Sphinx Resources

Sphinx’s Results Support the Extension of the Shea Copper-Gold Zone and its Correlation with Geophysical and Geochemical Anomalies in Metavolcanic Rocks on the Calumet-Nord Property, MRC Pontiac, Quebec

Montréal, February 27, 2020 –  Sphinx Resources Ltd (“Sphinx”) (TSXV:SFX) is pleased to announce channel sampling results from the stripped outcrop on the Shea zone (see press release dated October 16, 2019) and the results of soil geochemistry and induced polarization surveys conducted on the Calumet-Nord property. The Calumet-Nord property is located on Ile-du-Grand-Calumet, in the Pontiac regional county municipality, southwestern Québec (Fig. 1).

Following the press release dated October 16, 2019, Sphinx carried out systematic channel sampling on the Shea stripped outcrop. Samples were collected at systematic one-metre intervals along each channel (Fig. 2). Collected samples were analyzed by Laboratoire Expert Inc. from Rouyn-Noranda (Table 1). Channel sampling results support that the copper-gold zone is 8 to 10 metres wide and can be traced across the entire 95-metre length of the exposed outcrop. This early epigenetic volcanogenic mineralization is disseminated in a “dalmatianite”, i.e. a sillimanite-muscovite-potassic feldspar-garnet-biotite schist.

To establish the extent of the polymetallic gold-bearing volcanogenic system on the Calumet-Nord property, Sphinx had 75.9 kilometres of induced polarization surveys done from October to December 2019 (Tshimbalanga, 2020). This geophysical survey revealed a large number of anomalies, particularly under the Shea stripping and along its extensions. These anomalous axes have never been drill-tested; the same can be said of geophysical anomalies detected near polymetallic mineralization in the vicinity of the Lasalle and Cordierite deposits (Fig. 1). In 2019, Sphinx also collected 6,564 soil samples on the Calumet-Nord property. A handheld Niton XRF analyzer was used to detect the geochemical signature of polymetallic mineralization in soils. A

sharply defined copper-gold signature was observed in soils and coincides with induced polarization anomalies in the vicinity of the Shea stripping. This high-priority corridor for an upcoming drilling campaign was traced over a distance of two kilometres toward the former New Calumet mine which produced, from 1944 to 1968, 3.8 million tonnes of mineralized material grading 5.8% zinc, 1.6% lead, 0.3% copper, 65 g/t silver and 0.4 g/t gold. Significant gold-bearing zones (see Fig. 4 in the press release dated October 17, 2019) were left behind in the mine, as the latter ceased operations while the price of gold was still fixed at US$35/ounce.

Following these very positive results, Sphinx is considering a drilling campaign to test the numerous polymetallic volcanogenic targets identified on Calumet-Nord. A significant proportion of the drilling targets are located on lands not subject to agricultural zoning and are thus ready to be drill-tested. For targets located on agricultural lands, prior authorization from the Commission de Protection du Territoire Agricole du Québec (CPTAQ) must be obtained before a drilling campaign can be undertaken.

References:

  • Gauthier, M., 2020. Rapport des travaux effectués d’octobre 2018 à octobre 2019 sur la propriété Calumet-Nord de Ressources Tranchemontagne Inc.. Report submitted by Sphinx Resources Ltd to the Ministère de l’Énergie et des Ressources naturelles du Québec, 241 pages.
  • Tshimbalanga, S.T., 2020. Levé de polarisation provoquée, projet Calumet-Nord, Ile du Grand-Calumet, MRC Pontiac. Report submitted to Sphinx Resources Ltd by Geosig Inc., 24 pages.

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.

Appointment to the Advisory Committee

The members of the Board of Directors are pleased to announce the appointment of Pierre-André Viens to the Advisory Committee. Mr. Viens is Director and Vice-President, Finance of CMAC-Thyssen Global Holding Inc., where he is in charge of financing and corporate development. Previously, Mr. Viens worked for Xstrata Nickel at the Koniambo nickel mine and at the Raglan mine as Project Manager, Operational Performance and Corporate Development Engineer respectively. From 2005 to 2007, Mr. Viens was Investment Manager for Desjardins Capital de Risque. From 2003 to 2005, he served as an Investment Analyst for Innovatech Régions Ressources.

