MONTREAL, October 16, 2019 - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSXV:SFX) reports the results of 56 grab samples collected in late September on the latest stripped exposure of the Shea zone, on the Calumet-Nord property (see Fig. 1). The Calumet-Nord property is located on Ile-du-Grand-Calumet in the Pontiac regional county municipality in southwestern Quebec.
Sampling conducted on this new stripped outcrop yielded grades reaching 3.8 g/t gold and 11.8% copper1 respectively (note that grab samples are selective by nature and reported values are not representative of all the mineralized zones). The delineated copper-gold zone is 8 to 10 metres wide (see Figs. 2, 3 and 5) by 95 metres long and remains open at both ends of the stripped outcrop. This early epigenetic volcanogenic mineralization is subvertical. It is disseminated in a sillimanite-muscovite-potassic feldspar-garnet-biotite schist, similar to the host rocks proximal to the Cannington deposit, an enormous volcanogenic silver deposit mined by South32 Limited in Australia. The copper-gold zone traced on the Calumet-Nord property is located 2.8 kilometres north of the former New Calumet mine, which historically produced, from 1944 to 1968, 3.8 million tonnes of ore grading 5.8% zinc, 1.6% lead, 0.3% copper, 65 g/t silver and 0.4 g/t gold. Significant gold zones (see Fig. 4) were left behind in the mine, as the mine was shut down before the price of gold ceased to be fixed at US$35/oz starting in 1972.
Jeremie Ryan, president and CEO, said he was pleased with the option agreement concluded with Tranchemontagne2 for the Calumet-Nord project, which offers strong gold and copper potential. A drilling campaign is planned for the spring of 2020, following definition of drilling targets.
Table presenting the 56 grab samples
NoEchant
UtmEst-83
UtmNord-Z18
AuPPB
Au g/t
AgPPM
CuPPM
Cu %
NiPPM
ZnPPM
PbPPM
F30501
368517,27
5064843,66
281
0,28
3,8
15000
1,50
9
30,5
11,5
F30502
368488,40
5064848,75
122
0,12
5,2
97000
9,70
12
185
15
F30503
368482,92
5064850,19
46
0,05
0,3
2510
0,25
8
102
12
F30504
368480,58
5064848,23
111
0,11
4,8
16800
1,68
17
171
24
F30505
368473,81
5064847,32
861
0,86
5
28500
2,85
12
214
16
F30506
368468,77
5064845,62
456
0,46
12,1
53400
5,34
11
366
15
F30507
368468,95
5064843,44
963
0,96
21,4
91200
9,12
14
332
18
F30508
368462,47
5064843,89
43
0,04
3,1
14600
1,46
10
80
16
F30509
368522,49
5064842,18
89
0,09
14,2
56900
5,69
15
137
20
F30517
368532,26
5064845,87
1994
1,99
39,4
118450
11,85
14
1338
18,5
F30518
368527,81
5064847,73
96
0,10
7,1
31000
3,10
12
178
15
F30519
368463,62
5064840,32
116
0,12
7,9
44300
4,43
15
152
17
F30520
368466,88
5064837,92
76
0,08
1
3430
0,34
13
163
16
F30521
368454,39
5064842,06
53
0,05
1,48
1024
44
F30522
368524,49
5064847,14
24
0,02
3010
0,30
31
11
F30527
368489,01
5064842,11
162
0,16
1,28
37
86
F30528
368493,52
5064842,80
151
0,15
1,37
62
31
F30529
368454,78
5064837,63
16
0,02
4640
0,46
59
27
F30530
368453,91
5064841,88
76
0,08
7730
0,77
87
23
F30531
368455,53
5064842,20
26
0,03
4420
0,44
87
32
F30532
368464,06
5064838,91
329
0,33
2,8
80
65
F30533
368465,59
5064834,72
4
0,00
470
0,05
45
9
F30534
368466,66
5064844,51
374
0,37
3,12
241
25
F30535
368471,07
5064845,98
101
0,10
3,15
175
7
F30536
368474,48
