Ely Gold Royalties Inc. to provided an update on its 2% Net Smelter Royalty on the Fenelon Property ("Fenelon" or "Fenelon Royalty") located in Northern Quebec, 100% owned and operated by Wallbridge Mining Company Limited. Wallbridge is currently developing its 100%-owned Fenelon Gold Property, located proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern Quebec. Wallbridge reports that six drill rigs are currently active on the Property: five are focused on exploration drilling from surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system, and one underground drill rig is undertaking more closely spaced definition drilling of the Main Gabbro zones near the existing mine workings. A total of 75,000 metres were drilled in 2019 along with a 33,500 tonne bulk sample, and the program is continuing in 2020 with the same drilling rate of approximately 9,000 metres per month for a projected total of 100,000 to 120,000 metres for the year. So far, a total of approximately 6,500 metres have been drilled in 2020. Wallbridge also reports that the permitting process for Fenelon is progressing towards receiving approvals for the start-up of small-scale, 400-500 tpd production from the already-developed areas of the Main Gabbro zones by the second half of 2020. The continued success of the exploration drill program will support a maiden resource estimate for the combined Fenelon gold system in early 2021 (Refer to news release dated September 9, 2019).