Although he refers to it as "my secret Marvel project," Frank Cho labeled this image as "Shanna cover art progress." Could Marvel be adding a third, female-starring series to its roster alongside Captain Marvel and Red She-Hulk? Cho's already done two Shanna miniseries for Marvel (in 2005 and 2007), so this is likely another one of those, but how cool would it be if it's something longer?
As for the cover itself, Cho drew the entire thing with a BIC ball-point pen in about five days. He also states that "the final cover has been 'editorially tweaked' and will not exactly look like this art."