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This profile is part of an investor education campaign. The profile provides detailed information which was sourced and approved by Sphinx Resources in order to help investors make better investment decisions. The Company’s support of Investing News Network ensures we can continue to bring you unbiased, independent news and information.

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Sphinx Resources—Generating Robust Precious Metals and Zinc Projects in Quebec

 

Overview

Sphinx Resources (TSXV:SFX) is a mineral exploration company focused on generating and acquiring quality precious metals and zinc projects for low cost exploration in Quebec. The province ranks as one of the world’s most attractive mining jurisdiction due in large part to the proactive mining policies of the Quebec government.

Sphinx has built an impressive portfolio of projects across a range of metals and levels of advancement, all within close proximity of existing or former mines.

Three of these projects are the subject of drill programs in 2017:

  • Calumet-Sud (zinc-lead-silver-gold), results pending on 13-hole drill program
  • Green Palladium (palladium-copper), results pending on 10-hole drill program
  • Chemin Troïlus (gold), 7-hole drill program began in June 2017

A follow-up till sampling program at the Cheechoo-Éléonore Trend Project is also planned for 2017.

Sphinx Resources’ project generator business model allows the company to maximize shareholder value through steady news flow and strategic partnerships. The company is led by a team of proven mine finders whose success in the Quebec and Labrador regions includes the Éléonore, Rainy River, Bracemac-McLeod and Voisey’s Bay mines.

Investment Highlights

  • High quality project portfolio in world-class mining jurisdiction of Quebec.
  • All projects within proximity of existing or previous mines.
  • Project generator business model with 11 transactions completed in 3 years.
  • Strong team of mine finders with an impressive track record over 30 years.
  • Low cost exploration with strategic partners.
  • Actively identifying new projects with a focus on precious metals and high-grade zinc.
  • Catalysts in 2017 include drill results for multiple projects.
  • Clean balance sheet with recent $1.4 million funding; good share structure

Robust Project Portfolio for Building Shareholder Value

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Gold: Cheechoo-Éléonore Trend Project

The Cheechoo-Éléonore Trend Project, located in Quebec’s Eeyou Istchee James Bay region, is a 50/50 joint venture between Sphinx Resources and Sirios Resources (operator). The property encompasses 286 square kilometers along the northwest extension of the trend for which it is named. The underexplored Cheechoo-Éléonore Trend includes Sirios’ Cheechoo high-grade gold discovery made in 2016 and is also home to Goldcorp’s world-class Éléonore gold mine—located approximately 24 kilometers from the southeastern edge of the joint venture project.

Sphinx’ technical team believes the project’s geological setting is similar in nature to both the Cheechoo discovery and the Éléonore mine. Initial till sampling conducted in 2016 has identified four prospective areas of gold mineralization along trend. The 2017 sampling program is being conducted up-ice of the glacial flow direction and follow-up prospecting is being conducted on the four gold anomalies. The goal is to identify drill targets for a future drill campaign.

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Zinc: Calumet-Sud Project

The Calumet-Sud Project is located adjacent to the company’s 100-percent owned Green Palladium Project in southwestern Quebec. The project is a joint venture between Sphinx and SOQUEM—a subsidiary of Ressources Québec which supports resource companies and helps foster economic development in the province.

Calumet-Sud hosts a strong 1,800-meter long lead-zinc anomaly and is highly prospective for multiple metals including zinc, lead, gold, silver, palladium, platinum and copper. Between 1943 to 1968, the former New Calumet mine adjacent to the north of the project produced a total of 3.8 million tonnes at 5.8 percent zinc, 1.6 percent lead, 65 g/t silver and 0.4 g/t gold.

SOQUEM conducted ground gravity and IP surveys in 2016 over new electromagnetic anomalies known as the Sonny Zone and the Sonny West Zone, which are located 2 kilometers to 3 kilometers from the New Calumet mine. Work at the Sonny Zone includes several one-meter long channel samples with results including:

  • Trench 1.9 percent zinc over 5 meters; 3.7 percent zinc over 4 meters, including 5.4 percent zinc over 2 meters.
  • Trench 2: 3 percent zinc over 10 meters, including 6.9 percent zinc over 1 meter.

