Hole FA-19-086 assayed 2.53m at 201.73g/t gold, within 7.51m at 82.61g/t, part of a wider 38.39m at 27g/t from 600.85m.

"This interval released from hole FA-19-086 is a truly spectacular intersection with strong gold mineralisation throughout the over 38m core length that has been assayed so far," exploration vice president Attila Péntek said.

President and CEO Marz Kord said a year ago, Wallbridge only had a conceptual model of the gold zones below 200m vertical depth and now had several significant, high-grade intersections at 500-600m.

He said the company had accelerated the deep exploration drilling to plan for "a greatly expanded programme" in 2020, aiming for a property-wide resource/reserve estimate in 2021.

The company recently beefed up exploration at its flagship project in Quebec, increasing from four to six rigs in August to drill up to 80,000m by year-end.

It had completed a C$10.2 million (US$7.8 million) raising in August at 50c per super flow-through share and 46c per flow-through share.

Wallbridge completed a 35,000 tonne bulk sampling programme at Fenelon grading 18.5g/t earlier this year.

Eric Sprott is the company's largest shareholder with 24.3%.

Wallbridge's shares started the year at 16c and reached 48.5c in August.

They closed up 7% yesterday to 37.5c, capitalising it about $185 million (US$141 million).