Sphinx Traces, over more than 95 Metres, a 10-Metre-Wide Copper-Gold Zone Grading up to 3.8 g/t Gold and 11.8% Copper on Calumet-Nord

2019-10-16 / @accesswire

 

MONTREAL, QC / ACCESSWIRE / October 16, 2019 / Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSXV:SFX) reports the results of 56 grab samples collected in late September on the latest stripped exposure of the Shea zone, on the Calumet-Nord property (see Fig. 1). The Calumet-Nord property is located on Ile-du-Grand-Calumet in the Pontiac regional county municipality in southwestern Quebec.

Sampling conducted on this new stripped outcrop yielded grades reaching 3.8 g/t gold and 11.8% copper1 respectively (note that grab samples are selective by nature and reported values are not representative of all the mineralized zones). The delineated copper-gold zone is 8 to 10 metres wide (see Figs. 2, 3 and 5) by 95 metres long and remains open at both ends of the stripped outcrop. This early epigenetic volcanogenic mineralization is subvertical. It is disseminated in a sillimanite-muscovite-potassic feldspar-garnet-biotite schist, similar to the host rocks proximal to the Cannington deposit, an enormous volcanogenic silver deposit mined by South32 Limited in Australia. The copper-gold zone traced on the Calumet-Nord property is located 2.8 kilometres north of the former New Calumet mine, which historically produced, from 1944 to 1968, 3.8 million tonnes of ore grading 5.8% zinc, 1.6% lead, 0.3% copper, 65 g/t silver and 0.4 g/t gold. Significant gold zones (see Fig. 4) were left behind in the mine, as the mine was shut down before the price of gold ceased to be fixed at US$35/oz starting in 1972.

Jeremie Ryan, president and CEO, said he was pleased with the option agreement concluded with Tranchemontagne2 for the Calumet-Nord project, which offers strong gold and copper potential. A drilling campaign is planned for the spring of 2020, following definition of drilling targets.

