Listen to this articleSphinx Resources is an exploration company working on the development of mineral exploration projects in Quebec. They have recently announced the generation of a project with Les Ressources Tectonic, a first-rate private mineral exploration company, to acquire the Chemin Troilus gold-copper project.
Below is our interview with Normand Champigny, President and CEO at Sphinx Resources:
Q: Normand, tell us something more about the company and your history?
A: Sphinx Resources was known previously as Donner Metals, a company involved in the discovery in 2007 and development of the Bracemac-McLeod zinc-copper mine in Matagami, Quebec. Unfortunately, the company had to abandon its interest in the mine shortly after start-up in 2013 as its 35% became uneconomic due largely to lower than expected grade and metal prices. Many lessons were learned from this very difficult situation. With the support of Quebec financial institutions and new shareholders, the company was re-named, re-invented and has focused on the exploration and development of mining projects in Québec, which is recognized as an attractive mining jurisdiction worldwide. Sphinx’s Board of Directors and Advisory Committee include experienced geoscientists and mine finders. Sphinx concentrates on discovering mineralization in areas that have year-round ground accessibility, where the social acceptability dynamics are positive and favourable geology is characterized by a high degree of metamorphism. The areas selected have often been overlooked, which often allows acquisitions at a low cost. The best example is the recent acquisition of the Green Palladium and Calumet-Sud projects, located in the Regional Municipal County of Pontiac, adjacent to the Québec Abitibi-Temiscamingue region. Exploration in the project area is low cost and benefits from excellent infrastructure and community support.
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Q: You’ve recently signed a letter of agreement with SOQUEM to grant SOQUEM the option to acquire an undivided 50% interest in its Calumet Sud zinc project; tell us something more?
A: SOQUEM is a wholly-owned subsidiary of Ressources Québec, which is a subsidiary of Investissement Québec, the government’s investment arm. Its mission is to promote growth and investment in Quebec. They have a great track record with eight discoveries and mines over a 50-year history and are an excellent partner. This is the first time that SOQUEM will be working in this area of Quebec. They can acquire a 50% interest in the project by carrying out exploration work totaling $450,000 over an option period of four years. The exploration program will be operated by SOQUEM, in collaboration with Sphinx and work commences in June. The program consists of a helicopter-borne magnetic, spectrometer and electromagnetic survey, followed by a ground gravimetric survey and prospecting. The helicopter-borne survey will also cover the Green Palladium project. This is a very positive development for the Pontiac region, SOQUEM and Sphinx.
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Q: What is the company’s long term potential?
A: Sphinx’s objective is to identify and acquire mineral exploration and development projects with significant precious metals (including gold, silver, and platinum-group elements) and associated base metals in highly metamorphosed geological terranes in Canada. Sphinx has the geological expertise required for successful exploration and discovery in high-grade metamorphic terranes which removes an artificial barrier for many other companies. The company will advance its projects and find strategic and reputable partners to accelerate the development, according to the project generator business model as successfully applied by several companies such as Virginia Gold Mines (now part of Osisko Gold Royalties).
Q: What are your plans for next 6 months?
A: We have just announced the generation of a project with Les Ressources Tectonic, a first-rate private mineral exploration company, to acquire the New Chemin Troilus gold-copper project. The project has good precious metals potential, good access and excellent social dynamics. It is characterized by a high metamorphic grade. A first phase of exploration will take place at Chemin Troilus this summer in parallel with exploration work on the Calumet-Sud and Green Palladium projects. In addition, our work on the Somanike nickel-copper-platinum group elements project in the central Abitibi region has identified many well-defined drilling targets, in particular in and around the former high-grade Marbridge mine. We expect that we will shortly have a new partner investing in the project to test the drill targets.
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Q: What milestones can investors expect over the next 12 months?
A: We have designed the exploration programs to efficiently and effectively identify potential new mineralization in areas we feel to be highly prosspective. These areas are: Calumet-Sud, Green Palladium, Somanike and Chemin Troilus projects as well as the acquisition of at least one other project and announcement of additional partnerships to fund exploration activities. We look forward to receiving these exploration results.
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