5064846,36
671
0,67
3,3
418
20
F30537
368475,46
5064843,04
623
0,62
5,66
3996
20
F30538
368477,27
5064843,43
260
0,26
3,53
143
17
F30539
368471,96
5064841,61
306
0,31
3,18
57
20
F30540
368470,50
5064837,50
246
0,25
2,04
70
14
F30543
368480,57
5064842,76
59
0,06
1356
0,14
21
4
F30544
368480,57
5064842,76
142
0,14
1,03
217
22
F30545
368485,07
5064842,26
41
0,04
1,31
113
15
F30546
368496,02
5064843,33
3819
3,82
2430
0,24
22
13
F30547
368499,60
5064849,41
168
0,17
1,54
56
17
F30548
368500,09
5064862,63
4
0,00
271
0,03
61
7
F30549
368507,07
5064862,47
86
0,09
75
0,01
4
1
F30550
368503,13
5064848,85
187
0,19
2,57
106
21
P190151
368506,70
5064842,93
62
0,06
7430
0,74
44
29
P190152
368526,05
5064840,32
71
0,07
7390
0,74
108
17
P190153
368527,76
5064839,55
295
0,30
5470
0,55
101
9
P190154
368532,66
5064842,58
79
0,08
9420
0,94
74
18
P190155
368536,82
5064846,78
33
0,03
6820
0,68
47
13
P190156
368537,63
5064848,60
69
0,07
3,65
113
18
P190157
368459,91
5064841,99
44
0,04
6450
0,65
115
23
P190158
368465,22
5064840,60
13
0,01
4340
0,43
79
18
P190159
368464,96
5064843,42
188
0,19
7810
0,78
35
12
P190160
368473,24
5064843,95
106
0,11
7160
0,72
132
17
P190161
368482,91
5064848,42
65
0,07
7750
0,78
176
16
P190162
368489,21
5064842,63
91
0,09
1,35
44
7
P190163
368515,58
5064843,70
83
0,08
3,69
91
20
P190164
368517,70
5064841,74
443
0,44
1,61
120
17
P190165
368517,14
5064840,38
51
0,05
1,02
71
12
P190166
368521,68
5064841,45
26
0,03
4010
0,40
178
16
P190167
368533,75
5064844,12
628
0,63
2770
0,28
25
4
P190168
368534,53
5064846,94
49
0,05
1,12
60
6
P190169
368511,92
5064843,61
5
0,01
5110
0,51
54
14
Analytical Protocol
The gold geochemical analysis were performed by pyroanalysis on 30g weighted sample and an atomic absorption finish. The base metal geochemical analysis were performed by atomic absorption after total dissolution in 3 acids, on 0.5g weighted sample. The samples were analysed by Lab Expert Inc. laboratory from Rouyn-Noranda.
Qualified Person
This press release was prepared by Michel Gauthier, Ph.D., FSEG, P.Geo., Qualified Person of the Corporation under NI 43-101 on standards of disclosure for mineral projects. Mr. Gauthier is also a director of the Corporation.
About Sphinx
Sphinx is a mineral exploration company that focuses its activities in southwestern Quebec in search of deposits of precious metals (palladium, platinum, gold and silver) and base metals (zinc, copper, lead). Sphinx is particularly active in the MRC Pontiac where its President and Chief Executive Officer resides. It has a strong local shareholding that contributes towards social acceptability.
For further information, please consult Sphinx's website or contact
Jeremie Ryan President and Chief Executive Officer 819 664 2632
info@sphinxresources.ca www.sphinxresources.ca
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.
All forward-looking statements in this press release are made as of the date of this press release. Sphinx does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
[1] At current metal prices, 1% copper is equivalent to 1.17 grams of gold per tonne considering a price of US$2.56/lb for copper and of US$1,491/oz Troyes for gold, as of October 6 and 7, 2019
[2] Ressources Tranchemontagne inc. is a company controlled by Michel Gauthier