Shuka Minerals PLC (AIM:SKA) shares were on the front foot, moving up 6% to 3.62p, after reporting data from its latest drill hole at the Kabwe Zinc Mine in Zambia hit a western extension of the No.2 ore body, adding another high-grade intercept to its 2026 exploration campaign.
The fourth diamond drill hole, KBDD04, returned 6.86% zinc over 13 metres from 106.60 metres to 119.65 metres down hole, based on portable XRF readings. Individual readings peaked at 53.0% zinc, while higher point grades averaged 40.09% zinc in the uppermost 9 metres of the orebody.
KBDD04 was designed as a shallow hole to test the orebody west of previous drilling. It was stopped after encountering historic mine workings, with the company saying it was unwise to continue drilling through a void of more than 2 metres because of the risk of losing downhole equipment.
Chief executive Richard Lloyd said the hole intersected the orebody around 70 metres west of recent drilling and “once again highlight[s] the scale” of Kabwe.
The company said the results support its 2026 exploration objective of increasing the existing resource by 50%, subject to the drilling programme. Shuka has now started a fifth deep hole targeting the orebody at 450m-500m depth.
