Sphinx Resources Ltd.

Sphinx Resources Ltd.

January 15, 2015 08:30 ET

Sphinx Defines and Prioritizes New, Untested Drill Targets On Its 100%-Owned Preissac Ni-Cu-PGE Project

MONTREAL, QUEBEC--(Marketwired - Jan. 15, 2015) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to report results on the first stage of the exploration program conducted on its 100%-owned Preissac nickel-copper-platinum group elements ("PGE") project located in the Abitibi region of Québec.

Following the acquisition of the project from Virginia Mines Inc. in 2014, an initial exploration program was performed to identify drill targets for nickel-copper-PGE deposits that could be mined by underground methods. The program consisted of the following work:

  • a VTEMplus time-domain electromagnetic survey and a high-resolution magnetic survey was performed in the fall of 2014 by Geotech Ltd. of Aurora, Ontario to identify conductor axes and magnetic trends. A total of 422 linear kilometres with a line spacing of 200 m were flown by helicopter over the project area and the survey results were further interpreted by Camille St-Hilaire, P. Geo.
  • a 20-day follow-up surface prospecting program was focused on the areas where electromagnetic anomalies were detected by the helicopter-borne survey. This work was carried out by GFE Forestry & Exploration Services of La Motte, Québec.
  • a compilation of historical exploration information and integration of both the VTEMplus survey and the prospecting results were conducted by Robin Adair, P.Geol. to prioritize drill targets.

Electromagnetic anomalies totalling 14 km of cumulative length over 10 distinct conductors have been identified. The majority of these anomalies are concurrent with magnetic highs which suggest the presence of ultramafic rocks. These anomalies are untested and represent high-priority drill targets. Despite extensive till cover, a total of 20 rock samples were collected by prospecting, but no significant values were obtained and the VTEMplus responses were not explained on surface. An induced polarization survey is being planned for the winter season to better define the priority drill targets in order to support planning of a focused diamond drilling program.

The Preissac project comprises 69 claims with a surface area of 34 km2 located in an area that overlaps the municipalities of La Motte, Preissac, Rivière-Héva as well as the neighbourhood of Cadillac in the town of Rouyn-Noranda. The project is located approximately 1.5 km west of the Marbridge underground nickel-copper mine that produced 774,227 tonnes of ore grading 2.28% nickel and 0.1 % copper between 1962 and 1968 and now 100%-owned by Royal Nickel Corporation.

The financial support of SIDEX (a limited partnership created by the Government of the Province of Quebec and the Fonds de solidarité FTQ) for the surface exploration work as part of the Field-Action 2014 financing program, is gratefully acknowledged.

Rock samples were sent to AGAT Laboratories in Val d'Or, Quebec and were assayed using an ICP method and fire assay with ICP finish for gold, platinum and palladium. 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.

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 Donner from time to time with securities regulatory authorities.

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