Mr. Viens holds an MBA, a master’s degree in mineral economics (mining engineering department), a bachelor’s degree in business administration (Finance) and a bachelor’s degree in mining engineering, all from Université Laval. Mr. Viens is a member of the Ordre des ingénieurs du Québec and is holds the CFA designation.

Qualified Person

This press release was prepared by Michel Gauthier, Ph.D., FSEG, P.Geo., Qualified Person of the Corporation under National Instrument 43-101 – 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 (gold, silver, palladium and platinum) and base metals (copper, zinc and lead). Sphinx is particularly active in the MRC Pontiac where its President 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
www.sphinxresources.ca

TABLE 1:

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30551

-5

-0.2

468.5

9

11

100

368460.57

5064847.38

F30552

-5

-0.2

240

10

11

110

368460.58

5064846.58

F30553

-5

-0.2

436

10

11

94

368460.53

5064845.91

F30554

6

0.3

615

11

11

76

368460.54

5064845.18

F30555

-5

0.3

779

10

13

94

368460.49

5064844.17

F30556

52

2.6

6300

9

12

116

368460.4

5064843.17

F30557

24

1.1

2005

12

17

126

368460.36

5064842.23

F30558

-5

0.5

1446

9

13

91

368460.28

5064841.33

F30559

11

0.8

1496

10

11

70

368460.26

5064840.34

F30560

-5

0.6

1087

7

11

51

368460.12

5064839.34

F30561

-5

0.4

1083

8

10

52

368460.04

5064838.37

F30562

-5

-0.2

122

8

13

220

368459.91

5064837.51

F30563

-5

0.4

807

9

11

91.5

368463.31

5064845.69

F30564

41

1.7

4320

15

13

147

368463.25

5064844.81

F30565

19

0.8

2690

10

12

78

368463.29

5064843.84

F30566

10

0.7

1447

11

11

61

368463.31

5064842.83

F30567

57

1

1923

10

12

57

368463.35

5064841.83

F30568

60

2.5

7340

9

12

62

368463.51

5064840.94

F30569

5

0.4

1032

8

9

50

368463.71

5064839.98

F30570

20

1

1880

8

11

78

368463.69

5064839.07

F30571

-5

0.3

453

9

10

88

368467.68

5064848.42

F30572

21

0.5

1312

9

10

68

368467.64

5064847.5

F30573

19

0.3

320

11

11

103

368467.45

5064846.58

F30574

9

0.9

1409

9

13

162

368467.27

5064845.6

F30575

104.5

1.85

7155

10

15

123

368467.06

5064844.78

F30576

16

0.6

1447

11

13

309

368466.53

5064844.04

TABLE 1 (CONTINUED):

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30577

16

0.9

1691

13

17

162

368466.42

5064843

F30578

15

1.1

1901

11

14

112

368466.4

5064842.1

F30579

20

1

2670

10

13

88

368466.35

5064841.1

F30580

60

1.7

2620

8

10

65

368466.32

5064840

F30581

45

1

2740

8

11

93

368466.22

5064839.06

F30582

31

0.9

2660

9

10

80

368466.13

5064838.12

F30583

11

0.5

1155

11

12

88

368469.93

5064848

F30584

-5

0.4

829

9

12

72

368469.86

5064846.98

F30585

494

7.6

22900

13

18

211

368469.78

5064846.11

F30586

49

1.2

2240

7

11

88

368469.61

5064845.17

F30587

8

0.65

1479

9

14.5

128.5

368469.44

5064844.19

F30588

195

3.2

7295

9.5

13

76

368469.28

5064843.27

F30589

26

1.9

4950

10

12

65

368469.18

5064842.31

F30590

-5

0.2

209

11

12

107

368469.07

5064841.31

F30591

-5

-0.2

151

9

13

168

368468.91

5064840.28

F30592

-5

-0.2

86

9

10

114

368468.85

5064839.42

F30593

-5

0.3

119

10

12

118

368468.78

5064838.74

F30594

28

0.7

1930

9

11

85

368473.99

5064850.23

F30595

-5

-0.2

301

12

12

90

368474.02

5064849.33

F30596

5

0.4

1070

11

13

90

368473.98

5064848.45

F30597

16

1

3110

10

14

213

368473.83

5064847.61

F30598

14

1

3130

10

17

303

368473.66

5064846.76

F30599

-5

0.4

760

10

20

234

368473.48

5064845.99

F30600

13

0.8

1551.5

8.5

12.5

123.5

368473.35

5064845.04

F30601

48

1.7

7270

11

11

36

368473.31

5064844.16

F30602

216

2.4

5330

9

13

69

368473.22

5064843.24

TABLE 1 (CONTINUED):

