The Chemin Troilus project comprises 59 claims with a surface area of 32.1 km2 and is located in the James Bay region, Québec. Under the terms of an agreement with Les Ressources Tectoninc Inc., Sphinx acquired 35 contiguous claims by making a payment of $35,000, issuing 1,000,000 common shares granting a 2% net smelter return royalty (“NSR”). Sphinx has the right to purchase 1.5% of the NSR for $2,000,000.
The project is located 110 km north-northeast of the town of Chibougamau with good road access (see figure below). The project is situated at the southwest extremity of a northeast trending gold-copper bearing corridor at the northern limit of the Frotet-Troilus greenstone belt. This corridor contains the Troilus Mine (25 km northeast of the project) which was operated by Inmet Mining Corporation (“Inmet”) from 1997 to 2010 and produced in excess of 2 million ounces of gold and 70,000 tonnes of copper. In addition estimated indicated mineral resources of 44 million tonnes containing 1.8 million ounces of gold grading 1.27 g/t and 53,000 tonnes of copper grading 0.12 %, have been reported by Sulliden Mining Capital Inc. Between the Troilus mine and the project area, Muscocho Explorations Ltd. (“Muscocho”) reported in 1987 mineralization in trenches and drillholes. Highlights include one drillhole that returned 2.26 g/t Au over 5.40 metres.
A helicopter-borne magnetic and radiometric survey performed by Soquem Inc. and Inmet in 2000 (Sigeom GM 59797) aimed to discover deposits similar to the Troilus Mine. A first mineralized boulder was discovered along the southwest extension of gold-bearing corridor between the Troilus Mine and the Muscocho showing. Prospecting work by Tectonic identified 13 additional mineralized boulders within an area 220 m by 45 m trending to the northeast within the corridor. The analysis of the boulders, anomalous in gold, revealed values up to 1.57 g/t Au. The boulders are angular, mineralized uniformly and majority of the boulders are greater than one metre in diameter. They contain 1 to 5% disseminated pyrite, 2 to 5% séricite and traces of magnetite. There is also 1 to 2% garnet indicating the high grade metamorphic nature of the rock.
The work carried out in 2016 revealed the presence of an abnormal number of gold particles, morphologically intact, in till samples taken at the head of a gold-bearing boulders dispersal train. The results obtained suggest a proximal common source in an area of 1.2 by 1.0 km up-ice of the head of the boulders dispersal train. In the spring of 2017, an induced polarization survey was completed and drilling will be carried out in the near future to investigate the source of the mineralized boulders.