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In 2017, using the data from the survey program, SOQUEM completed a 13-hole drill program totaling 1,098. High grade zinc intervals were returned from dolomitic marble rocks within four (4) newly interpreted horizons. These horizons are defined by strongly anomalous zinc values and the presence of massive sphalerite bands ranging from one centimeter to several centimeters in thickness, as well as both stringer and disseminated sphalerite. The best interval intersected was from drillhole 1400-17-03 that returned 4.11% zinc over 3.0 m drilled width (2.93 m true width) from 12.0 to 15.0 m in the Sonny horizon. Sphinx and its partner SOQUEM are planning an exploration program to further investigate these results.

Gold: Chemin Troïlus Project

The wholly-owned Chemin Troïlus Project comprises 32.1 square kilometers along a northeast trending gold-copper bearing corridor at the northern limit of the Frotet-Troilus greenstone belt in Quebec’s James Bay region. This corridor is home to the Troïlus Mine which lies 25 kilometers northeast of the project and produced more than 2 million ounces of gold and 70,000 tonnes of copper between 1997 and 2010.

During work conducted on the property in 2016, numerous pristine gold grains were discovered in till samples taken at the head of an earlier-identified gold-bearing boulder train.

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An IP survey was conducted in April 2017 to identify targets for the summer 2017 drill program which began in June. Seven holes are planned with the goal of investigating the source of the gold grains in tills and the gold-bearing boulders.

PGE-Copper: Green Palladium

The 100-percent owned Green Palladium Project covers 126 kilometers in southwestern Quebec.

The property was historically tested for nickel and copper through bulk sampling of a small test pit in 1958. Three samples taken from this same test pit in 2014 assayed at 3.3 g/t, 2.3 g/t and 0.6 g/t palladium and 3.2 percent, 3.3 percent and 0.2 percent copper. Nickel graded between 0.1 percent and 0.2 percent; platinum and gold were also present in trace amounts.

There is evidence of a new and untested 11-kilometer PGE (platinum group elements) reef. Drilling of the mineralized reef by Sphinx in 2015 encountered 3.44 g/t PGE over 40 cm. Surface channeling parallel to this hole returned 0.86 g/t palladium, 0.34 g/t platinum, 0.05 g/t gold and 0.40 percent copper from 1.50 to 3.00 meters.

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Airborne geophysical surveys conducted in the summer of 2016 identified four target zones within a Obwondiag layered igneous complex that contains the PGE reef, and two to three potential horizons of interest for platinum group elements.

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Sphinx completed a ten-hole (969 meters) drill program in spring 2017 which confirmed the geological continuity of the mineralized reef over a length of 800 meters. Complete assay results from the program are anticipated for release in summer 2017.

Nickel-Copper-PGE and Gold: Somanike Project

The wholly-owned Somanike Project is located in Quebec’s world-class Abitibi region, known for both gold and VMS (zinc-copper-silver-gold) deposits, and encompasses the former Marbridge underground nickel-copper mine. Marbridge, the only nickel mine in the Abitibi region, produced 774,227 tonnes of ore grading 2.28 percent nickel and 0.1 percent copper from four deposits between 1962 and 1968. Somanike is the subject of a cooperation agreement between Sphinx Resources and the Abitibiwinni first nation.

A review of historical data combined with an airborne VTEM survey performed by the company in 2014 led to the discovery of sulphide iron formations that occur across the project and may be prospective for gold mineralization. In 2015, drilling over four holes intersected ultramafic rocks which correlate well with the magnetic trends returned from the VTEM survey. Highlights include: 1.41 percent nickel, 0.05 percent copper, 0.30 g/t palladium, 0.04 g/t platinum at 0.5 meters.

Sphinx has identified several drill targets and is actively seeking a partner to fund the next exploration program.

Management

Normand Champigny – President, Chief Executive Officer and Director

Normand Champigny is a geological engineer. He has extensive experience with both public and private companies, both domestically and internationally. He has been involved in many facets of the mining industry, including engineering, project evaluation, and project management. Champigny is a member of the Ordre des Ingénieurs du Québec. Until recently, Champigny was an Executive Committee Member of the Prospectors & Developers Association of Canada (PDAC)” He was Chair of the Board of Directors of Minalliance, an organization raising awareness about the mining industry in Quebec and highlighting its positive contribution to Quebec’s social, economic, and environmental development. Champigny is a graduate from École Polytechnique in Montreal (B.A.Sc), University of British Columbia (M.A.Sc), and Paris School of Mines (Specialized Diploma in Geostatistics).

