SKA Drilling Results Neutral
SHUKA MINERALS PLC - Kabwe Drilling (KBDD05) deep hole confirms ore body open at depth
Shuka Minerals Plc
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What this filing means
Shuka Minerals reports KBDD05 intersected 38.90% Zn over 3.50m at approximately 338–341m depth at the Kabwe No. 2 ore body, with the orebody confirmed open at depth and a step-out hole now commenced at a separate 'Speaks' target. The share had already risen over 30% in the 20 days before this announcement, and this is the fifth drill-hole result in the current campaign — the market has largely rehearsed this narrative, and the headline grade awaits JORC/NI 43-101 laboratory verification, not ju…
Bull case
- KBDD05 intersected 38.90% Zn over 3.50m (A1), markedly above the 11.4% Zn grade in the 3.1MT No. 2 resource estimate (A2), pointing to a higher-grade zone at depth.
- The orebody remains open at depth, with management now confident of drilling to 700m+ to test the deepest reaches of the previously developed ore body (A7).
Bear case
- Headline 38.90% Zn grade is from a portable XRF only and awaits JORC/NI 43-101 lab verification, leaving the central economic claim unconfirmed.
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