Kabwe Drilling (“KBDD01-05”) Results
Shuka Minerals Plc has announced significant drilling results from the Pit 2 area of the Kabwe Zinc Mine, with ALS Laboratories confirming high-grade zinc intersections. Notably, hole KBDD03 returned 19.95 meters at 29.07% Zn, and hole KBDD05 showed a 3-meter intersection at 30.22% Zn. The company is considering a 5% Zn cut-off grade, which, compared to the historical 10% cut-off, reveals wider intersections and suggests a potential increase in the mineral resource by at least 50%, exceeding previous estimates of 1.958 million tonnes at 12% Zn.
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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:
| Hole ID | From | To | Width | Zn% | Pb% | Cut Off | Comment |
|---|---|---|---|---|---|---|---|
| KBDD01 | 206.06m | 227.40m | 21.34m | 13.37% | 0.96% | 5% Zn | 21.34m @13.37% Zn from 206.06m to 227.40m |
| KBDD01 | 206.06m | 218.35m | 12.29m | 17.61% | 0.90% | 10% Zn | 12.29m @17.61% Zn from 206.06m to 218.35m |
| KBDD02 | 251.0m | 278.0m | 27.0m | 5.46% | 1.06% | 5% Zn | 27m @5.46% Zn from 251.0m to 278.0m |
| KBDD02 | 251.0m | 256.9m | 5.9m | 10.29% | 1.36% | 10% Zn | 5.9m @10.29% Zn from 251.0m to 256.9m |
| KBDD03 | 221.0m | 240.9m | 19.95m | 29.07% | 0.87% | 5% Zn | 19.95m @29.07% Zn from 221.0m to 240.9m |
| KBDD03 | 221.0m | 240.9m | 19.95m | 29.07% | 0.87% | 10% Zn | 19.95m @29.07% Zn from 221.0m to 240.9m |
| KBDD04 | 106.06m | 112.9m | 6.84m | 9.37% | 0.69% | 5% Zn | 6.84m @9.37% Zn from 106.06m to 112.9m |
| KBDD04 | 106.06m | 111.15m | 5.09m | 9.76% | 0.49% | 10% Zn | 5.09m @9.76% Zn from 106.06m to 111.15m |
| KBDD05 | 335.6m | 342m | 6.4m | 15.33% | 0.62% | 2% Zn | 6.4m @15.33% Zn from 335.6m to 342m |
| KBDD05 | 338m | 341m | 3.0m | 30.22% | 0.97% | 10% 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 Directors of Shuka are responsible for the contents of this announcement.
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