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Shuka Minerals Ltd. completed its fifth drill hole at the Kabwe Zinc Mine in Zambia, intercepting high-grade mineralization at depth even as complex underground conditions caused drilling deviations.
The London- and Johannesburg-listed explorer reported a 100% hit rate for its Phase 1 drilling program at the site’s No. 2 ore body. The latest deep hole, dubbed KBDD05, was designed to test the western limb of the deposit. It returned an average grade of 38.90% zinc over a 3.5-meter interval at a depth between 338 meters and 341.5 meters, measured via portable X-ray fluorescence (XRF) readings.
The results significantly outperform historical averages for the asset. A 2023 technical report by Behre Dolbear previously estimated that the No. 2 ore body holds 3.1 million tons of remaining ore grading 11.4% zinc and 1.7% lead, alongside silver and vanadium oxide credits.
Despite the operational milestone, Shuka’s Johannesburg-listed shares fell 4% to 72 cents on Wednesday afternoon. The stock has been under pressure over the past year, down from R1.40 twelve months ago, reflecting broader market headwinds for junior explorers.
The fifth hole presented technical challenges for contractor Ox Drilling, which encountered a combination of natural karst solution cavities and historic mining voids between 324.90 meters and 327.75 meters downhole. The underground gaps caused the drill to deviate westward, though crews managed to push the hole to a final depth of 419 meters.
“The deeper planned holes of any drilling campaign always contain some trepidation as you wait for expected ore zones to be hit,” Shuka Chief Executive Officer Richard Lloyd said in a statement. “The skill of OX drilling, especially in light of intersecting historic mine workings and cavities, helped deliver further high-grade zinc and lead mineralisation.”
The company is targeting a 50% increase to its existing resource base through its 2026 exploration program. Historical mine plans show medium- to high-grade blocks continuing to depths of 1,650 feet (550 meters), and management believes the latest data confirms the system’s continuity.
“We can clearly see the mineralisation continues at depth and at the same time are successfully testing the western limits of the known ore body,” Lloyd said. “This deep hole gives us much more information about the orebody and its behaviour at depth, and we are now confident we can drill… to confirm the deepest reaches of the previously developed ore body.”
Shuka has already commenced its sixth drill hole, shifting its focus away from the main Pit 2 area to explore the “Speaks” target, an unexploited zone located roughly 1 kilometer away. The sixth hole is projected to reach a depth of 250 to 300 meters.
The initial 2,000-meter drilling phase is being overseen on-site by Lloyd alongside geological consultants from GeoQuest.
“Having had a 100% hit rate at our No. 2 ore body, with results far exceeding historical averages, we turn our focus to other highly prospective areas of Kabwe,” Lloyd added. “I look forward to updating shareholders as the results are received from the balance of Phase 1 drilling.”
