Sphinx and SOQUEM identify undrilled, strong and extensive zinc-lead soil anomalies on the Calumet-Sud Project, Quebec

MONTREAL, QUEBEC--(Marketwired - Dec. 20, 2016) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) and its partner SOQUEM are pleased to report new and positive results for zinc and lead from a geochemical soil sampling program on the Calumet-Sud project (the "Project"). These results were obtained in follow-up of the HELITEM30C MULTIPULSE™ airborne survey completed earlier this year. Both the Sonny Zone and a new parallel zone (the "Sonny West Zone"), located 150 m west of the Sonny Zone, are delineated by strongly anomalous values in soil for zinc and lead. The Sonny Zone discovery was initially reported in the press release dated June 25, 2015. Both zones are untested by drilling.

The combined soil sampling data from the Sonny and Sonny West zones comprised 1,034 soil samples (B Horizon) over an area totalling approximately 0.8 km² (see appended Figure 1). Sampling and analytical protocols are comparable and consist of a spacing of 100 m by 100 m regionally and approximately 25 m by 25 m in and between the two zones. Sampling has not been conducted to the south of the anomalous area.

Significant results for the Sonny Zone, identified in 2014 are as follows:

• Salient zinc values above 1,000 ppm delineate an anomalous area measuring at least 300 m in strike length and 150 m in width, with a peak value of 15,600 ppm zinc (1.57%); and
• A number of one-metre long channel samples (the true thickness of the mineralization cannot be determined) in carbonate rocks that returned: Trench #1 - 1.9% Zn over 5 m, 3.7% Zn over 4 m, including 5.4% Zn over 2 m and Trench #2 - 3% Zn over 10 m including 6.9% Zn over 1 m.

The new Sonny West Zone is characterized as follows:

• Highly anomalous zinc (90 values >2,000 ppm Zn) and lead (14 values >200 ppm Pb) in soils form an anomalous area 1,800 m in strike length and a width ranging 150 to 300 m, with a peak value of 37,200 ppm Zn (3.7%);
• The zone is coincident with anomalous resistivity (high and low responses) and two parallel trends of electromagnetic conductors identified by the 2016 airborne survey;
• Disseminated sphalerite in carbonate bed rock has been identified at one location; and
• Soil geochemical anomalies are consistent with the orientation of the carbonate rock strata. These strata are generally oriented north-south and have a shallow dip towards the east. These strata are folded isoclinally, which explains the repetition of the Sonny and Sonny West zones in two parallel north-south bands.

These geochemical anomalies are new and have not been drilled. The two above mentioned zones are parallel and have a north-south trend consistent with the orientation of the bed rock in the area and the 2016 airborne survey responses. The area is covered by a veneer of soil and weathered bedrock. The two zones are hosted in metamorphosed carbonate host rocks.

Sphinx and SOQUEM have undertaken a ground gravity and induced polarization survey on the Sonny Zone and Sonny West Zone zinc targets. These geophysical surveys aim to identify the best targets for a drill program in the winter or during the spring of 2017.

Field work has been conducted under the supervision of Dr. Michel Gauthier (géo), and a director of the Corporation. Soil samples were analyzed by ALS Global, Val d'Or. Copper and zinc were analyzed by aqua regia extraction with an Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES) finish. MB Geosolutions of Fossambault-sur-le-Lac, Quebec, in collaboration with the technical staff of Sphinx and SOQUEM, defined the target areas following an analysis of the data. All samples were initially tested by a portable Niton XRF analyzer.

The Project consists of 21 claims covering an area of 12 km² optioned to SOQUEM in 2016. Under the option and joint venture agreement with SOQUEM, Sphinx grants SOQUEM the option to acquire an undivided 50% interest in the Project. If the option is exercised, a joint venture will be created between Sphinx and SOQUEM. SOQUEM is operating the Project's exploration program. The Project is adjacent to the Green Palladium project held 100% by Sphinx, which includes a significant strike length of the stratigraphy of interest.

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 SOQUEM

SOQUEM, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.

About Sphinx

Sphinx is engaged in the generation and acquisition of exploration projects in Québec, a Canadian province which is recognized as an attractive mining jurisdiction worldwide.

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.