Sphinx Resources

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

 

NoEchantUtmEst-83UtmNord-Z18AuPPBAu g/tAgPPMCuPPMCu %NiPPMZnPPMPbPPM
F30501368517,275064843,662810,283,8150001,50930,511,5
F30502368488,405064848,751220,125,2970009,701218515
F30503368482,925064850,19460,050,325100,25810212
F30504368480,585064848,231110,114,8168001,681717124
F30505368473,815064847,328610,865285002,851221416
F30506368468,775064845,624560,4612,1534005,341136615
F30507368468,955064843,449630,9621,4912009,121433218
F30508368462,475064843,89430,043,1146001,46108016
F30509368522,495064842,18890,0914,2569005,691513720
F30517368532,265064845,8719941,9939,411845011,8514133818,5
F30518368527,815064847,73960,107,1310003,101217815
F30519368463,625064840,321160,127,9443004,431515217
F30520368466,885064837,92760,08134300,341316316
F30521368454,395064842,06530,051,48102444
F30522368524,495064847,14240,0230100,303111
F30527368489,015064842,111620,161,283786
F30528368493,525064842,801510,151,376231
F30529368454,785064837,63160,0246400,465927
F30530368453,915064841,88760,0877300,778723
F30531368455,535064842,20260,0344200,448732
F30532368464,065064838,913290,332,88065
F30533368465,595064834,7240,004700,05459
F30534368466,665064844,513740,373,1224125
F30535368471,075064845,981010,103,151757
F30536368474,485064846,366710,673,341820
F30537368475,465064843,046230,625,66399620
F30538368477,275064843,432600,263,5314317
F30539368471,965064841,613060,313,185720
F30540368470,505064837,502460,252,047014
F30543368480,575064842,76590,0613560,14214
F30544368480,575064842,761420,141,0321722
F30545368485,075064842,26410,041,3111315
F30546368496,025064843,3338193,8224300,242213
F30547368499,605064849,411680,171,545617
F30548368500,095064862,6340,002710,03617
F30549368507,075064862,47860,09750,0141
F30550368503,135064848,851870,192,5710621
P190151368506,705064842,93620,0674300,744429
P190152368526,055064840,32710,0773900,7410817
P190153368527,765064839,552950,3054700,551019
P190154368532,665064842,58790,0894200,947418
P190155368536,825064846,78330,0368200,684713
P190156368537,635064848,60690,073,6511318
P190157368459,915064841,99440,0464500,6511523
P190158368465,225064840,60130,0143400,437918
P190159368464,965064843,421880,1978100,783512
P190160368473,245064843,951060,1171600,7213217
P190161368482,915064848,42650,0777500,7817616
P190162368489,215064842,63910,091,35447
P190163368515,585064843,70830,083,699120
P190164368517,705064841,744430,441,6112017
P190165368517,145064840,38510,051,027112
P190166368521,685064841,45260,0340100,4017816
P190167368533,755064844,126280,6327700,28254
P190168368534,535064846,94490,051,12606
P190169368511,925064843,6150,0151100,515414

 

 

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
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.

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