Sphinx samples Pd+Pt+Au reef over a strike length of 800 m and discovers new drill targets on its Green Palladium project

MONTRÉAL, QUÉBEC--(Marketwired - Nov. 1, 2016) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to announce new platinum group elements ("PGE") targets on its 100% owned Green Palladium project located in the Pontiac Regional County Municipality of southern Quebec, including the extension of the stratabound PGE reef discovered in 2015. The targets have been identified following the recent completion of a rock and soil sampling program. The original Green Palladium discovery horizon, which returned 3.44 g/t Pd+Pt+Au (Pd 2.46 g/t, Pt 0.23 g/t, Au 0.25 g/t) over 40 cm (true width could not be determined) in drillhole GPd-15-01 (see the Corporation's press release of June 18, 2015) is now extended over a strike length of 800 metres. A new second target area has been identified 250 m northwest of the original Green Palladium PGE reef discovery.

New airborne magnetic survey data from the helicopter-borne geophysical survey conducted this summer over the Green Palladium and Calumet-Sud projects was disclosed in the Corporation's press release dated September 7, 2016.

The Corporation's interpretation of these data suggests:

• the presence of four (4), kilometric-scale target zones within the Obwondiag layered igneous complex that contains the original Green Palladium PGE reef discovery; and
• the definition of two or possibly three potential horizons of interest for PGE which are unexplored.

In September and October 2016, prospecting, soil geochemical sampling and rock sampling programs were performed. A total of 16 rock and 692 soil samples were taken. Anomalous copper, nickel, palladium and platinum values in soil and rock samples show a strong spatial correlation with the magnetic trends identified during the 2016 heliborne geophysical survey (see appended Figure 1). This recent work has led to the identification of new drill targets that can be tested along the 800-metre long PGE reef including the deepening of certain 2015 drillholes that did not reach the PGE reef.

Exploration in the project area is low cost and benefits from excellent infrastructure and community support. Funding for the program included funds provided by the Société d'investissement dans la diversification de l'exploration (SIDEX) as part of its "Field Action 2016" program.

Field work has been conducted under the supervision of Dr. Michel Gauthier (géo, ing. and a director of the Corporation). Rock samples were analyzed by Laboratoire Expert Inc., Rouyn-Noranda, Quebec. Gold, platinum and palladium values were determined by 30-gram fire assay with DCP-1 finish. Silver, copper and nickel values were determined by partial acid digestion followed by AAT-7 finish. The laboratory follows an internal quality control program utilizing a system of blanks, standards and duplicates. A hand-held Niton XRF analyzer provided geochemical readings for a wide range of metallic elements including nickel and copper. Readings were made at the soil sample surface. Several readings are used to generate an averaged value. Values obtained using the Niton XRF analyzer are being used only for exploration planning.

The Green Palladium project comprises of 231 claims with a surface area of about 136 km² and covers approximately half of the Obwondiag layered complex. The remainder of the complex is covered by the Calumet-Sud project which is under an option and joint venture agreement between Sphinx and SOQUEM.

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 Sphinx

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

For further information, please consult Sphinx's website.

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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.