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Sphinx Resources to acquire Tessouat zinc project

Sphinx Resources Ltd. said Aug. 8 that agreed to acquire 22 claims comprising the Tessouat zinc project in Quebec from Resources Tranchemontagne Inc. and Gardin Inc.

Sphinx will pay C$26,000 and issue 100,000 common shares at a deemed price of 4.5 Canadian cents apiece to the sellers. The miner will also be required to spend C$70,000 on exploration at the project over two years and grant a 2% net smelter royalty over the property.

The deal remains subject to the approval of the TSX Venture Exchange and other customary closing conditions.

Sphinx has designed a C$20,000 exploration program at the project, to be completed this summer and to consist of soil sampling that will aim to identify the most prospective areas and define drill targets.

Tranchemontagne is fully owned by Gardin, which is owned by Sphinx director Michel Gauthier.