Mr. Jeremie Ryan reports

SPHINX AND SOQUEM CONTINUE TO INTERSECT ZINC MINERALIZATION IN ALL DRILL HOLES ON THE CALUMET-SUD PROJECT

Sphinx Resources Ltd. and Soquem Inc., a subsidiary of Ressources Quebec, have released analytical results of 14 additional drill holes, out of a total of 29 holes, drilled in January, 2019, along the 1,500-metre-long zinciferous zone (see press releases dated Nov. 15, 2019, Feb. 27, 2019, and March 14, 2019).

Highlights:

• Hole CS-19-10 intersected 4.6 per cent zinc over one metre.
• Hole CS-19-07 intersected 3.7 per cent zinc over two metres, including an interval at 5.5 per cent zinc over one metre.

The significant drill results for the 14 holes disclosed in this release are presented in the attached table. They indicate the presence of the mineralization in all drill holes. The true thickness is estimated at 100 per cent of the mineralized intersection length in all drill holes.

The analytical results of the nine other drill holes performed in January, 2019, are expected in the coming weeks.

             ANALYTICAL RESULTS FROM THREE DRILL HOLES

Hole        From (m)   To (m)   Mineralized intersection (m)   Zinc (%)

CS-19-01         19       21                            2.0       2.44   
CS-19-02       56.2     58.7                            2.5       0.35   
CS-19-03         23       26                            3.0       0.41   
CS-19-07         27       35                            8.0       1.04   
CS-19-07         59       61                            2.0       3.74   
Including        59       60                            1.0       5.46   
CS-19-10         50       52                            2.0       4.58   
CS-19-12         60       62                            2.0       2.64   
CS-19-13         68       71                            3.0       1.24   
CS-19-14         82       85                            3.0       2.21   
CS-19-14        121      127                            6.0       1.05   
CS-19-15        109      111                            2.0       1.44   
CS-19-17         33       34                            1.0       1.31   
CS-19-17         74       79                            5.0       1.46   
CS-19-18         63       65                            2.0       2.69   
CS-19-19         38       41                            3.0       2.64   
CS-19-20         52       55                            3.0       0.52   
CS-19-27        107      108                            1.0       1.68 

Analytical protocol

Samples were analyzed by ALS in Val d'Or, Que. The analytical process consisted of crushing, splitting and assaying using sodium peroxide digest finish with inductively coupled plasma atomic emission spectrometry (ICP-AES) finish. Sphinx applies industry-standard quality assurance/quality control procedures to the program.

Supervision and qualified persons

The January, 2019, drilling campaign is carried out under the supervision of Jeremie Ryan and under the direction of Dr. Michel Gauthier, PhD, Geo, board member of the corporation and a qualified person under National Instrument 43-101. This press release was prepared by Normand Champigny, Eng, a director and qualified person of the corporation.

About Sphinx Resources Ltd.

Sphinx Resources is a mineral exploration company that focuses its activities in southwestern Quebec in search of deposits of base metals (zinc, copper and lead) and precious metals (palladium, platinum, gold and silver). Sphinx is particularly active in the MRC Pontiac, where its president and chief executive officer resides.

We seek Safe Harbor.