Sphinx provides an update on drilling and till sampling program at Chemin Troilus, Eeyou Istchee James Bay Territory

MONTREAL, QUEBEC--(Marketwired - Sep 19, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation")
(TSX VENTURE:SFX) announces assay results from this summer's reconnaissance drilling and till sampling and prospecting work at its 100% Chemin Troïlus gold project (the "Project"), located 110 km north-north-west of the town of Chibougamau. This first 487-metre drill program was designed to attempt to discover a bedrock source of a mineralized boulders dispersal train (press release of May 11, 2017) in an area of the Project characterized by weak to moderate induced polarization responses and coincident and strong magnetic anomalies. Highlight from the drill results is 2.5 g/t Au over 0.9 m in drill hole CT-17-06. Assays from the seven (7) holes drilled are summarized in Table 1 below.

The Project area where the boulder dispersal train is located, has no outcrop and is covered with a uniform till blanket ranging from 6 to 10 m in thickness. No previous work had been performed in this specific area. The rocks intersected were Archean metasedimentary rocks, metavolcanic rocks, granitoid rocks and breccias. The gold value returned from drill hole CT-17-06 was in a breccia. The mineralized boulders, however, were not explained by this initial drill program and their bedrock source remains an exploration priority. In combination with the drilling, the till results described below further support the prospectivity of the area. Additional work will be required to identify the source of the boulders.

Table 1: Drill hole information and results summary. Location information is in UTM NAD 83 zone18. True widths are estimated to be close to drilled widths.

Hole Name (Depth metres)	East	North	Elevation (m)	Azimuth/ Dip (degrees)	From (m)	To (m)	Mineralized intercept (m)	Au (g/t)
CT-17-01 (102 m)	516527	5634868	356	325/-45	No significant gold values
CT-17-02 (60 m)	516408	5634331	370	325/-45	No significant gold values
CT-17-03 (61 m)	516169	5634691	358	325/-45	No significant gold values
CT-17-04 (78 m)	515685	5634500	366	325/-45	No significant gold values
CT-17-05 (63 m)	515727	5634433	367	325/-45	No significant gold values
CT-17-06 (63 m)	515792	5634514	367	325/-45	35.15	36.09	0.94	2.51
CT-17-07 (60 m)	515922	5634500	367	325/-45	No significant gold values

Till survey

The two main objectives of the till sampling program were to identify other proximal source areas of the gold anomalies detected in the cover in 2016 and to discover other gold-bearing zones on the Project. A total of 53 till samples were taken to provide coverage of the entire Project area. Till samples weighing about 20 kg were collected at an average depth of about 1.2 meters. A total of 33 till samples contain one or more gold particles with sample 79012 containing more than 1,000 particles. The latter sample is part of a 3-km long southwest-northeast trend, parallel to the glacial flow direction defined by till samples with more than 40 gold particles. Within this trend, a grab sample returned a grade of 5.6 g/t Au. Three (3) adjacent till samples along the same sampling line perpendicular to the glacial flow direction and containing between 40 and 100 gold particles, constitute a new exploration target on the Project.

Quality Control and Reporting Protocols

Sphinx employed a quality assurance and quality control program for the drill program to ensure leading practice in the sampling and analysis of drill core. This included the insertion of certified standards and blanks in the sample stream. Assay samples are taken from NQ-size drill core sawn in half. One half is shipped for analysis to ALS Chemex Laboratory in Val d'Or, Quebec. The other half is kept for future reference. Analytical methods consisted of standard fire assay and atomic absorption finish for gold, and
ICP-MS (code MS41) and aqua regia digestion for the determination of 50 elements.
The drilling program was performed by Forages Chibougamau Ltée of Chibougamau, Quebec, under the supervision of Jean Laforest, ing. and Robin N. Adair, M.Sc. (P.Geol., géo, and member of the Consultative Committee of the Corporation) and the participation of personnel from EnviroCree of Mistissini, Quebec.

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. The fine fraction of the till samples was prepared and then chemically analyzed using ICP-MS (code 41L) by ALS Minerals in Val-d'Or, Québec, an analytical and testing laboratory with ISO 17025 accreditation. 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 personnel from Géo-Envirofor Inc. of Chibougamau, Explo-Logiq Inc. of Saint-Hyppolyte, and Explo-Lab inc. of Val d'Or, Quebec.

About the Chemin Troïlus Project

The Project is located at the southwest end of a gold-copper corridor trending north-east. This corridor is located at the northern limit of the Frotet-Evans greenstone belt, in the Opatica geological subprovince of the Superior Province and it includes the Troïlus Mine. The Project consists of 61 claims (33 km²). The Project is situated along existing road access to the Troïlus Mine and therefore exploration can be carried out at a relatively low cost. Funding for the exploration work includes funds provided by the Société de développement de la Baie-James. Sphinx's is currently seeking of a partner to continue to advance the Project.

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.