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30603

60

3.5

8500

9

13

65

368473.12

5064842.41

F30604

73

1.9

6180

15

20

309

368479.86

5064847.88

F30605

15

0.3

588

10

14

355

368479.74

5064846.96

F30606

14

0.5

1032

10

13

74

368479.56

5064845.98

F30607

16

0.6

1103

9

11

58

368479.41

5064845.02

F30608

31

2.1

5090

9

13

63

368479.3

5064843.95

F30609

12

1

1911

9

13

63

368479.15

5064842.95

F30610

-5

0.4

822

9

11

67

368479.01

5064842.01

F30611

-5

-0.2

237

9

12

100

368478.84

5064841.01

F30612

5

0.35

248.5

8

11

110.5

368478.73

5064840.02

F30613

-5

0.2

111

11

11

112

368478.6

5064839.08

F30614

6

0.2

131

9

17

157

368478.61

5064837.97

F30615

21

0.7

1657

12

14

143

368482.49

5064848.5

F30616

12

1.2

1982

9

13

85

368482.39

5064847.73

F30617

-5

0.3

451

10

11

67

368482.32

5064846.74

F30618

-5

0.3

891

10

11

60

368482.28

5064845.76

F30619

27

1.5

4970

10

12

53

368482.1

5064844.65

F30620

32

1.7

3990

10

13

83

368488.41

5064848.71

F30621

6

0.2

622

9

10

64

368488.45

5064847.83

F30622

10

-0.2

170

9

10

66

368488.46

5064846.88

F30623

7

0.2

325

9

10

70

368488.41

5064845.79

F30624

7.5

0.3

917.5

8

10.5

62.5

368488.39

5064844.85

F30625

49

1.95

6120

11

13

58.5

368481.92

5064843.52

F30626

10

1

1924

9

12

59

368481.72

5064842.56

F30627

-5

0.6

1566

9

12

122

368488.39

5064843.92

F30628

36

1.8

4430

8

13

55

368488.47

5064843.25

TABLE 1 (CONTINUED):

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30629

68

1.7

5760

10

11

86

368490.87

5064850.09

F30630

45

1.5

3560

11

12

113

368491.04

5064849.05

F30631

-5

0.5

1131

10

13

154

368491.26

5064848.1

F30632

-5

-0.2

211

10

12

84

368491.37

5064847.22

F30633

-5

-0.2

194

11

13

87

368491.61

5064846.25

F30634

-5

-0.2

624

11

11

64

368491.83

5064845.25

F30635

-5

0.4

968

11

10

58

368492.07

5064844.39

F30636

11

1.2

3160

11

13

63

368492.25

5064843.5

F30637

46.5

1.3

2690

9.5

10

44

368492.4

5064841.48

F30638

14

0.8

1924

12

15

66

368492.34

5064842.51

F30639

-5

0.3

749

11

11

88

368481.3

5064841.5

F30640

-5

-0.2

158

10

13

124

368481.24

5064840.56

F30641

-5

-0.2

108

11

17

192

368481.24

5064839.66

F30642

-5

-0.2

480

10

10

69

368494.07

5064852

F30643

-5

-0.2

414

11

11

74

368494.24

5064851.03

F30644

7

0.6

1467

10

10

59

368494.4

5064850.08

F30645

26

1.5

3840

11

13

54

368494.48

5064849.11

F30646

24

1.3

2790

11

12

86

368494.7

5064848.18

F30647

-5

-0.2

221

11

11

75

368494.92

5064847.21

F30648

-5

0.2

460

11

12

70

368495.06

5064846.37

F30649

-5

-0.2

194

10.5

12

88.5

368495.16

5064845.31

F30650

-5

-0.2

307

10

11

74

368495.27

5064844.61

F30651

18

1.3

2530

12

12

50

368495.67

5064842.97

F30652

25

0.6

1250

10

12

234

368496.08

5064841.95

F30653

53

2.3

8690

13

16

154

368496.36

5064841.08

F30654

22

-0.2

584

9

9

58

368498.05

5064852.31

TABLE 1 (CONTINUED):

