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October 17, 2019

Sphinx traces, over more than 95 metres, a 10-metre-wide copper-gold zone grading up to 3.8 g/t gold and 11.8% copper on Calumet-Nord

Montréal, October 16, 2019 – Sphinx Resources Ltd. (“Sphinx” or the “Corporation”)
(TSX-V: SFX) reports the results of 56 grab samples collected in late September on the latest stripped exposure of the Shea zone, on the Calumet-Nord property (see Fig. 1). The Calumet-Nord property is located on Ile-du-Grand-Calumet in the Pontiac regional county municipality in southwestern Quebec.

Sampling conducted on this new stripped outcrop yielded grades reaching 3.8 g/t gold and 11.8% copper[1] respectively (note that grab samples are selective by nature and reported values are not representative of all the mineralized zones). The delineated copper-gold zone is 8 to 10 metres wide (see Figs. 2, 3 and 5) by 95 metres long and remains open at both ends of the stripped outcrop. This early epigenetic volcanogenic mineralization is subvertical. It is disseminated in a sillimanite-muscovite-potassic feldspar-garnet-biotite schist, similar to the host rocks proximal to the Cannington deposit, an enormous volcanogenic silver deposit mined by South32 Limited in Australia. The copper-gold zone traced on the Calumet-Nord property is located 2.8 kilometres north of the former New Calumet mine, which historically produced, from 1944 to 1968, 3.8 million tonnes of ore grading 5.8% zinc, 1.6% lead, 0.3% copper, 65 g/t silver and 0.4 g/t gold. Significant gold zones (see Fig. 4) were left behind in the mine, as the mine was shut down before the price of gold ceased to be fixed at US$35/oz starting in 1972.

Jeremie Ryan, president and CEO, said he was pleased with the option agreement concluded with Tranchemontagne[2]  for the Calumet-Nord project, which offers strong gold and copper potential. A drilling campaign is planned for the spring of 2020, following definition of drilling targets.

 

Table presenting the 56 grab samples

 

