en.Wedoany.com Reported - On August 13, Shuka Minerals disclosed that drill hole KBDD09 at the Kabwe zinc mine in Zambia intersected a previously unknown near-surface ore body several hundred meters south of the Speaks and Mine Club ore bodies. Portable X-ray fluorescence analysis indicates the ore body contains multiple mineralization elements including zinc, lead, copper, and vanadium, with peak zinc grade approaching 65%.

KBDD09 is the first exploration drill hole targeting the new ore body, with a drill depth of 161.3 meters, an inclination of 80°, and an azimuth of 270°. The drilling identified three main mineralized intervals:

1. A 10.45-meter mineralized section from 2.95 meters to 13.40 meters downhole, with an average zinc grade of 3.35%, a peak zinc grade of 8.70%, and a maximum copper grade of approximately 0.3%.

2. A 26.60-meter mineralized section from 48.40 meters to 75 meters downhole, with an average zinc grade of 8.30%, a peak zinc grade of 43.66%, and a peak lead grade of 12.3%.

3. A 43.70-meter mineralized section from 75 meters to 118.70 meters downhole, with an average zinc grade of 10.77%. Within this interval, the 10.80-meter section from 86.60 meters to 97.40 meters averages 18.30% zinc; the section from 112.30 meters to 115 meters averages over 28% zinc with a vanadium grade of 0.79%, and the highest single-point zinc grade reaches 64.95%. The drill hole also identified a 2.80-meter lead mineralized interval from 111.90 meters to 114.70 meters, with an average lead grade of 5.4%.

The full core was tested at approximately three sample points per meter, and results are still subject to laboratory assay and verification in accordance with JORC and NI 43-101 standards. Therefore, these results represent drill-confirmed mineralization and cannot yet be directly classified as formal mineral resources.

The NI 43-101 report prepared by Behre Dolbear in 2023 shows that the Speaks ore body hosts approximately 1.944 million tonnes of indicated and inferred resources at 12% zinc and 2% lead; the Mine Club ore body hosts approximately 0.666 million tonnes of indicated and inferred resources at 11.7% zinc and 0.8% lead, with associated silver and vanadium oxide. The new ore body discovered by KBDD09 is located south of these resource areas, and if continuity is confirmed by follow-up drilling and assays, it could form additional resources beyond the current resource base.

Shuka Minerals has completed two additional exploration drill holes targeting the new ore body, with results to be released in due course. The Phase 1 geological report, being prepared by GeoQuest, is currently in progress, and drilling operations are being carried out by Zambian contractor Ox Drilling. Due to better-than-expected drilling results, the Phase 1 drilling program has been expanded from 2,000 meters to 2,500 meters, with Phase 2 drilling scheduled to commence later in 2026.

The Kabwe mine operated for approximately 88 years of continuous production before closing in 1994. Shuka Minerals completed the acquisition of the project in January 2026. Historical data indicates that the mine produced over 14.5 million tonnes of ore in total; a 2023 technical report estimates that the project still retains approximately 5.723 million tonnes of historical resources, containing approximately 700,000 tonnes of zinc and 100,000 tonnes of lead.