Sphinx and SOQUEM extend known zinc and lead soil anomalies, stripping program commences on the Calumet-Sud project, Quebec

MONTREAL, QUEBEC--(Marketwired - Oct 11, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) and its partner SOQUEM are pleased to report additional positive results for zinc and lead from a soil sampling program on the Calumet-Sud project (the "Project"). The detailed soil survey with a spacing ranging from 25 m to 100 m was carried out to determine the extension of the mineralized trends and to better delineate the strong zinc and lead anomalies identified during the previous surveys. These new results confirm anomalous zinc and lead values over a distance of 1,000 m along the Sonny Zone and the Sonny West Zone. This survey also assessed the southward extension of the anomalies where no previous work was done and particularly south of the Sonny discovery (see Figures 1 and 2 attached, drillhole 1400-17-03, 4.1% zinc over 3 m at a depth of 11 m in carbonate rocks). The two zones are covered by a thin layer of altered soil and rock and hosted in metamorphosed carbonate rocks.

The Sonny Zone and the Sonny West Zone, 150 m to the west, are characterized by strongly anomalous soil values for zinc and lead. The combined Sonny and Sonny West zones sampling data now includes 1,924 soil samples (B horizon) over a total area of approximately 1.3 km², taken in three phases; 1) May 2014, 2) September 2016 and 3) August 2017. The sampling protocols are comparable. Soil analysis for the 2017 survey was carried out directly in the field using a portable XRF, while the soil analysis of the 2016 and 2014 surveys was carried out by ALS Global, Val d'Or and Laboratoire Expert Inc. of Rouyn-Noranda respectively.

The soil survey has been followed by stripping on the Sonny Zone and the Sonny West Zone. This work is currently underway and will include geological mapping and channel sampling. The objective of the work is to perform a rigorous targeting followed by a new drilling campaign. The team that collected the soil samples was under the supervision of G?(C)o-Envirofor inc. of Chibougamau. The stripping is supervised by Explo-Logiq Inc. of Saint-Hyppolyte with the participation of GFX Exterior Services of Bryson and Excavation Michael Derouin of Ile-du-Grand-Calumet.

The Project is part of the larger "Ziac" zinc district. This emerging zinc play is a 40-km long northwest trending corridor defined by zinc and lead-bearing dolomitic marbles (see press release of August 8, 2017) typical of the Balmat-Edwards-Pierrepont zinc district, located in the state of New York, United States. The Ziac also covers meta-volcanic rocks that host the historic New Calumet Mines Limited zinc-lead-silver-gold mine, which produced 3.8 million tonnes of ore at a grade of 5.8% Zn, 1.6% Pb, 65 g/t Ag and 0.4 g/t Au from 1944 to 1968 (reference: Annual report New Calumet Mine 1968).

The Ziac district includes:

• the Calumet-Sud project currently being explored by Sphinx and its partner SOQUEM (21 claims, 12 km²);
• the Tessouat project (22 claims, 13 km²), 100% owned by Sphinx;
• the Tessouat-Sud project (296 claims, 177 km²);
• the Obwondiag project (96 claims, 53 km²); and
• the GPd project (74 claims, 41 km²), 100% owned by Sphinx and on which newly identified zinc potential has been confirmed.
  
  

Formation of a joint venture with SOQUEM

Under the terms of the option and joint-venture agreement (the "Agreement") entered into on March 25, 2016 between Sphinx and SOQUEM (the "Partners") in connection with the Project, Sphinx confirms that SOQUEM has financed $ 552,863.94 of exploration work as of September 22, 2017, including payments totalling $ 100,000 upon signing of the Agreement. Sphinx also confirms that, in accordance with the Agreement terms, SOQUEM has exercised its option to acquire a 50% interest in the Project. The Partners also agreed that Sphinx becomes the manager of the joint venture.

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 Qu?(C)bec, is a leading player in mineral exploration in Qu?(C)bec. Its mission is to explore, discover and develop mining properties in Qu?(C)bec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.

About Qu?(C)bec and Sphinx

Quebec has established itself as one of the world's most attractive mining jurisdictions, ranking 6^th 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 Qu?(C)bec.

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 Sphinx from time to time with securities regulatory authorities.