Sphinx completed 13 drillholes on the Calumet-Sud zinc project

MONTRÉAL, QUÉBEC--(Marketwired - April 5, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to announce that 13 drillholes, totalling 1,098.5 m, have been completed on the Calumet-Sud project (the "Project"). The program was designed to test coincident ground geophysical and geochemical anomalies related to surface mineralization identified in surface channel samples (press release of February 22, 2017).

Three drillholes (4000-17-03, 4000-17-10 and 4000-17-12) intersected semi-massive to massive sphalerite horizons with thicknesses ranging from one centimeter to several centimeters spread over several metres. In the drillcore of the other 10 holes, disseminated sphalerite was observed in dolomitic marble horizons of ranging in thickness from one metre to several metres. Drillhole 4000-17-02 is situated about 1,200 m north of the Sonny Zone and 500 m south of the workings of the old New Calumet mine (produced 3.8 million tonnes of ore grading 5.8% Zn, 1.6% Pb, 65 g/t Ag and 0.4 g/t Au from 1943 to 1968), whose property is adjacent to the Project.

Drillhole samples will be delivered and analyzed at the ALS Chemex Laboratory in Val d'Or, Quebec. The results will be disclosed when the analyses are completed and when quality assurance and quality control procedures and data interpretation are finalized towards the end of the spring.

The Project, held 100% by Sphinx and currently under option by its partner SOQUEM (press release of May 31, 2016), consists of 21 claims (12 km²) and is located in the MRC Pontiac region in southwestern Quebec. SOQUEM is the operator and funds the program. To the north, the Project is adjacent to the former New Calumet zinc-lead-silver-gold mine.

The Project is adjacent to the Green Palladium project consisting of 87 claims (49 km²) held 100% by Sphinx, which includes also a significant surface area of potentially zinc-bearing rocks.

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.