Sphinx and SOQUEM identify coincident ground geophysical and geochemical anomalies and approve a drilling campaign on the Calumet-Sud zinc Project, Quebec

MONTREAL, QUEBEC--(Marketwired - Feb. 22, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) and its partner SOQUEM are pleased to report positive results following a ground gravity and induced polarization survey ("IP") over zinc soil targets at the Sonny and Sonny West Zone on the Calumet-Sud project (the "Project"). These geophysical surveys identified several high priority targets for an 11-hole drill program that will start around the mid-March 2017.

These results are in addition to the results obtained in 2016 from the following surveys:

• HELITEM30C MULTIPULSE™ airborne survey (press release of September 7, 2016); and
• soil geochemical survey (press release of December 20, 2016).

The Sonny Zone and the Sonny West Zone (located 150 m west of the Sonny Zone), are:

• delineated by strongly anomalous values in soil for zinc and lead (with a peak value of 37,200 ppm Zn (3.72%) and 1,678 ppm Pb (0.17%); and
• spatially correlated with the airborne conductors, chargeability anomalies as well as certain gravimetric highs. The Sonny Zone in particular represents a zone of coincident gravity, IP, soil and zinc in bedrock

These two zones are new and have not been tested by drilling or other surveys in the past.

In addition, the Sonny Zone, identified in 2014, has revealed a number of one-metre long channel samples (the true thickness of the mineralization cannot be determined) in carbonate bedrock that returned: Trench #1 - 1.9% Zn over 5 m, 3.7% Zn over 4 m, including 5.4% Zn over 2 m and Trench #2 - 3% Zn over 10 m including 6.9% Zn over 1 m.

Following the work performed in 2016 and the encouraging results obtained, several anomalies have been selected and jointly approved as drilling targets, by SOQUEM, manager of the Project, and Sphinx. To test these targets, a diamond drilling campaign comprising a minimum of 11 drillholes, totalling 800 m will begin around the middle of March.

The ground geophysical work was conducted by Geosig Inc. a geophysical consulting firm based in Quebec City, from December 6 to 23, 2016, under the supervision of SOQUEM and. MB Geosolutions of Fossambault-sur-le-Lac, Quebec. The surveys covered a total of 17.5 line-km with wood pickets and surveyed lines, but with no vegetation clearing.

The Project consists of 21 claims covering an area of 12 km² optioned to SOQUEM in 2016. Under the option and joint venture agreement with SOQUEM, Sphinx grants SOQUEM the option to acquire an undivided 50% interest in the Project. If the option is exercised, a joint venture will be created between Sphinx and SOQUEM. SOQUEM is operating the Project's exploration program. The Project is adjacent to the Green Palladium project held 100% by Sphinx, which includes a significant strike length of the carbonate stratigraphy of interest

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 SOQUEM

SOQUEM, a subsidiary of Investissement 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 Sphinx

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

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.