Welcome!

News Feed Item

Shark Minerals Inc.: Initial Results From Block 14

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/21/13 -- Shark Minerals Inc. (the "Company" or "Shark") is pleased to report initial results from Block 14, Northern Sudan.

Our exploration work to date in Block 14 has identified six exploration targets. Shark is earning a 70% interest in Block 14 through the payment of US$9.5 million in staged acquisition payments. Of these US$3.5 million has been paid to date.

Shark completed a total of 2,116m of drilling in 15 holes at the Galat Sufar South target, on Block 14 in late 2012. This comprised two diamond core (DD) holes (355m) and 13 reverse circulation (RC) holes (1,561m). The table below shows highlighted results from this first drilling in the area:


---------------------------------------------------------------------------
                                            Au g/t                         
          Hole                       Au g/t cut to                         
Hole      Type    From    To Metres   uncut 10 g/t  Comments               
---------------------------------------------------------------------------
GSDD001   DD        80   161     81    1.22   1.22                         
---------------------------------------------------------------------------
GSDD002   DD        43    74     31    3.70   3.13  0-43m yet to be assayed
---------------------------------------------------------------------------
                    77    98     21    1.36   1.36                         
---------------------------------------------------------------------------
                   136   148     12    0.80   0.80                         
---------------------------------------------------------------------------
                   161   174     13    1.74   1.74                         
---------------------------------------------------------------------------
                   210   222     12    1.64   1.64                         
---------------------------------------------------------------------------
GSRC001   RC        26    85     59    2.67   2.67                         
---------------------------------------------------------------------------
                    94   120     26    2.48   2.48  Hole ends in grade     
---------------------------------------------------------------------------
GSRC002   RC         5    21     16    5.02   3.59                         
---------------------------------------------------------------------------
                    42    49      7    1.17   1.17                         
---------------------------------------------------------------------------
                    54    95     41    2.30   2.30                         
---------------------------------------------------------------------------
GSRC003   RC         0    10     10    4.61   4.24                         
---------------------------------------------------------------------------
                    27    36      9    5.42   4.13                         
---------------------------------------------------------------------------
                   101   120     19    13.6   6.39  Hole ends in grade     
---------------------------------------------------------------------------
GSRC004   RC        68    77      9    1.21   1.21                         
---------------------------------------------------------------------------
                    86   121     35    1.42   1.42  Hole ends in grade     
---------------------------------------------------------------------------
GSRC005   RC        21    25      4    1.02   1.02                         
---------------------------------------------------------------------------
                    29    38      9    0.68   0.68                         
---------------------------------------------------------------------------
GSRC006   RC        18    25      7   13.18   6.99                         
---------------------------------------------------------------------------
                   110   120     10    2.77   2.61  Hole ends in grade     
---------------------------------------------------------------------------
GSRC007   RC         8    15      7    2.64   2.64                         
---------------------------------------------------------------------------
                    68    78     10    1.13   1.13                         
---------------------------------------------------------------------------
GSRC008   RC        12    18      6    1.92   1.92                         
---------------------------------------------------------------------------
                    81    99     18    0.86   0.86                         
---------------------------------------------------------------------------
GSRC009   RC         4     8      4    0.49   0.49                         
---------------------------------------------------------------------------
                    11    16      5    2.01   2.01                         
---------------------------------------------------------------------------
                    19    24      5    6.63   6.63                         
---------------------------------------------------------------------------
                    77    84      7    1.92   1.92                         
---------------------------------------------------------------------------
GSRC010   RC        23    34     11    0.65   0.65                         
---------------------------------------------------------------------------
GSRC011   RC         0    35     35    3.65   3.60                         
---------------------------------------------------------------------------
                    47    51      4    0.56   0.56                         
---------------------------------------------------------------------------
                    57    72     15    3.27   3.03                         
---------------------------------------------------------------------------
                    76    79      3    1.40   1.40                         
---------------------------------------------------------------------------
GSRC012   RC         0    63     63    2.39   2.03                         
---------------------------------------------------------------------------
                    66    84     18    0.76   0.76                         
---------------------------------------------------------------------------
                    89    94      5    2.61   2.61                         
---------------------------------------------------------------------------
                    99   106      7    0.84   0.84                         
---------------------------------------------------------------------------
GSRC013   RC         0    16     16    1.85   1.85                         
---------------------------------------------------------------------------
                    97   101      4    0.93   0.93                         
---------------------------------------------------------------------------
Note: Drilling results are quoted as downhole intersections. The geology of
the prospect is not fully understood and the true width of the             
mineralisation is variable but is estimated to be between 40% and 90%. The 
reported intercepts for RC and diamond drilling were determined using a    
cut-off grade of 0.50g/t Au with a maximum of 3m internal dilution being   
incorporated into the intercept where appropriate. Intercepts have been    
reported both with and without the application of a 10g/t top cut.         

The table below shows selected trench and chip channel results from the initial exploration target areas at Block 14.


