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Sphinx Resources Ltd

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Sphinx Resources and SOQUEM: Calumet-Sud project returns extensive zinc values at surface

MONTRÉAL, QUÉBEC--(Marketwired - Nov. 22, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) and its partner SOQUEM are pleased to report the discovery of extensive surface zinc mineralization as part of a stripping program on the Calumet-Sud project (the "Project"). Channel sample composite 17-04 assayed 2.37% Zn over 20.3 m, sample composite 17-06 6.0 m at 3.23% Zn, and sample composite 17-05 4 m at 3.34% Zn. The discovery area is located 2 km from the historic New Calumet Mines Limited zinc-lead-silver-gold mine (see Figure 1 attached), 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 channel sampling results reported below were obtained from the Sonny and Sonny West zones which are parallel mineralized structures approximately 420 m apart. Mechanical stripping that significantly extended the mineralized areas sampled previously by trenching and tested by the first phase of drilling (see press releases of June 25, 2015 and July 13, 2017 respectively). The Project is a joint venture between Sphinx (50%) and SOQUEM (50%). Sphinx is the operator of the Project.

Results (see figures 2 to 5 attached)

Geological mapping of the stripped areas confirmed the stratiform and continuous nature of the zinc mineralization hosted in dolomitic marble rocks (see Figure 7 attached, the brown colour within the dotted line indicates the presence of sphalerite, the zinc mineral).

Sonny Zone - Two sub-parallel horizons, each with an estimated true thickness of 3.0 m, were exposed over a strike length of 75 m in the stripped area. Mineralization is stratiform, oriented N-S with a shallow dip (10-20 degrees) to the east. It is open along strike and spatially correlated to very high zinc values in soils over 360 m (see press release December 20, 2016). The best composite intervals are:

Channel 17-01: 10 m at 1.93% Zn and 5.9 m at 1.75% Zn
Channel 17-02: 10 m at 1.93% Zn
Channel 17-03: 10 m at 1.66% Zn
Channel 17-04: 20.3 m at 2.37% Zn
Channel 17-05: 4 m at 3.34% Zn
Channel 17-06: 6 m at 3.23% Zn
Channel 17-07: 8.7 m at 2.38% Zn

Sonny West Zone (420 m to the NW) - One horizon of up to 6 m in thickness was exposed in the stripped area over a strike length of 40 m. The mineralized horizon is oriented N-S and with a shallow dip (30-40 degrees) to the east. It is open along strike and spatially correlated to very strong zinc values in soils over 1.8 km (see press release December 20, 2016). The best composite intervals are:

Channel 17-01: 4.1 m at 1.75% Zn
Channel 17-02: 4.4 m at 1.77% Zn
Channel 17-03: 10 m at 0.53% Zn
Channel 17-04: 1.4 m at 1.83% Zn
Channel 17-05: 4.2 m at 0.92% Zn

Individual sample results are presented on attached figures 2 and 4 and composite intervals on attached figures 3 and 5. The figures include trench samples from trenches 1, 2 and 3 which were sampled in 2014 on the Sonny Zone. Several samples terminate in mineralization where it meets overburden and where further stripping is warranted.

The samples weighed 3.4 kg each, on average. All channel samples have been individually described and both geological and drone mapping of the stripped outcrops has been completed. The 12 channel samples were cut generally perpendicular to the strike of the mineralized horizons and comprise 115 individual samples with a cumulative length of 212 metres. True thicknesses may range from 25% to 50% of apparent widths at surface.

Exploration potential

The potential to extend the mineralization along strike of the mineralized horizons is considered excellent in both directions and is supported primarily by a SW-NE to NW-SE trend of very strong anomalous zinc values in soils (see Figure 6 attached). On the basis of the work performed to date a drilling program is being designed by the joint venture partners. The program aims to identify at depth and extend along strike the mineralization discovered by stripping on the Sonny and Sonny West zones. The new drilling campaign will begin in the following weeks.

The Project is part of the larger "Ziac" zinc district. 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) typical of the Balmat-Edwards-Pierrepont zinc district, located in the state of New York, United States.

The stripping was supervised by Explo-Logik inc. of Saint-Hyppolyte with the participation of GFX Exterior Services and Les Entreprises Brian Stanton Ltée of Bryson, and Excavation Michael Derouin of Ile-du-Grand-Calumet. The program is operated by Sphinx under the supervision of Normand Champigny and the field direction of Michel Gauthier, Ph.D. (géo, and Board member of the Corporation), both qualified persons under National Instrument 43-101. This press release was prepared by Normand Champigny, acting as Sphinx's qualified person.

Analytical protocol

Samples were delivered to ALS Chemex in Val d'Or, Quebec, for crushing, splitting and assaying using aqua regia digest with a finish by atomic absorption (AA46 method). Sphinx applied industry-standard QA/QC procedures to the program.

About SOQUEM

SOQUEM, a subsidiary of Ressources Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.

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.

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.

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

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