It said Area 51 infill drilling was continuing to demonstrate near-surface, "potentially openpittable zones" with results including 0.5m at 47.4g/t within 38.5m at 1.17g/t at the Titan zone.

Other highlights included 51.7m at 4.06g/t gold from Tabasco-Cayenne step-out drilling; and 18.95m at 4.88g/t including 0.7m at 96.9g/t from infill drilling at Main Gabbro near existing underground mine workings.

Drilling at the project had been suspended from March 23 to mid-May due to COVID-19 restrictions.

Vice president exploration Attila Péntek said the company now had six drill rigs in action for its ongoing, fully-funded circa 80,000-100,000m drill programme.

Two rigs were on the newly-acquired portion of Fenelon to follow up on Balmoral Resources' recent Ripley and Reaper discoveries. 

Wallbridge completed its acquisition of neighbouring Balmoral in May and last month consolidated its district-scale land position to more than 900sq.km, by entering an option to acquire up to 65% of the nearby Casault gold property from Midland Exploration.

It had acquired the original Fenelon property from Balmoral in 2016 for C$3.7 million.

The Eric Sprott-backed company, which aspires to be a plus-100,000 ounce per annum producer, is aiming to release a maiden resource for Fenelon in mid-2021.

It had about $54 million in combined cash at March 31.

Wallbridge shares (TSX: WM), which were trading below 50c a year ago, peaked at $1.36 in May.

They closed down 7.4% yesterday to $1 to capitalise it at $722.5 million (US$531 million).