Sphinx Resources Ltd.(TSXV:SFX) announces assay results from this summer’s reconnaissance drilling and till sampling and prospecting work at its 100% Chemin Trolus 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.

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Hole

Name

(Depth metres)

East North Eleva-tion

(m)

Azimuth/

Dip

(degrees)

From

(m)

To

(m)

Minerali-zed 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