Ord River Resources (ASX: IRD) has signed three separate unsecured loan agreements with private investors that allow it to borrow up to $900,000 for its Plutonic Dome gold project in Western Australia.
The company is earning 75% in the project from Dampier Gold by spending $6 million over two years, including $2 million in the first nine months.
Plutonic Dome has a current Resource of 5.8 million tonnes at 3.8 grams per tonne gold for 704,000 ounces of contained gold.
Notably, the project is close to Barrick Gold’s 1.8 million tonnes per annum plant and 20 kilometres from Sandfire Resources’ (ASX: SFR) DeGrussa copper-gold mine.
The project includes two advanced deposits, K2 and Trident, that target production in near term.
Ord River is targeting a significant increase of resources within first 12 months.
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