Sphinx Resources (SFX-V) and its partner Sirios Resources (SOI-V) Nov 3rd 2016 have completed the field component of the 2016 exploration program on the Cheechoo-Eleonore Trend project, located in northwestern Eeyou Istchee James Bay territory of northern Quebec. The objective of this first phase of exploration is to provide a preliminary evaluation of the gold potential by the collection of till samples along this promising and unexplored 50-kilometre-long trend. The project is situated in the extension of the axis that connects Chechoo gold discovery and Goldcorp's-Eleonore gold mine.
The till sampling program was completed during the month of October by Consultants Inlandsis of Montreal with the collaboration of the Table jamesienne de concertation miniere of Chibougamau. A total of 195 samples, as well as 29 duplicate samples, were collected at an average spacing of 200 metres along the prospective trend. This survey included a quality control program. The samples will be examined, sieved to extract fine fraction subsamples, and a heavy-mineral concentrate will be prepared by Inlandsis. The fine fraction will be then chemically analyzed by ALS Geochemistry Laboratories in Val d'Or, Que., while the heavy-mineral concentrate will be analyzed using neutron activation by Activation Laboratories Ltd. in Ancaster, Ont. It is anticipated that both the visual examination and analytical results will be available in early 2017. This will be followed by the planning of the 2017 fieldwork. The work will be done in the areas that have returned the best results.
In addition, Sphinx and Sirios announce the execution of the definitive agreement forming their 50-50% joint venture to explore the Project's 551 claims. For this purpose, a binding letter of intent was signed in August (see the Corporation's press release dated August 23, 2016). Under the terms of this joint venture agreement Sphinx and Sirios are required to spend a minimum of $500,000 each over the next five years. A management committee will oversee the activities of the joint venture and Sirios will act as the Project's operator.
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. The agreement noted herein between the Corporation and Sirios is an exempt transaction under Policy 5.3 of the TSX Venture Exchange.
About Sphinx
Sphinx is engaged in the generation and acquisition of exploration projects in Québec, Canada which is recognized as an attractive mining jurisdiction worldwide.
For further information, please consult Sphinx's website: www.sphinxresources.ca
Sphinx Resources Ltd.
Normand Champigny
President and Chief Executive Officer
514.979.4746
info@sphinxresources.ca
www.sphinxresources.ca |