John W. W. Hick B.A., LL.B – Chairman of the Board

John Hick has over 30 years’ of experience in the mining industry in both senior management positions and as an independent director, during which he has spent the majority of his time based in Toronto, Canada. He is currently President and CEO of his own consulting company, John W. W. Hick Consultants Inc., and acts as an independent director of a number of TSX (or TSX-V) listed companies. Previously, Hick has held either senior management and/or board positions with a number of publically listed Canadian mining companies, including Medoro Resources Ltd., Rio Narcea Gold Mines Ltd, Defiance Mining Corp., Geomaque Explorations Ltd., TVX Gold Inc., Rayrock Resources Inc., and Placer Dome Inc.

Michel Gauthier – Director 

Michel Gauthier is a consultant and professor of mining exploration at Université du Québec à Montréal (UQAM). Gauthier, recently retired, has extensive knowledge of the mining sector in which he operates since 1970. Over time, Gauthier has been involved in the generation of mining projects in Canada and internationally. It is for this reason that in 2001 he co-baptized a gold prospect, named Éléonore, in the James Bay region of Quebec. He also acted as an advisor to the Fonds de solidarité FTQ mining portfolio. In the past, he has been, among other duties, a committee member of the mining sector of the Auditor General of Quebec and Advisory Committee of the Quebec Ministry of Energy and Resources-Mines and Vice-Chairman of the Board of Directors of SOQUEM. In addition, he was a visiting professor, notably at the University of Concepcion in Chile, the University of Brasilia in Brazil, the University of Western Australia and the University of Liege in Belgium. Gauthier holds an engineering degree and a Ph.D. in geological engineering from École Polytechnique de Montréal. He is a member of the Ordre des ingénieurs du Québec and Ordre des géologues du Québec. He is a Fellow of the Society of Economic Geologists.

Kerry E. Sparkes – Director  

Kerry Sparkes is a registered professional geologist and holds a M.Sc. in Geology from Memorial University in Newfoundland.  He has over 25 years’ experience in the mineral exploration business as both an exploration geologist and executive.  His career has included the exploration, delineation and development of 2 major Canadian deposits, both of which were the subject of takeovers (Voisey’s Bay nickel deposit & the Rainy River gold project).  He has acted as a director and officer of a number of publically listed companies over the last 20 years, including serving as a member of a number of independent committees.  Sparkes currently holds the role of V.P. Geology for Franco Nevada Corporation.

François Biron – Director

Francois Biron has more than 40 years of experience in operational management. He has occupied several senior positions at mine sites with well-known and reputable international mining companies. His expertise includes project evaluation, environmental management and social acceptability for new mining projects which will strengthen the Corporation. Biron has been involved as General Manager of the Troilus Division of Inmet Mining Corporation, a gold-copper mine in Eeyou Istchee James Bay region about 125 km north of Chibougamau, Quebec, with 260 employees, including 65 from the Cree nation.

Ingrid Martin – Chief Financial Officer and Director

Since 2004, Ingrid Martin works with several mining and exploration organizations in Quebec and has considerable expertise in finance and business acquisitions. From 2001 to 2004, as Molson Canada Regional Accounting Director, she worked on financial reporting, tax compliance and budgeting process. From 1993 to 2001, she worked at Unisource Canada, Inc., a national single-source distributor, performing several accounting and operational functions. Ingrid Martin holds a Bachelor in Business Management from HEC Montreal, Quebec. She is a member of the Ordre des comptables professionnels agréés du Québec since 1990 and started her career working four years as external auditor with the Price Waterhouse firm.

Robin N. Adair – Advisory Committee

Robin Adair has 32 years of experience on North American and international mineral exploration and development projects. He holds a M.Sc. and a B.Sc. degree from the University of Alberta and is a registered Professional Geologist in Québec and New Brunswick. His experience spans exploration through discovery, development and production involving roles in senior management, business development as well as technical direction. Adair’s career has focused on base and precious metals projects. He spent 25 years at Noranda Inc. and Falconbridge Limited followed by seven years with Donner Metals Ltd (now known as Sphinx Resources). He holds or has held directorships in a number of companies.

 

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