Sphinx Resources Ltd. Acquires Two Gold Projects in Southern Abitibi-Témiscamingue, Quebec

MONTRÉAL, August 14, 2019 - Sphinx Resources Ltd. (“Sphinx” or the “Corporation”)(TSX-V:SFX) announces the acquisition of the Soufflot and Patrie gold projects in the MRC of Témiscamingue of southwestern Quebec. The Soufflot and Patrie projects are respectively located at the eastern and western ends of the Témiscamingue Archean gold belt (Figure 1). This gold belt is located on the southern flank of the Pontiac metasedimentary subprovince while the gold endowed Cadillac Break straddles its northern border (Figure 1). Such metasedimentary and volcanic subprovinces contact zone is a proven exploration criterion which, amongst other cases, led to Éléonore gold discovery in the James Bay region of northern Quebec (ref. 1). It is this criterion that prompted Sphinx to consider the Temiscamingue gold belt and especially the Soufflot and Patrie projects.

Soufflot

The Soufflot project is located in the Belleterre mining camp where a gold mine under this name produced 2.18 million tonnes with a grade of 10.7 g/t Au from 1936 to 1959 (réf. 2, Figure 2). The project is constituted of 35 mining claims covering 19.95 km2. It has been acquired on June 14, 2019 from Ressources Tranchemontagne Inc. by reimbursing the Ministry of Energy and Natural Resources of Quebec’s (“MERN”) claim designation fees.

The Soufflot project hosts the first gold showing discovered (1934, ref. 3) in what would become later the Belleterre mining camp (Figure 2, Loken). This showing is also the only one in the camp hosted by the sedimentary rocks of the Pontiac Group (ref. 2). Furthermore, it is next to porphyry intrusive plugs. Only 11 shallow holes have been drilled on it in 1944 (ref. 4) and since then no further drilling has been done. However the geological setting appears to be similar to the Canadian Malartic mine (Figure 1) which is hosted by Pontiac Group wackes intruded by porphyry plugs. Sphinx will investigate the Soufflot project’s promising and underexplored potential by undertaking a geochemical survey this fall.

Patrie

The Patrie project comprises 34 mining claims covering 19.90 km2 (Figure 3). Except for two claims, these claims have been acquired on June 14, 2019 directly from the MERN through map designation. The remaining two titles were acquired after Sphinx refunded Tranchemontagne its MERN designation fees.

The Patrie project hosts an historical gold showing of the same name in which a grab sample taken in a pit yielded 30.5 g/t Au (ref. sigeom.mines.gouv.qc.ca). While this gold showing is located at the southwestern end of the Temiscamingue Gold Belt (Figure 1), it is unique by being hosted by a NE-SW trending regional fault extending from the Superior Archean geological province into Grenville geological province high-grade metamorphic para-autochthonous Archean terranes (Figures 1 and 3). The host rocks at Patrie are orthogneiss, amphibolites and paragneiss. It is this unique geological setting that attracted Sphinx to the Patrie project. Sphinx contemplates to do a geochemical survey to explore the Patrie project starting this fall. It is important to mention that arsenic has proven to be a very efficient pathfinder for gold deposits in Canada, not only along Cadillac Break (ref. 5) but also in the Éléonore mine region (ref. 1). Sphinx intends to pay special attention to the identification of the sources of arsenic stream sediments anomalies along the regional fault (Figure 3).

Following these two acquisitions Jeremie Ryan, Sphinx’s President and CEO stated: ?Through these two brand new projects, Sphinx is broadening its exploration projects portfolio for precious metals mineralization in the Pontiac MRC and Témiscamingue in southwestern Quebec. Sphinx now has a diversified gold portfolio of gold-rich volcanogenic massive sulphides (e.g., Calumet-Nord project) as well as orogenic bulk tonnage in Témiscamingue as illustrated with the similarities with the geological setting of the Tropicana and Canadian Malartic mines. I am looking forward to generating promising results and to drill as soon as possible?.

References

1- Gauthier, M., Trépanier, S. and Gardoll, S. 2007: Metamorphic gradient: A regional-scale area selection criterion for gold in the northeastern Superior Province (eastern Canadian Shield): Society of Economic Geologists Newsletter, No. 69.

2-Tourigny, G., 1995 : Structural Setting and Style of Gold-bearing Shear Zones in the Belleterre District, Témiscamingue, Québec. Exploration and Mining Geology, Vol. 4, pages 1-14.

3- Retty, J.A., 1934 : Loken and McKinnon claims, Halle township. Ministère des Mines du Québec, rapport GM-692, 9 pages.

4- Ingham, W.N., 1944 : Township 81 Group ‘A’ claims of Consolidated Mining and Smelting Company of Quebec Ltd.. Ministères des Richesses Naturelles du Québec, rapport GM 10706-A, 3 pages.

5- Lasalle, Y., Lasalle, P., and Beaumier, M., 2005 : Fractions lithiques et minéralogiques du till de base de la partie sud de l’Abitibi. Ministère des Ressources naturelles et de la Faune du Québec, DP-2005-01 report.

Qualified Person

This press release was prepared by Michel Gauthier, PhD., FSEG, PGeo. qualified persons of the Corporation under NI 43-101 on standards of disclosure for mineral projects. M. 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.

SOURCE: Sphinx Resources Ltd.