The new technical report revealed a total resource of nearly 7.6 million tons at 1.6 grams per ton gold, good for around 379,500 ounces in the measured and indicated categories.
Shares of Nordic Gold gained 14.3% in afternoon trading in Toronto at C$0.04 and traded at US$0.03 on OTC markets.
READ: Nordic Gold issues shareholder letter outlining plan to bring the Laiva gold mine back to production
Including the inferred category, the report suggested a gold resource of 32.3 million tons grading at 1.53 grams per ton, which would result in 1.59 million gold ounces.
"The release of this report is a significant milestone for the company and signifies the achievement of one of the company's key objectives,” CEO Brian Wesson said in a statement.
“The technical report supports our confidence in the project as we progress towards restarting Laiva."
Wesson came to the company by way of Lionsbridge Capital, a firm that Nordic Gold hired in July to provide management services in order to help revive the Laiva Project.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel