Sphinx Resources Ltd.

Sphinx Resources Ltd.

June 27, 2017 07:00 ET

Sphinx begins drilling on the Chemin Troilus gold project, Eeyou Istchee James Bay Territory

MONTREAL, QUEBEC--(Marketwired - June 27, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to announce the beginning of a seven (7) drill hole program, totalling approximately 500 m, on its 100% owned and undrilled Chemin Troïlus gold project (the "Project"). This program is designed to test high priority drill targets that have been identified on the basis of the ground magnetic, and induced polarization surveys completed this spring (press release May 11, 2017) as well as both the presence of gold grains in tills and boulders (press release January 10, 2017). The objective of the drilling program is to discover the primary source of the gold indicators.

The Project is 25 km southwest of the Troïlus Mine along a gold-copper corridor trending north-east. This corridor is located at the northern limit of the Archean Frotet-Evans greenstone belt, in the Opatica geological subprovince of the Superior Province and it includes the Troïlus Mine. The Project consists of 61 claims (33.2 km2). It is located 110 km north-north-west of the town of Chibougamau along existing road access to the Troïlus Mine and therefore exploration can be carried out year-round and at a relatively low cost. Funding for the program includes funds provided by the Société de développement de la Baie-James.

The drilling program will be performed by Chibougamau Drilling Ltd of Chibougamau, Quebec, under the supervision of Robin N. Adair, M.Sc. (P.Geol., géo, and member of the Consultative Committee of the Corporation).

The technical information presented in this press release has been approved by Normand Champigny, President and Chief Executive Officer of Sphinx, and a Qualified Person as defined by NI 43-101.

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.

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.

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