NoEchant UtmEst-83 UtmNord-Z18 AuPPB Au g/t AgPPM CuPPM Cu % NiPPM ZnPPM PbPPM
F30501 368517,27 5064843,66 281 0,28 3,8 15000 1,50 9 30,5 11,5
F30502 368488,40 5064848,75 122 0,12 5,2 97000 9,70 12 185 15
F30503 368482,92 5064850,19 46 0,05 0,3 2510 0,25 8 102 12
F30504 368480,58 5064848,23 111 0,11 4,8 16800 1,68 17 171 24
F30505 368473,81 5064847,32 861 0,86 5 28500 2,85 12 214 16
F30506 368468,77 5064845,62 456 0,46 12,1 53400 5,34 11 366 15
F30507 368468,95 5064843,44 963 0,96 21,4 91200 9,12 14 332 18
F30508 368462,47 5064843,89 43 0,04 3,1 14600 1,46 10 80 16
F30509 368522,49 5064842,18 89 0,09 14,2 56900 5,69 15 137 20
F30517 368532,26 5064845,87 1994 1,99 39,4 118450 11,85 14 1338 18,5
F30518 368527,81 5064847,73 96 0,10 7,1 31000 3,10 12 178 15
F30519 368463,62 5064840,32 116 0,12 7,9 44300 4,43 15 152 17
F30520 368466,88 5064837,92 76 0,08 1 3430 0,34 13 163 16
F30521 368454,39 5064842,06 53 0,05 1,48 1024 44
F30522 368524,49 5064847,14 24 0,02 3010 0,30 31 11
F30527 368489,01 5064842,11 162 0,16 1,28 37 86
F30528 368493,52 5064842,80 151 0,15 1,37 62 31
F30529 368454,78 5064837,63 16 0,02 4640 0,46 59 27
F30530 368453,91 5064841,88 76 0,08 7730 0,77 87 23
F30531 368455,53 5064842,20 26 0,03 4420 0,44 87 32
F30532 368464,06 5064838,91 329 0,33 2,8 80 65
F30533 368465,59 5064834,72 4 0,00 470 0,05 45 9
F30534 368466,66 5064844,51 374 0,37 3,12 241 25
F30535 368471,07 5064845,98 101 0,10 3,15 175 7
F30536 368474,48 5064846,36 671 0,67 3,3 418 20
F30537 368475,46 5064843,04 623 0,62 5,66 3996 20
F30538 368477,27 5064843,43 260 0,26 3,53 143 17
F30539 368471,96 5064841,61 306 0,31 3,18 57 20
F30540 368470,50 5064837,50 246 0,25 2,04 70 14
F30543 368480,57 5064842,76 59 0,06 1356 0,14 21 4
F30544 368480,57 5064842,76 142 0,14 1,03 217 22
F30545 368485,07 5064842,26 41 0,04 1,31 113 15
F30546 368496,02 5064843,33 3819 3,82 2430 0,24 22 13
F30547 368499,60 5064849,41 168 0,17 1,54 56 17
F30548 368500,09 5064862,63 4 0,00 271 0,03 61 7
F30549 368507,07 5064862,47 86 0,09 75 0,01 4 1
F30550 368503,13 5064848,85 187 0,19 2,57 106 21
P190151 368506,70 5064842,93 62 0,06 7430 0,74 44 29
P190152 368526,05 5064840,32 71 0,07 7390 0,74 108 17
P190153 368527,76 5064839,55 295 0,30 5470 0,55 101 9
P190154 368532,66 5064842,58 79 0,08 9420 0,94 74 18
P190155 368536,82 5064846,78 33 0,03 6820 0,68 47 13
P190156 368537,63 5064848,60 69 0,07 3,65 113 18
P190157 368459,91 5064841,99 44 0,04 6450 0,65 115 23
P190158 368465,22 5064840,60 13 0,01 4340 0,43 79 18
P190159 368464,96 5064843,42 188 0,19 7810 0,78 35 12
P190160 368473,24 5064843,95 106 0,11 7160 0,72 132 17
P190161 368482,91 5064848,42 65 0,07 7750 0,78 176 16
P190162 368489,21 5064842,63 91 0,09 1,35 44 7
P190163 368515,58 5064843,70 83 0,08 3,69 91 20
P190164 368517,70 5064841,74 443 0,44 1,61 120 17
P190165 368517,14 5064840,38 51 0,05 1,02 71 12
P190166 368521,68 5064841,45 26 0,03 4010 0,40 178 16
P190167 368533,75 5064844,12 628 0,63 2770 0,28 25 4
P190168 368534,53 5064846,94 49 0,05 1,12 60 6
P190169 368511,92 5064843,61 5 0,01 5110 0,51 54 14

 

 

Analytical Protocol

The gold geochemical analysis were performed by pyroanalysis on 30g weighted sample and an atomic absorption finish. The base metal geochemical analysis were performed by atomic absorption after total dissolution in 3 acids, on 0.5g weighted sample. The samples were analysed by Lab Expert Inc. laboratory from Rouyn-Noranda.

Qualified Person

This press release was prepared by Michel Gauthier, Ph.D., FSEG, P.Geo., Qualified Person of the Corporation under NI 43-101 on standards of disclosure for mineral projects. Mr. Gauthier is also a director of the Corporation.

About Sphinx

Sphinx is a mineral exploration company that focuses its activities in southwestern Quebec in search of deposits of precious metals (palladium, platinum, gold and silver) and base metals (zinc, copper, lead). Sphinx is particularly active in the MRC Pontiac where its President and Chief Executive Officer resides. It has a strong local shareholding that contributes towards social acceptability.

For further information, please consult Sphinx’s website or contact

Jeremie Ryan
President and Chief Executive Officer
819 664 2632

info@sphinxresources.ca
sphinxresources.ca


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx’s periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.

All forward-looking statements in this press release are made as of the date of this press release. Sphinx does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

 

[1] At current metal prices, 1% copper is equivalent to 1.17 grams of gold per tonne considering a price of US$2.56/lb for copper and of US$1,491/oz Troyes for gold, as of October 6 and 7, 2019

[2] Ressources Tranchemontagne inc. is a company controlled by Michel Gauthier