---------------------------------------------------------------------------
                                                                     Au g/t
                                                                     cut to
Trench     Target                  From      To    Metres   Au g/t   10 g/t
---------------------------------------------------------------------------
14HC003RA  Galat Sufar South          8       48       40     1.70     1.70
---------------------------------------------------------------------------
14HC003RB  Galat Sufar South          0       14       14     0.78     0.78
---------------------------------------------------------------------------
14HC004    Galat Sufar South         30       82       52     2.12     2.12
---------------------------------------------------------------------------
14HC005    Galat Sufar South         14       24       10     9.60     7.08
           ----------------------------------------------------------------
           Galat Sufar South         84       92        8     2.16     2.16
---------------------------------------------------------------------------
14HC007    Galat Sufar South         22       44       22     6.83     4.87
           ----------------------------------------------------------------
           Galat Sufar South         60       88       28     2.21     2.05
---------------------------------------------------------------------------
14HC008    Galat Sufar South         12       46       34     4.45     4.34
           ----------------------------------------------------------------
           Galat Sufar South         56       80       24     1.23     1.23
---------------------------------------------------------------------------
14HC009    Galat Sufar South         22       30        8     4.13     3.70
           ----------------------------------------------------------------
           Galat Sufar South         56       66       10     0.93     0.93
---------------------------------------------------------------------------
14HC010    Galat Sufar South         72      100       28     1.93     1.93
           ----------------------------------------------------------------
           Galat Sufar South        110      120       10     0.45     0.45
---------------------------------------------------------------------------
14HC011    Galat Sufar South          8       20       12     0.97     0.97
---------------------------------------------------------------------------
14HC012    Galat Sufar South          4       20       16     2.19     2.19
           ----------------------------------------------------------------
           Galat Sufar South         26       52       26     1.39     1.39
---------------------------------------------------------------------------
14HC013    Galat Sufar South         44       48        4     4.04     4.04
---------------------------------------------------------------------------
14HC064    Galat Sufar South         24       34       10     1.82     1.82
           ----------------------------------------------------------------
           Galat Sufar South         56       66       10     0.89     0.89
           ----------------------------------------------------------------
           Galat Sufar South        160      168        8     1.63     1.63
---------------------------------------------------------------------------
14HC065B   Galat Sufar South          0        6        6     0.93     0.93
---------------------------------------------------------------------------
14HC065C   Galat Sufar South         24       42       18     2.02     1.66
---------------------------------------------------------------------------
14HC066A   Galat Sufar South          0       12       12     1.09     1.09
           ----------------------------------------------------------------
           Galat Sufar South         18       28       10     1.74     1.74
           ----------------------------------------------------------------
           Galat Sufar South         36       64       28     2.58     2.45
---------------------------------------------------------------------------
14HC066B   Galat Sufar South          2       16       14     6.02     5.89
---------------------------------------------------------------------------
14HC070    Galat Sufar South         54       64       10     1.04     1.04
---------------------------------------------------------------------------
14TR039A   Galat Sufar South        426      504       78     1.95     1.95
---------------------------------------------------------------------------
14TR039B   Galat Sufar South         12       32       20     1.80     1.80
---------------------------------------------------------------------------
14TR039C   Galat Sufar South         20       78       58     2.43     2.42
---------------------------------------------------------------------------
14TR039D   Galat Sufar South          8       22       14     0.59     0.59
---------------------------------------------------------------------------
14TR039E   Galat Sufar South         62       78       16     0.61     0.61
           ----------------------------------------------------------------
           Galat Sufar South        182      218       36     0.59     0.59
           ----------------------------------------------------------------
           Galat Sufar South        252      304       52     0.85     0.85
           ----------------------------------------------------------------
           Galat Sufar South        388      460       72     1.42     1.42
           ----------------------------------------------------------------
           Galat Sufar South        496      594       98     0.79     0.79
           ----------------------------------------------------------------
           Galat Sufar South        941      956       15     0.54     0.54
           ----------------------------------------------------------------
           Galat Sufar South     1008.5     1021     12.5     0.58     0.58
           ----------------------------------------------------------------
           Galat Sufar South       1036     1066       30     0.67     0.67
           ----------------------------------------------------------------
           Galat Sufar South     1083.5   1103.5       20     4.12     1.70
           ----------------------------------------------------------------
           Galat Sufar South       1196     1211       15     2.60     2.19
---------------------------------------------------------------------------
14TR040C   Galat Sufar South         24       34       10     0.49     0.49
---------------------------------------------------------------------------
14TR040D   Galat Sufar South         20       68       48     0.65     0.65
---------------------------------------------------------------------------
14TR040E   Galat Sufar South          0       20       20     1.57     1.57
           ----------------------------------------------------------------
           Galat Sufar South        120      162       42     0.87     0.87
---------------------------------------------------------------------------
14TR040F   Galat Sufar South         50       84       34     0.53     0.53
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
14TR030A   Galat Sufar North        300      308        8     0.51     0.51
---------------------------------------------------------------------------
           Galat Sufar North        268      274        6     0.55     0.55
---------------------------------------------------------------------------
14TR033    Galat Sufar North         64       70        6     1.82     1.82
---------------------------------------------------------------------------
14TR042    Galat Sufar North        398      408       10    10.66     6.84
                              ---------------------------------------------
                                    418      434       16     6.29     5.64
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
14HC015    Area 3                    32       38        6     1.19     1.19
---------------------------------------------------------------------------
14HC017    Area 3                    42       58       16     2.32     2.32
---------------------------------------------------------------------------
14HC024    Area 5                    20       54       34     0.77     0.77
---------------------------------------------------------------------------
14HC027    Area 5                    18       22        4     3.85     3.85
---------------------------------------------------------------------------
14HC028    Area 5                    20       86       66     0.46     0.46
---------------------------------------------------------------------------
14HC030    Area 5                    48       58       10     0.73     0.73
---------------------------------------------------------------------------
14HC031    Area 5                    74       84       10     1.19         
---------------------------------------------------------------------------
14HC032    Area 5                    44       56       12     1.19     1.19
---------------------------------------------------------------------------
14HC033    Area 5                    42       48        6     0.90     0.90
---------------------------------------------------------------------------
14HC034    Area 5                    18       28       10     2.42     2.42
---------------------------------------------------------------------------
14HC035    Area 5                    10       18        8     0.57     0.57
---------------------------------------------------------------------------
14HC001    Mussieye                   4       28       24     2.26     2.26
---------------------------------------------------------------------------
14HC002    Mussieye                   8       12        4     3.15     3.15
---------------------------------------------------------------------------
14HC069    Mussieye                  37       61       24     2.23     2.23
           ----------------------------------------------------------------
           Mussieye                  71       97       26     0.99     0.99
---------------------------------------------------------------------------
Note: Results are quoted for selected trench (TR) and chip channel         
traverses (HC), the latter being used in areas of outcrop. The reported    
intercepts were determined using a cut-off grade of 0.20g/t Au and may     
contain sections of internal dilution. Intercepts have been reported both  
with and without the application of a 10g/t top cut.                       

