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Sphinx Resources Announces Copper-Gold Zone Grading Update on Calumet-Nord

Mining News - Published on Fri, 18 Oct 2019

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Sphinx Resources Ltd reports the results of 56 grab samples collected in late September on the latest stripped exposure of the Shea zone, on the Calumet-Nord property. The Calumet-Nord property is located on lle-du-Grand-Calumet in the Pontiac regional county municipality in southwestern Quebec. Sampling conducted on this new stripped outcrop yielded grades reaching 3.8 g/t gold and 11.8% copper1 respectively (note that grab samples are selective by nature and reported values are not representative of all the mineralized zones). The delineated copper-gold zone is 8 to 10 metres wide (see Figs. 2,3 and 5) by 95 metres long and remains open at both ends of the stripped outcrop. This early epigenetic volcanogenic mineralization is subvertical. It is disseminated in a sillimanite-muscovite-potassic feldspar-garnet-biotite schist, similar to the host rocks proximal to the Cannington deposit, an enormous volcanogenic silver deposit mined by South32 Limited in Australia. The copper-gold zone traced on the Calumet-Nord property is located 2.8 kilometres north of the former New Calumet mine, which historically produced, from 1944 to 1968,3.8 million tonnes of ore grading 5.8% zinc, 1.6% lead, 0.3% copper, 65 g/t silver and 0.4 g/t gold. Significant gold zones (see Fig. 4) were left behind in the mine, as the mine was shut down before the price of gold ceased to be fixed at US$35/oz starting in 1972.

Jeremie Ryan, president and CEO, said he was pleased with the option agreement concluded with Tranchemontagne2 for the Calumet-Nord project, which offers strong gold and copper potential.

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Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
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