Sphinx Resources Ltd.
TSX VENTURE : SFX

Sphinx Resources Ltd.

January 13, 2015 08:30 ET

Cartier and Sphinx Cut 25.1 g/t Gold Over 1.0 m on Dollier Project

MONTREAL, QUEBEC--(Marketwired - Jan. 13, 2015) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) and its partner Cartier Resources Inc. ("Cartier") announce the results of their recent drill program on the Dollier project, situated 30 km southeast of Chibougamau, Quebec. Thirteen (13) drill holes were completed for a total of 3,470 m. Twenty-nine (29) sulphide-mineralized intersections were cut and varied in drilled thickness from 23.0 to 0.6 m. The best intersection graded 25.1 g/t Au over 1.0 m. All lengths presented in this press release are measured along the core axis.

The objective of the program was to test the west lateral and depth extensions of the gold mineralization of the Delinel Zone as well as to test two additional sub-parallel zones situated to the north and south: the North Delinel Zone and the South Delinel Zone (see figure). All holes were drilled from south to north. The Delinel Zone was intersected in thirteen (13) holes with one interval grading 25.1 g/t Au over 1.0 m in hole DO-14-30. An elevated base metal value of 1% Cu was returned from hole DO-14-41, also in the Delinel Zone. The South Delinel Zone was intersected by thirteen (13) drill holes with the best grade returned of 0.8 g/t Au over 1.0 m. Four (4) intersections are reported in the North Delinel Zone, with one interval grading 5.0 g/t Au over 1.0 m in hole DO-14-34.

To date, a mineralized trend has been identified measuring 600 m long by 150 m wide and extending to 150 m at depth. This trend hosts the three zones that each consist of disseminated to massive sulphides with associated gold concentrations. The results indicate an extension of the mineralized zones plunging west-southwest with a dip of about 70 degrees which will assist in the planning of the 2015 exploration program (see figure). Based on the work and results to date, there is good potential to identify three new mineralized areas peripheral to the Dollier occurrence. Cartier and Sphinx are in the process of designing the follow up exploration program to be carried out in 2015.

The supervision of the drilling program has been performed by Mr. Gaétan Lavallière, Vice-President of Cartier, P. Geo, Ph.D. NQ core samples (core diameter 4.65 cm) are crushed to 80% minus 8 mesh then pulverized to 80% minus 200 mesh. Cartier inserts 10% of the samples in the form of certified standards and another 10% in the form of blank samples to ensure quality control. Samples were analyzed at ActLabs - Techni-Lab, located in Ste. Germaine-Boulé, Québec. The analyses were carried out by fire assay and atomic absorption. Results greater than 1.0 g/t Au are treated as follows: i) <5.0 g/t Au, the pulp is re-analyzed by fire assay and atomic absorption or ii) ≥ 5.0 g/t Au, the pulp is analyzed by fire assay and the gold value is quantified by gravimetric analysis.

This press release was prepared by Normand Champigny, President and Chief Executive Officer of Sphinx and Qualified Person as defined by NI 43-101.

About Sphinx

Sphinx is an exploration company focused on the development of mineral exploration projects in Quebec and on executing a roll-up strategy. The Corporation is committed to a leading standard of practice with respect to health, safety, community relations and environmental management.

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 to vary materially from targeted results. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Donner from time to time with securities regulatory authorities.

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