(MENAFN- ProactiveInvestors)Sphinx Resources (CVE:SFX) has extended the platinum reef on its Green Palladium project and increased its footprint on the Somanike project also in Quebec it told investors. The group has now completed its 962m drill programme at Green Palladium and the mineralised reef was hit in six of the nine holes. The reef extends over 719 metres the firm said. A highlight intersection was 3.44 g/t of Pd+Pt+Au over 40 cm in the main showing area. The next phase of exploration at the property will include a soil geochemical survey and detailed surface mapping and prospecting. Sphinx said it had struck a deal to acquire seven claims from Globex Mining in the area of the Somanike project. The consideration is 1.2mln shares of Sphinx to be issued to Globex along with a Gross Metal Royalty (GMR) at various levels depending on the nickel price. Sphinx must also spend $500000 on exploration with a minimum of $100000 per annum within five years the group added. On its previously announced acquisition of the Calumet Sud project Sphinx today clarified that the total purchase price would be $800000 and that the vendor will be Gardin. The 21 project claims have been transferred from Amixam to Gardin.
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