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
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Archi...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.