Sphinx and SOQUEM Extend to 3,500 metres Their Drilling Campaign on the Calumet-Sud Zinc Project

MONTRÉAL, QC / ACCESSWIRE / February 4, 2019 / Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX-V: SFX) and its partner SOQUEM announce that they increased the 2,400 meters drilling campaign initially planned to more than 3,500 m as zinc mineralization was intersected in all drill holes. This drilling campaign began on January 4, 2019 and ended on January 28, 2019. These holes were drilled by Forage RJLL Drilling Inc. of Rouyn-Noranda, Quebec. A total of 29 holes were drilled on a zinciferous zone traced over 1,500m trenching and stripping (see August 30, 2018 press release). This campaign adds to the 1,525 m of drilling already done by the Sphinx-SOQUEM partners on the Calumet-Sud project.

The Calumet-Sud project is adjacent to the site of the former New Calumet mine that produced 3.8 million metric tonnes of ore at a grade of 5.8% Zn, 1.6% Pb, 65 g/t Ag et 0.4 g/t Au from 1944 to 1968 (reference: Annual report New Calumet Mine 1968).

The description and sampling of these holes is in progress. This work is done by the Explo-Logik Inc. technical staff from St-Hippolyte, Quebec. The core samples are sent to ALS laboratories in Val-d'Or in compliance with the procedures prescribed by National Instrument 43-101.

Next drilling campaign

A new drilling campaign is planned to begin during the month of May when all the results of the January campaign have been received and interpreted.

Supervision and Qualified Person

The January 2019 drilling campaign was managed by Sphinx under the supervision of Mr. Jeremie Ryan and under the direction of Mr. Michel Gauthier in the field. Messrs. Ryan and Gauthier are respectively President and CEO, and Director of Sphinx. Mr. Gauthier is a Qualified Person under National Instrument 43-101. He holds a BScA (1976), MScA (1978) and PhD (1982) in geological engineering from École Polytechnique de Montréal. He is also a Fellow of the Society of Economic Geologists and is registered on the board of the Quebec Order of Geologists under number 144. This press release was prepared jointly by Messrs. Ryan and Gauthier.

About SOQUEM

SOQUEM, a subsidiary of Ressources 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 Québec and Sphinx

Sphinx is a mineral exploration company that focuses its activities in Western Quebec in search of deposits of base metals (zinc, copper, lead) and precious metals (palladium, platinum, gold and silver). Sphinx is particularly active in the Pontiac MRC where its president resides. It has a strong local shareholding that ensures enviable 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

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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.

SOURCE: Sphinx Resources Ltd.