Sphinx Resources

Sphinx identifies strong zinc anomalies on the Tessouat project, Ziac district, Pontiac MRC

Montréal, October 26, 2017 – Sphinx Resources Ltd. (“Sphinx” or the “Corporation”)
(TSX-V: SFX) is pleased to announce that strong zinc anomalies, with values up to 5,650 ppm zinc and 271 ppm lead, have been identified following a soil sampling survey carried out earlier this fall on its 100% owned Tessouat project (the “Project”). These results defined anomalous zinc and lead values ​​over an area of about 400 m by 400 m, located in the central portion of the Project. The detailed soil survey was designed to test for the presence of zinc mineralization in the underlying bedrock and to delineate areas where follow-up trenching and stripping can be performed. Samples were taken at a spacing ranging from 25 m to 100 metres.

Sphinx is designing a follow-up trenching and rock sampling program to be executed during the month of November. The program will aim to investigate the most prospective areas and to define drill targets in this high grade metamorphic environment. The Project consists of 22 claims (13 km2), and is located 5 km northeast of the municipality of Waltham. Excellent road access throughout the year is available. Sphinx recently acquired the Project and a definitive agreement has been executed between Gardin Inc. and the Corporation.

The Project is part of the larger “Ziac” zinc district located in high grade metamorphic rocks of the Grenville geological province. This emerging zinc play is a 40-km long northwest trending corridor defined by zinc and lead-bearing dolomitic marbles (see press release of August 8, 2017). These are typical of the Balmat-Edwards-Pierrepont zinc district, located in the state of New York, United States. The Ziac also covers meta-volcanic rocks that host the historic New Calumet Mines Limited zinc-lead-silver-gold mine, which produced 3.8 million tonnes of ore at a grade of 5.8% Zn, 1.6% Pb, 65 g/t Ag et 0.4 g/t Au from 1944 to 1968 (reference: Annual report New Calumet Mine 1968).

The team that collected 406 soil samples under the supervision of Geo-Envirofor inc. of Chibougamau with the participation of Explo-Logik inc. of Saint-Hyppolyte and
GFX Exterior Services of Bryson, Quebec. Soil analysis for the survey was carried out directly in the field using a portable XRF using standardized procedures. The Corporation did not rely on determinations by a certified analytical laboratory. It is to be noted that the sampling protocols are comparable to those used for the soil sampling program on the Calumet-Sud project (see press release of October 11, 2017). For the soil analysis of the 2016 and 2014 surveys on the Calumet-Sud program, analytical determinations were performed by ALS Global, Val d’Or and Laboratoire Expert inc. of Rouyn-Noranda respectively. The comparison between XRF-generated value and those obtained by analytical labs showed that that the XRF measurements tend to be lower than the laboratory values.

The technical information presented in this press release has been approved by Normand Champigny, President and Chief Executive Officer of Sphinx, and a Qualified Person as defined by NI 43-101.

About Québec and Sphinx

Quebec has established itself as one of the world’s most attractive mining jurisdictions, ranking 6th globally (Fraser Institute press release, February 28 2017). The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec’s mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government. Sphinx is engaged in the generation and acquisition of exploration projects in Québec.

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

Normand Champigny
President and Chief Executive Officer
514.979.4746
info@sphinxresources.ca
www.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.