Simon Jackson, Director, commenting on the exploration results said, "Initial drill results from our first target at Block 14 have exceeded our expectations with all 15 drill holes intersecting gold mineralisation. This early success supports our decision to invest in exploration in Sudan and demonstrates the potential of the Nubian Shield to host significant gold mineralisation. Our belief is further strengthened by the numerous other targets that have been identified by our exploration team and confirmed by trenching. Our second phase drill programme is now underway to test other targets and continue exploration at Galat Sufar South."

About Shark

Shark is a privately held, British Columbia incorporated resource company engaged in the acquisition and exploration of mineral properties in East Africa. Shark was founded and is managed by the former executives of Red Back Mining Inc.

On December 14, 2012, Shark entered into a binding share purchase agreement whereby Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco") is expected to acquire all of the outstanding common shares of Shark in exchange for common shares of Canaco ("the Shark Acquisition")conditional upon, among other things, certain assets and liabilities of Canaco being spun out to a new company. Under the Share Purchase Agreement, Shark shareholders will receive 2.705 Canaco common shares for each Shark share held or, in aggregate, Shark shareholders will receive 117.3 million Canaco shares, to be adjusted for any Canaco option exercises prior to closing.

Upon completion of the Shark Acquisition, Canaco will have in excess of $60 million in cash and 317.1 million common shares issued and outstanding, of which former Shark and current Canaco shareholders will own approximately 37% and 63%, respectively. Immediately following the completion of the Shark Acquisition, Canaco is expected to consolidate its common shares on the basis of one post-consolidation common share for every three pre-consolidation common shares. The following individuals will be appointed to serve as officers of Canaco: Rick Clark as Chairman, Simon Jackson as President and Chief Executive Officer, Alessandro Bitelli as Chief Financial Officer and Hugh Stuart as Vice President, Exploration. The board of directors will initially be comprised of Rick Clark, Dr. Jingbin Wang, Shuixing Fu, Simon Jackson, Robert Chase and Alex Davidson. In light of Canaco's new focus and changes to the board of directors and management team, Canaco will change its name to Orca Minerals Inc. ("Orca").

Orca is expected to be a well-financed resource company with over $60 million in cash, focused on exploration opportunities in Sudan and East Africa with an experienced board of directors and management team.

The technical contents of this release have been reviewed by Stuart Mills, BSc., MSc, a Qualified Person pursuant to NI-43101. Mr. Mills is the Sudan Manager of the Company and a Member of the Institute of Materials, Minerals and Mining. Samples are prepared and analyzed by fire assay using a 50 gram charge at the ALS Chemex facility at Rosia Montana in Romania in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted.

On behalf of the Board of Directors,

Richard P. Clark, Director

Contacts:
Shark Minerals Inc.
Simon Jackson
(604) 689-7842
(604) 689-5452 (FAX)

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single-threaded, you can effectively identify hot spots in your serverless code. In his session at @DevOpsSummit at 21st Cloud Expo, Dave Martin, Product owner at CA Technologies, will give a live demonstration and code walkthrough, showing how ...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...