The Vancouver-based company also unveiled plans to change its name to Otso Gold Corp to better reflect the future direction of the firm.
In a statement, the miner said it aims to put Otso, formerly known as the Laiva mine, back into production by July 2020.
A recently released technical report at Otso 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.
Preparatory work is progressing at Otso ahead of a planned drilling program of up to 15,000 metres across 146 holes. All holes have been marked and final renders received, the company said, with drilling expected to begin shortly.
Nordic is planning to use an “owner-miner” model at Otso. To that end, the firm recently agreed to terms with the previous mine contractor, Talqvist, to purchase its workshop onsite to accommodate the company’s truck fleet. It is also negotiating the lease or purchase of vehicles from Talqvist and Caterpillar Finland.
Mill building repair work is currently underway, with a view to ensuring the mill is production-ready and is expected to be completed within the next two weeks, Nordic said.
The firm is working with leading engineering company Coffey to define the scope and timing of the restart plan and an updated feasibility study.
On the financing front, Nordic said it received a “strong response” to its planned capital raise of up to C$7.5 million.
“The advanced nature of the project, short timeline to production, limited startup capital and the gold market conditions have allowed the company's value proposition to stand out,” Nordic said in a statement.
Pandion Mine Finance has provided the company with an initial US$300,000 advance and will be providing the second US$300,000 advance in the next few days as part of an agreement to provide a total of US$900,000 in additional working capital, Nordic said.
The company plans to put forth the proposed name change to shareholders at a meeting on December 9.
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