Sphinx Resources Ltd.

Sphinx Resources Ltd.

February 24, 2015 08:30 ET

Sphinx and Midland Commence First Drilling Program on the Samson Ni-Cu-PGE Project South of Balmoral's Grasset Discovery

MONTRÉAL, QUÉBEC--(Marketwired - Feb. 24, 2015) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) in partnership with Midland Exploration Inc. ("Midland"), is pleased to announce the start of the initial diamond drilling program on the Samson Project, which is focused on the discovery of nickel-copper-platinum group element ("Ni-Cu-PGE") and gold mineralization.

The Samson project consists of 512 claims covering an area of about 284 km2 located approximately 50 km west of the town of Matagami, in the Abitibi region of central Quebec. This new project has a strong potential for Ni-Cu-PGE and gold mineralization and is located about 5 km south of the recent Ni-Cu-PGE and gold discoveries made by Balmoral Resources Ltd. ("Balmoral") on the Grasset project. Recently, Balmoral announced the discovery of a high-grade Ni-Cu-PGE zone, with values up to 1.79% Ni, 0.19% Cu, 0.42 g/t Pt, and 1.04 g/t Pd over 45.28 m including an interval grading 10.6% Ni, 0.45% Cu, 2.04 g/t Pt, and 5.23 g/t Pd over 1.10 m and 1.62% Ni, 0.18% Cu, 0.36 g/t Pt and 0.88 g/t Pd over 54.08 m (see press releases by Balmoral dated May 20, 2014 and August 18, 2014). This discovery is hosted in ultramafic rocks. The Corporation's Qualified Person has not verified the information on the Grasset project and the information is not necessarily indicative of the mineralization on the Samson project.

During the month of December 2014, ground-based electromagnetic TDEM-ARMIT surveys were completed on six grids totalling approximately 60 line kilometres. The surveys verified the presence of several historic and coincident magnetic and EM responses identified during a MegaTEM airborne electromagnetic survey completed by Noranda Inc. in 2004.

Following the interpretation of the ground TDEM-ARMIT surveys, several conductors located along the margins of strong magnetic signatures caused by ultramafic intrusions were selected for follow-up drill-testing. The drilling program has just commenced and will consist in a minimum of six (6) drill holes totalling 1,500 metres.

This project covers an untested sequence of strongly magnetic intrusions over a strike length in excess of 20 km. The intrusions are located just south of the regional Lower Detour Fault, also known for its gold potential. Lithogeochemical data from the few historical drill holes indicate the presence of ultramafic intrusions, thus confirming the potential for magmatic Ni-Cu-PGE mineralization on the Samson project.

Maps showing the location of the Samson project can be consulted using the following link: http://media3.marketwire.com/docs/SamsonSphinxFev2015.pdf

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 Sphinx from time to time with securities regulatory authorities.

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