News Column

Shark Minerals Inc.: Initial Results From Block 14

Jan 21 2013 12:00AM

Marketwire

Tracker

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 toHole 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 ofthe prospect is not fully understood and the true width of themineralisation is variable but is estimated to be between 40% and 90%. Thereported intercepts for RC and diamond drilling were determined using acut-off grade of 0.50g/t Au with a maximum of 3m internal dilution beingincorporated into the intercept where appropriate. Intercepts have beenreported 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 toTrench 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 channeltraverses (HC), the latter being used in areas of outcrop. The reportedintercepts were determined using a cut-off grade of 0.20g/t Au and maycontain sections of internal dilution. Intercepts have been reported bothwith 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)





Source: Marketwire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters