MONTRÉAL, QUÉBEC--(Marketwired - March 19, 2015) - (TSX VENTURE:SFX) ("Sphinx" or the "Corporation") is pleased to announce that the initial diamond drill program has begun on the Corporation's wholly owned Preissac nickel-copper-platinum group element ("Ni-Cu-PGE") project located in the Abitibi Region, Central Quebec.
The program has been designed to test drill targets identified by the integration of: 1) historical exploration information, 2) the 2014 VTEMplus survey, 3) prospecting results obtained during the fall of 2014, and 4) a recently completed ground-based TDEM-ARMIT geophysical survey on two grids totaling 23 line km in the eastern portion of the project. The drilling program has just commenced and will total about 800 metres.
The Preissac project comprises 78 claims covering an area of 39 km2 located in a region that overlaps the municipalities of La Motte, Preissac, Rivière-Héva as well as the neighbourhood of Cadillac in the town of Rouyn-Noranda. The project is located approximately 1.5 km west of the Marbridge underground nickel-copper mine that produced 702,366 tonnes of ore grading 2.28% nickel and 0.1% copper between 1962 and 1968 and is now 100%-owned by Royal Nickel Corporation.
This program is one of the four drilling programs announced by the Corporation on January 28, 2015 focusing on high grade Ni-Cu-PGE targets in Quebec. All programs are fully funded by Sphinx following the completion of financings announced in December 2014.
Sphinx also announces an amendment to the March 4, 2014 consulting agreement with Cor Capital Inc. ("Cor") which is providing non-exclusive investor relations services to the Corporation. Under the amendment, the agreement is renewed automatically on an annual basis and can be terminated anytime by the Corporation or Cor.
This press release was prepared by Normand Champigny, President and Chief Executive Officer of Sphinx and Qualified Person as defined by NI 43-101.
Sphinx is an exploration company focused on the development of mineral exploration projects in Quebec and on performing multiple acquisitions.
For further information, please consult Sphinx's website: 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.
Sphinx Resources Ltd.
President and Chief Executive Officer