# Shuka Minerals shares rise over 10% as drilling uncovers high-grade zinc at Kabwe Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a Original source: https://www.proactiveinvestors.com/companies/news/1100222/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe-1100222.html Publisher: proactiveinvestors Original announcement: 2026-10-16T12:30:58.966Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-16T12:33:37.105Z Atlas analysis updated: 2026-10-16T12:33:37.105Z - Company: Shuka Minerals PLC - Ticker: SKA - Exchange: Unavailable - Region: Zambia - Primary commodity: Zinc - Secondary commodities: Lead, Silver, Vanadium, Germanium, Gallium - Document categories: Drill results, Resource update - Extracted: 2026-10-16 12:33:37 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Shuka Minerals reported high-grade zinc drilling results from its Kabwe project in Zambia, including significant intercepts at the newly identified Sperm Whale target. The results include zinc grades as high as 49.7% and are expected to potentially increase the project's historical mineral resources by at least 50%. Reasoning: Drilling at the Kabwe project returned exceptional zinc grades \(up to 49.7%\) and identified a new, previously untested target, which is expected to expand existing resources. - Positive factor: High-grade zinc intercepts - Positive factor: Discovery of new target \(Sperm Whale\) - Positive factor: Significant grade-width products - Negative factor: Laboratory results for some elements \(silver, vanadium, etc.\) are still outstanding Facts used in scoring: 9 ## Classification and evidence **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Zinc grades of 46.7%, 41.2%, and 49.7% are exceptionally high. Evidence · text > strongest individual laboratory results from the campaign reached 46.7% zinc in KBDD09, 41.2% in KBDD10 and 49.7% in KBDD11 **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling uncovered a previously unexplored target \(Sperm Whale\). Evidence · text > including a previously unexplored target... at the newly identified Sperm Whale target ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Drill Results (5) ### KBDD09 [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-drill-facts-0) Kabwe · zinc #### Identity - Hole ID: KBDD09 - Project: Kabwe - Commodity: zinc - Region: zambia - Reported Region: zambia - Ticker: SKA #### Geometry - Grade: 29.45 - Grade Unit: % - Intercept: 6.7 m #### Classification - Sample Type: drill - Group ID: KBDD09:null-null #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: 29.45% zinc over 6.7m is an exceptional intercept for a zinc project. - Positive factor: Exceptional zinc grade Evidence · text > KBDD09 intersected zinc grades of 29.45% over 6.7 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### KBDD10 [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-drill-facts-1) Kabwe · zinc #### Identity - Hole ID: KBDD10 - Project: Kabwe - Commodity: zinc - Region: zambia - Reported Region: zambia - Ticker: SKA #### Geometry - Grade: 36.4 - Grade Unit: % - Intercept: 1.2 m #### Classification - Sample Type: drill - Group ID: KBDD10:null-null #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Extremely high grade \(36.4%\) but very narrow intercept \(1.2m\). - Positive factor: Very high grade - Negative factor: Narrow width Evidence · text > KBDD10 returned 36.4% over 1.2 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### KBDD11 [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-drill-facts-2) Kabwe · zinc #### Identity - Hole ID: KBDD11 - Project: Kabwe - Commodity: zinc - Region: zambia - Reported Region: zambia - Ticker: SKA #### Geometry - Grade: 26.63 - Grade Unit: % - Intercept: 12 m #### Classification - Sample Type: drill - Group ID: KBDD11:null-null #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: High grade \(26.63%\) over a significant width \(12m\) provides a strong GT product. - Positive factor: Strong grade and width Evidence · text > KBDD11 recorded 26.63% over 12 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### KBDD08 [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-drill-facts-3) Kabwe · zinc #### Identity - Hole ID: KBDD08 - Project: Kabwe - Commodity: zinc - Region: zambia - Reported Region: zambia - Ticker: SKA #### Geometry - Grade: 8.09 - Grade Unit: % - Intercept: 3.45 m #### Classification - Sample Type: drill - Group ID: KBDD08:null-null #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Moderate zinc grade in the Swimming Pool area. - Positive factor: Identified mineralisation Evidence · text > KBDD08 returning 8.09% zinc over 3.45 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### KBDD08 [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-drill-facts-4) Kabwe · zinc #### Identity - Hole ID: KBDD08 - Project: Kabwe - Commodity: zinc - Region: zambia - Reported Region: zambia - Ticker: SKA #### Geometry - Grade: 9.18 - Grade Unit: % - Intercept: 2.55 m #### Classification - Sample Type: drill - Group ID: KBDD08:null-null #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Sub-interval or secondary intercept in the Swimming Pool area. - Positive factor: Identified mineralisation Evidence · text > 9.18% over 2.55 metres within that interval #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-resource-facts-5) zinc #### Identity - Commodity: zinc - Region: zambia - Reported Region: Zambia - Ticker: SKA #### Resource scope - Estimate type: resource - Resource group id: resource:c38409451bef0a8638a5 - Deposit or zone: Speaks orebody #### Resource Data - Category: indicated - Tonnes: 1944000 - Grade: 12 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical resource estimate for the Speaks orebody. - Negative factor: Historical assessment Evidence · text > historical assessments identified 1.944 million tonnes of indicated and inferred resources at the Speaks orebody, grading 12% zinc #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-resource-facts-6) lead #### Identity - Commodity: lead - Region: zambia - Reported Region: Zambia - Ticker: SKA #### Resource scope - Estimate type: resource - Resource group id: resource:c38409451bef0a8638a5 - Deposit or zone: Speaks orebody #### Resource Data - Category: indicated - Tonnes: 1944000 - Grade: 2 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical resource estimate for the Speaks orebody. - Negative factor: Historical assessment Evidence · text > 1.944 million tonnes of indicated and inferred resources at the Speaks orebody, grading 12% zinc and 2% lead #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-resource-facts-7) zinc #### Identity - Commodity: zinc - Region: zambia - Reported Region: Zambia - Ticker: SKA #### Resource scope - Estimate type: resource - Resource group id: resource:16bab876dd50d1fccdbf - Deposit or zone: Mine Club orebody #### Resource Data - Category: indicated - Tonnes: 666000 - Grade: 11.7 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical resource estimate for the Mine Club orebody. - Negative factor: Historical assessment Evidence · text > Mine Club orebody contains a further 666,000 tonnes of indicated and inferred resources, grading 11.7% zinc #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/shuka-minerals-shares-rise-over-10-as-drilling-uncovers-high-grade-zinc-at-kabwe--2f74d998-b491-4827-9446-7c459f63de9a#fact-resource-facts-8) lead #### Identity - Commodity: lead - Region: zambia - Reported Region: Zambia - Ticker: SKA #### Resource scope - Estimate type: resource - Resource group id: resource:16bab876dd50d1fccdbf - Deposit or zone: Mine Club orebody #### Resource Data - Category: indicated - Tonnes: 666000 - Grade: 0.8 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical resource estimate for the Mine Club orebody. - Negative factor: Historical assessment Evidence · text > Mine Club orebody contains a further 666,000 tonnes of indicated and inferred resources, grading 11.7% zinc and 0.8% lead #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.