Sphinx Resources Ltd.
TSX VENTURE : SFX

Sphinx Resources Ltd.

January 28, 2015 08:30 ET

Sphinx and Its Partners to Drill 4 Projects in Quebec

MONTRÉAL, QUÉBEC--(Marketwired - Jan. 28, 2015) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) provides an update on its projects in Quebec. Since the end of 2013, Sphinx has acquired projects from, and developed partnerships with, Amixam Resources Inc. ("Amixam"), Cartier Resources Inc. ("Cartier"), Midland Exploration Inc. ("Midland") and Virginia Mines Inc. ("Virginia"). During the winter and spring of 2015, the Corporation expects that four (4) drilling programs will commence on:

  1. Adam (Au-Cu project) in partnership with Midland and located about 15 km east of the B26 and East Zone Au-Cu deposits, held and worked actively by SOQUEM inc.
  2. Samson (Ni-Cu-platinum group metals ("PGE") project) also in partnership with Midland and located about 5 km south of the recent Ni-Cu-PGE discoveries made by Balmoral Resources Ltd. on their Grasset project;
  3. Green Palladium (Pd-Cu project) purchased from Amixam and 100% owned. The geological setting of this project is reminiscent of the Norilsk large Ni-Cu-PGE mining camp in Russia, the world's largest palladium producer; and
  4. Preissac (Ni-Cu-PGE project), purchased from Virginia and 100% owned by Sphinx. The project is located approximately 1.5 km west of the Marbridge underground Ni-Cu mine that produced high-grade nickel and subordinate copper between 1962 and 1968 and now 100%-owned by Royal Nickel Corporation.

For the Dollier Au project in partnership with Cartier, a 3,470-metre drilling program was completed in late 2014 with the best intersection grading 25.1 g/t Au over 1.0 m. Sphinx and Cartier are in the process of designing the follow up exploration program.

Three of the Corporation's projects focus on high-grade Ni-Cu-PGE targets. Sphinx expects to invest $0.8 million in exploration expenditures and that a minimum of 4,000 m of drilling will be performed by mid-2015.

The Corporation continues to review acquisition opportunities with a focus on precious, base and strategic metals.

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 performing multiple acquisitions.

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 Donner from time to time with securities regulatory authorities.

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