Table presenting the 56 grab samples

NoEchant

UtmEst-83

UtmNord-Z18

AuPPB

Au g/t

AgPPM

CuPPM

Cu %

NiPPM

ZnPPM

PbPPM

F30501

368517,27

5064843,66

281

0,28

3,8

15000

1,50

9

30,5

11,5

F30502

368488,40

5064848,75

122

0,12

5,2

97000

9,70

12

185

15

F30503

368482,92

5064850,19

46

0,05

0,3

2510

0,25

8

102

12

F30504

368480,58

5064848,23

111

0,11

4,8

16800

1,68

17

171

24

F30505

368473,81

5064847,32

861

0,86

5

28500

2,85

12

214

16

F30506

368468,77

5064845,62

456

0,46

12,1

53400

5,34

11

366

15

F30507

368468,95

5064843,44

963

0,96

21,4

91200

9,12

14

332

18

F30508

368462,47

5064843,89

43

0,04

3,1

14600

1,46

10

80

16

F30509

368522,49

5064842,18

89

0,09

14,2

56900

5,69

15

137

20

F30517

368532,26

5064845,87

1994

1,99

39,4

118450

11,85

14

1338

18,5

F30518

368527,81

5064847,73

96

0,10

7,1

31000

3,10

12

178

15

F30519

368463,62

5064840,32

116

0,12

7,9

44300

4,43

15

152

17

F30520

368466,88

5064837,92

76

0,08

1

3430

0,34

13

163

16

F30521

368454,39

5064842,06

53

0,05

1,48

1024

44

F30522

368524,49

5064847,14

24

0,02

3010

0,30

31

11

F30527

368489,01

5064842,11

162

0,16

1,28

37

86

F30528

368493,52

5064842,80

151

0,15

1,37

62

31

F30529

368454,78

5064837,63

16

0,02

4640

0,46

59

27

F30530

368453,91

5064841,88

76

0,08

7730

0,77

87

23

F30531

368455,53

5064842,20

26

0,03

4420

0,44

87

32

F30532

368464,06

5064838,91

329

0,33

2,8

80

65

F30533

368465,59

5064834,72

4

0,00

470

0,05

45

9

F30534

368466,66

5064844,51

374

0,37

3,12

241

25

F30535

368471,07

5064845,98

101

0,10

3,15

175

7

F30536

368474,48

5064846,36

671

0,67

3,3

418

20

F30537

368475,46

5064843,04

623

0,62

5,66

3996

20

F30538

368477,27

5064843,43

260

0,26

3,53

143

17

F30539

368471,96

5064841,61

306

0,31

3,18

57

20

F30540

368470,50

5064837,50

246

0,25

2,04

70

14

F30543

368480,57

5064842,76

59

0,06

1356

0,14

21

4

F30544

368480,57

5064842,76

142

0,14

1,03

217

22

F30545

368485,07

5064842,26

41

0,04

1,31

113

15

F30546

368496,02

5064843,33

3819

3,82

2430

0,24

22

13

F30547

368499,60

5064849,41

168

0,17

1,54

56

17

F30548

368500,09

5064862,63

4

0,00

271

0,03

61

7

F30549

368507,07

5064862,47

86

0,09

75

0,01

4

1

F30550

368503,13

5064848,85

187

0,19

2,57

106

21

P190151

368506,70

5064842,93

62

0,06

7430

0,74

44

29

P190152

368526,05

5064840,32

71

0,07

7390

0,74

108

17

P190153

368527,76

5064839,55

295

0,30

5470

0,55

101

9

P190154

368532,66

5064842,58

79

0,08

9420

0,94

74

18

P190155

368536,82

5064846,78

33

0,03

6820

0,68

47

13

P190156

368537,63

5064848,60

69

0,07

3,65

113

18

P190157

368459,91

5064841,99

44

0,04

6450

0,65

115

23

P190158

368465,22

5064840,60

13

0,01

4340

0,43

79

18

P190159

368464,96

5064843,42

188

0,19

7810

0,78

35

12

P190160

368473,24

5064843,95

106

0,11

7160

0,72

132

17

P190161

368482,91

5064848,42

65

0,07

7750

0,78

176

16

P190162

368489,21

5064842,63

91

0,09

1,35

44

7

P190163

368515,58

5064843,70

83

0,08

3,69

91

20

P190164

368517,70

5064841,74

443

0,44

1,61

120

17

P190165

368517,14

5064840,38

51

0,05

1,02

71

12

P190166

368521,68

5064841,45

26

0,03

4010

0,40

178

16

P190167

368533,75

5064844,12

628

0,63

2770

0,28

25

4

P190168

368534,53

5064846,94

49

0,05

1,12

60

6

P190169

368511,92

5064843,61

5

0,01

5110

0,51

54

14


Analytical Protocol

The gold geochemical analysis were performed by pyroanalysis on 30g weighted sample and an atomic absorption finish. The base metal geochemical analysis were performed by atomic absorption after total dissolution in 3 acids, on 0.5g weighted sample. The samples were analysed by Lab Expert Inc. laboratory from Rouyn-Noranda.

Qualified Person

This press release was prepared by Michel Gauthier, Ph.D., FSEG, P.Geo., Qualified Person of the Corporation under NI 43-101 on standards of disclosure for mineral projects. Mr. Gauthier is also a director of the Corporation.

About Sphinx

Sphinx is a mineral exploration company that focuses its activities in southwestern Quebec in search of deposits of precious metals (palladium, platinum, gold and silver) and base metals (zinc, copper, lead). Sphinx is particularly active in the MRC Pontiac where its President and Chief Executive Officer resides. It has a strong local shareholding that contributes towards social acceptability.

For further information, please consult Sphinx's website or contact

Jeremie Ryan
President and Chief Executive Officer
819 664 2632

info@sphinxresources.ca
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.

All forward-looking statements in this press release are made as of the date of this press release. Sphinx does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

[1] At current metal prices, 1% copper is equivalent to 1.17 grams of gold per tonne considering a price of US$2.56/lb for copper and of US$1,491/oz Troyes for gold, as of October 6 and 7, 2019

[2] Ressources Tranchemontagne inc. is a company controlled by Michel Gauthier

SOURCE: Sphinx Resources Ltd.



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