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30655

11

0.2

1024

11

10

70

368498.06

5064851.41

F30656

11

0.3

1619

9

10

62

368498.08

5064850.38

F30657

-5

0.3

755

11

10

52

368498.15

5064849.37

F30658

46

2.1

5160

10

13

86

368498.22

5064848.31

F30659

-5

0.4

557

11

15

198

368498.23

5064847.35

F30660

5

0.3

653

10

12

77

368498.34

5064846.33

F30661

-5

0.35

901

10

10.5

67.5

368498.77

5064845.35

F30665

-5

0.3

1312

9

12

104

368508.5

5064843.84

F30666

28

1.8

4100

9

11

85

368508.2

5064842.6

F30667

25

1.2

2840

9

17

184

368511.42

5064843.93

F30668

64

1.5

3150

8

16

65

368511.33

5064843

F30669

-5

0.4

726

7

12

35

368511.16

5064841.99

F30670

-5

-0.2

527

10

30

322

368514.56

5064845.41

F30671

644

2

5730

8

20

160

368514.5

5064844.5

F30672

26

1.4

2880

10

13

74

368514.33

5064843.46

F30673

14

-0.2

709

8

8

54

368519.1

5064848.01

F30674

40.5

1.35

5010

11

10.5

96.5

368518.78

5064847.07

F30675

47

1.3

3230

9

13

85

368518.39

5064845.99

F30676

12

0.5

1095

7

11

53

368518.17

5064844.99

F30677

22

0.8

1546

8

17

213

368517.94

5064844.02

F30678

108

2.6

5900

11

14

278

368517.76

5064843.16

F30679

190

2.8

9070

8

11

60

368517.57

5064842.13

F30680

44

1.8

6290

9

8

50

368517.2

5064841.25

F30681

-5

0.2

890

8

7

41

368517.05

5064840.3

F30682

45

1.8

6160

11

11

68

368516.99

5064839.29

F30683

-5

-0.2

597

9

11

76

368516.9

5064838.04

TABLE 1 (CONTINUED):

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30684

85

1.2

4210

13

17

127

368522.3

5064848.95

F30685

7

0.6

1079

8

9

49

368522.38

5064848.12

F30686

-5

0.7

1794

12

15.5

93.5

368522.46

5064847.12

F30687

-5

0.8

1492

9

32

427

368522.48

5064846.14

F30688

-5

0.4

763

9

32

572

368522.45

5064845.34

F30689

-5

0.4

1397

9

14

48

368522.46

5064844.74

F30690

162

2.3

7010

11

17

69

368522.35

5064844.04

F30691

27

1.6

3700

8

14

61

368522.24

5064843.18

F30692

-5

0.6

1257

7

12

116

368522.21

5064842.18

F30693

-5

0.2

814

8

12

68

368522.26

5064841.43

F30694

-5

-0.2

197

10

11

66

368522.17

5064840.74

F30695

-5

-0.2

713

10

15

134

368522.08

5064839.78

F30696

6

0.6

1450

10

17

122

368525.67

5064847.03

F30697

86

0.4

1199

12

17

126

368525.61

5064846.04

F30698

21

0.5

1494

10

18

108.5

368525.59

5064845.06

F30699

43

2.15

6425

15.5

21

299

368525.51

5064844.09

F30700

178

2.6

5840

12

10

148

368525.36

5064843.12

F30701

82

2.5

3610

11

9

96

368525.3

5064842.16

F30702

5

0.9

1789

10

9

200

368525.36

5064841.1

F30703

-5

0.8

1598

11

12

116

368525.47

5064840.09

F30704

41

2.3

6400

14

13

130

368528.15

5064848.41

F30705

17

2.2

4170

11

12

113

368527.88

5064847.49

F30706

14

0.3

448

9

5

57

368527.66

5064846.55

F30707

-5

0.2

268

7

7

31

368527.56

5064845.51

F30708

-5

0.4

548

13

10

73

368527.52

5064844.58

F30709

14

1.2

4160

12

15

83

368527.49

5064843.67

TABLE 1 (CONTINUED):

