-listed African mine operator and developer, said it has intersected a previously unknown orebody a few hundred metres south of the Speaks and Mine Club zones at its Kabwe Zinc Mine in Zambia.
The discovery came from drill hole KBDD09, the first of three exploratory holes targeting the new find, drilled to 161.3 metres.
Pinpoint XRF readings across mineralised intervals ranged from under 1% to 65% zinc, with lead present at 0.1% to 12.3%, alongside copper and vanadium grades consistent with historically reported oxide mineralisation nearby.
The Behre Dolbear 2023 NI 43-101 report put the Speaks orebody at 1.944 million tonnes of indicated and inferred resource grading 12% zinc and 2% lead, with Mine Club holding 0.666 million tonnes at 11.7% zinc and 0.8% lead plus silver and vanadium oxide.
The new orebody sits in addition to those previously reported resources.
One interval in KBDD09 ran 43.7 metres averaging 10.77% zinc from 75 to 118.7 metres, including a section over 28% zinc and 0.79% vanadium, with a peak reading of 64.95% zinc.
The XRF assays await verification through JORC and NI 43-101 laboratory testing.
"To have zinc, lead, copper and vanadium mineralisation existing in the same intervals suggest much richer mineral bearing fluids and perhaps a zonal nature of the wider orebody," said chief executive Richard Lloyd.
The initial drilling phase has been extended to 2,500 metres, with results from holes KB010 and KB011 due in due course and a second phase planned later in the year.
News Intelligence what this means for the company
Shuka Minerals' ninth drill hole at Kabwe has intersected a previously unknown zinc-lead-copper-vanadium orebody south of its two known zones, with one interval averaging 10.77% zinc over 43.7 metres and peak readings exceeding 64% zinc. This discovery sits adjacent to the Speaks orebody (1.944 Mt at 12% Zn) and Mine Club zone (0.666 Mt at 11.7% Zn), expanding the resource footprint at a site where Phase 1 drilling has now been extended to 2,500 metres—a material step toward the planned JORC/NI 43-101 resource upgrade due in 2026.
The new orebody adds exploration upside to Shuka's near-term Kabwe development case, though assay results remain unverified pending laboratory testing. Success in extending the resource base and confirming grades at depth would strengthen the pathway to production, but execution risk remains until JORC-compliant resource estimates are published.
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