Shuka Minerals launches first major Kabwe drilling campaign in decades

Edenville Energy ( (GB:SKA) ) has provided an announcement.

Shuka Minerals has appointed Ox Drilling as contractor and will start a fully funded Phase 1, 2,000-metre diamond drilling campaign at the Kabwe Zinc Mine in mid-May 2026, supported by geological consultants GeoQuest. This marks the first resource drilling at Kabwe since the 1970s and focuses on known mineralised zones at depths of 100–500 metres, feeding into a broader 10,000-metre Phase 2 programme and an updated JORC resource and reserves statement later in 2026.

The 2026 exploration plan aims to increase Kabwe’s current 6.8Mt resource by 50% and improve understanding of by-product metals that could become standalone value drivers, underpinned by experienced regional partners and modern drilling capacity. Successful execution would materially enhance Shuka’s resource base and project economics, reinforcing its growth prospects in Southern Africa’s base and critical metals sector and providing a more robust platform for future development decisions at Kabwe.

Spark’s Take on SKA Stock

According to Spark, TipRanks’ AI Analyst, SKA is a Neutral.

The overall stock score is primarily impacted by significant financial challenges and weak technical indicators. While the acquisition of the Kabwe Zinc Mine presents a potential growth opportunity, funding delays and negative valuation metrics weigh heavily on the stock’s attractiveness.

To see Spark’s full report on SKA stock, click here.

More about Edenville Energy

Shuka Minerals Plc is an African-focused mine operator and developer listed on London’s AIM and the JSE’s AltX. The company is advancing the Kabwe Zinc Mine in Zambia, targeting zinc and lead production with potential value-added by-products, including silver, vanadium, germanium and gallium, to strengthen its resource base and regional position.

Average Trading Volume: 367,244

Technical Sentiment Signal: Strong Sell

Current Market Cap: £4.32M

For an in-depth examination of SKA stock, go to TipRanks’ Overview page.