Sphinx and Sirios focus on two high priority gold targets on the Cheechoo-Éléonore Trend project, Eeyou Istchee James Bay Territory

MONTRÉAL, QUÉBEC--(Marketwired - Sept. 21, 2017) - Sphinx Resources Ltd. ("Sphinx") (TSX VENTURE:SFX) and its partner Sirios Resources ("Sirios") are pleased to report that the till sampling program completed in June 2017 on the Cheechoo-Éléonore Trend project (the "Project") has made it possible to specify two high priority gold targets from the four prospective areas identified in 2016 (press release of June 1, 2017). The results received from this second sampling campaign on the Project suggest a local source for gold detected in tills from the two priority targets. A follow-up program on these two targets is underway and will be completed by the beginning of October. The objective of the program is to attempt to establish the primary source of the gold. The targets and showings that will present the best gold potential will be eventually tested them by drilling.

Ten (10) samples out of a total of 204 till samples collected and analyzed in 2017, revealed gold values in heavy mineral concentrates greater than 100 ppb and up to 1,010 ppb distributed on two distinct targets. These high values are accompanied by anomalous values in silver, arsenic, cobalt, copper, tin, molybdenum and tungsten in the fine fraction (-63 µm) of the tills. Samples were taken at an average spacing of 200 m along the northwest-southeast axis of this promising 50-km corridor. The Project's management committee approved a budget of $ 90,000 to carry out this follow-up prospecting program. Sirios acts as operator of the exploration program of the Project.

Quality Control and Reporting Protocols

The till sampling program ensured a rapid and efficient follow-up of the explored areas in the field through: 1) the identification of gold particles of the -4mm fraction of the till using a conical-shaped gold pan followed by particle counting using a binocular microscope, and 2) multi-element determination of pressed till pellets using a portable XRF equipment. In addition, the fine fraction (-63 µm) of the till samples was prepared and then chemically analyzed using ICP-MS (code 41L) and using standard fire assay and atomic absorption finish for gold, by ALS Minerals in Val-d'Or, Québec, an analytical and testing laboratory with ISO 17025 accreditation. The quality control protocol included the insertion in the sample stream of field duplicate samples, analytical blanks and gold reference standards. A team of specialists collected till samples over the entire Project area under the supervision of the Table Jamésienne de Concertation Minière of Chibougamau and Consultants Inlandsis of Saint-Alexis-des- Monts, Québec. The team included Yves Caron, géo, M.Sc., and personnel from Géo-Envirofor Inc. of Chibougamau, Explo-Logiq Inc. of Saint-Hyppolyte, and Explo-Lab inc. of Val d'Or, Quebec.

About the Chechoo-Éléonore Trend Project

The Project is located along the extension of the axis that connects the Cheechoo gold discovery of Sirios and the Éléonore Gold mine owned by Goldcorp inc. The southeastern extremity of the project is situated about 24 km northwest of the Éléonore mine and road access is available within 14 km of this location. Sphinx and Sirios have created a 50- 50% joint venture to explore the 551 claims of the Project (press release of November 3 2016).

Qualified Person

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 Québec 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 Québec.

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.