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30710

20

1

1860

12

9

83

368527.32

5064842.68

F30711

5

0.35

488

6

2.5

16

368527.4

5064841.72

F30712

5

0.5

1020

10

8

149

368527.38

5064840.79

F30713

-5

0.4

718

9

9

139

368527.41

5064840.1

F30714

-5

0.3

856

11

9

108

368531.51

5064848.09

F30715

99

2.6

5880

13

16

747

368531.48

5064847.12

F30716

-5

0.7

1085

8

13

204

368531.41

5064846.03

F30717

-5

0.5

1164

9

13

101

368531.34

5064845.14

F30718

13

0.8

1751

12

14

148

368531.29

5064844.11

F30719

-5

0.6

774

9

10

69

368531.15

5064843.21

F30720

5

0.3

487

10

10

88

368531

5064842.15

F30721

22

1.4

4330

10

11

113

368533.69

5064847.82

F30722

48

1.5

4410

10

8

130

368533.7

5064846.86

F30723

7

0.4

479.5

6

-2

11.5

368533.8

5064846

F30724

43

1.3

2670

8

6

50

368533.62

5064845.12

F30726

23

1.1

1503

11

8

56

368533.52

5064844.07

F30727

148

3.3

12600

13

13

160

368533.43

5064843.13

F30728

118

1.8

8050

12

9

119

368533.09

5064841.98

F30736

17.5

0.65

1629

12.5

13

53

368496.59

5064840.08

F30737

37

1.9

5630

12

13

52

368496.68

5064839.08

F30738

18

0.7

1617

12

13

66

368496.73

5064838.09

F30739

15

0.6

1266

12

13

74

368496.65

5064837.31

F30740

6

0.3

290

12

15

98

368496.6

5064836.61

F30741

-5

0.2

383

12

14

89

368496.55

5064835.84

F30742

5

0.3

1358

12

12

69

368496.54

5064835.26

F30743

11

-0.2

293

14

16

95

368496.32

5064834.49

TABLE 1 (CONTINUED):

Sample #

Au
PPB

Ag
PPM

Cu
PPM

Ni
PPM

Pb
PPM

Zn
PPM

UTM East
(N83Z18)

UTM North
(N83Z18)

F30744

-5

0.4

925

11

10

39

368506.65

5064843.2

F30745

-5

0.6

1304

13

14

55

368506.56

5064842.04

F30746

74

1.9

5420

12

14

60

368506.68

5064840.98

F30747

7

0.4

1202

14

14

64

368506.76

5064839.86

F30748

5

-0.2

826.5

10

13

51.5

368506.92

5064838.6

F30749

6

0.5

1105

11

12

61

368507.1

5064837.28

F30755

15

0.7

1651

8

13

46

368508.38

5064841.39

F30756

-5

0.3

1055

9

14

104

368508.61

5064840.2

F30757

19

-0.2

687

9

11

69

368508.72

5064839.14

F30758

-5

-0.2

582

10

13

66

368508.7

5064838.24

F30759

24

0.6

1507

11

13

47

368511.27

5064840.94

F30760

-5

-0.2

676

8

13

45

368511.09

5064839.97

F30761

-5

-0.2

501

10

13

59

368511.01

5064839.03

F30762

-5

-0.2

430

12.5

16

66.5

368510.91

5064837.95

F30763

49

1.9

6270

11

12

54

368514.09

5064842.62

F30764

-5

-0.2

985

10

13

69

368513.99

5064841.64

F30765

-5

-0.2

525

11

12

88

368513.88

5064840.83

F30766

-5

-0.2

370

9

12

58

368513.7

5064839.92

F30767

12

0.7

3020

11

15

85

368513.59

5064838.99

F30768

-5

-0.2

280

10

11

61

368513.62

5064837.99

F30770

-5

-0.2

262

9

12

66

368513.52

5064836.98