Sphinx Resources Ltd. and SOQUEM Cut 21.2% Zinc over 1 Metre in New Trenches

Extending Surface Mineralization up to 1,500 m at the Calumet-Sud Project, Quebec

MONTRÉAL, November 15, 2018 - Sphinx Resources Ltd. ("Sphinx"or the "Corporation") (SFX) and its partner SOQUEM are pleased to announce the results of channelsampling from 13 new trenches completed this fall, on the Calumet-Sud project, heldin partnership with SOQUEM. These trenches extend up to 1,500 m north of the Sonnyzone on the Calumet-Sud project (see Figure 1 attached). Grades greater thanone percent, up to 21.2% Zn, were obtained in channel samples taken from thirteen(13) trenches. Sampling of the channels was conducted at 1-metre intervals, totalling174 channel samples. These new discoveries include the following composite channel-sampledintervals: 8.14% Zn over 1.5 m (T-18-06), 6.61% Zn over 5.0 m (T-18-03) and 6.72%Zn over 1.0 m (T-18-05). It should be noted that the thicknesses reported in thisrelease are apparent because they are influenced by the dip of the zinc-bearinglayers and the plunge of folds (see figures 2 to 14 attached and photos fortrenches T-13-03, T-18-04 et T-18-08). A concentration of zinc mineralization inisoclinal fold hinges is observed in several trenches. This type of concentrationhas been documented at the Balmat-Edwards mine.

Since the discovery of zinc mineralization at surface in 2014,the exploration work, including diamond drilling (24 holes totalling 1,525 m), revealedthe presence of at least two zinc-bearing horizons (sphalerite). This mineralizationis of the SEDEX-type (SEDimentaryEXhalative, more than half of the world's zinc and lead production is from thistype of deposit). The zinc mineralization is defined by the presence of massivesphalerite bands ranging from one centimetre to several centimetres in thickness,as well as disseminated sphalerite, pyrite and pyrrhotite, all hosted in dolomiticmarble. Geological mapping of sampled trenches suggests that zinc mineralizationis continuous between them.

Located in the Pontiac regional municipal county of Quebec,the Calumet-Sud project is adjacent to the former New Calumet mines that produced3.8 million metric tonnes of ore at a grade of 5.8% Zn, 1.6% Pb, 65 g/t Ag et 0.4g/t Au from 1944 to 1968 (reference:Annualreport New Calumet Mine 1968).


Next drilling campaign

A new diamond drilling campaign, of a minimum of 2,000 m isscheduled before the end of 2018. With this campaign Sphinx intends to validatethe channel-sampled areas from the Sonny zone up to 1,500 m to the north.


Analytical protocol

The channel samples were analyzed by ALS in Val-d'Or, Quebec. The analytical process consisted of crushing, splitting and assayingusing sodium peroxide digest finish with ICP- AES finish. Sphinx applies industry-standardQA/QC procedures to the program.


Qualified Persons

The 2018 fall trenching program was managed by Sphinx under the supervisionof Normand Champigny and under the field direction of Michel Gauthier, Ph.D. (geo., and Board member of the Corporation). Both are Qualified Persons under NationalInstrument 43-101. This press release was prepared by Normand Champigny, QualifiedPerson for Sphinx.


About SOQUEM

SOQUEM, a subsidiary of Ressources Quebec, is aleading player in mineral exploration in Quebec. Its mission is to explore, discoverand develop mining properties in Quebec. SOQUEM has participated in more than 350exploration projects and contributed to major discoveries of gold, diamonds, lithiumand other minerals.


About Quebec and Sphinx

Quebec has established itself as one of the world's most attractive mining jurisdictions, ranking 6thglobally (Fraser Institute press release, February 22 2018). The Quebec governmenthas created market confidence by following a proactive approach to mining policy.Quebec's mining sector has also beenencouraged by the clarity and certainty of the legal and regulatory framework adoptedby its government. Sphinx is engaged in the generation and acquisition of explorationprojects in Quebec with a focus on zinc.



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

Normand Champigny, President and Chief Executive Officer
514.979.4746
info@sphinxresources.ca
www.sphinxresources.ca



Neither TSX VentureExchange nor its Regulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacy or accuracyof this release.

This pressrelease may contain forward-looking statements that are subject to known and unknownrisks and uncertainties that could cause actual results and activities to vary materiallyfrom targeted results and planning. Such risks and uncertainties include those describedin Sphinx's periodic reports including the annual report or in the filings madeby Sphinx from time to time with securities regulatory authorities.

All forward-lookingstatements 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 whetheras a result of new information, future events or otherwise, except as required bylaw.

SOURCE: Sphinx Resources Ltd.