Unable to mount Mikrotik router partitions when running OpenWrt initramfs over TFTP

I have a Mikrotik RB2011UiAS-IN router and am trying to mount the internal root partition using OpenWRT. I downloaded the initramfs image available here and was able to successfully boot it over TFTP. However, when I try to mount any of the partitions, I get either mount: mounting /dev/<block device> on /mnt failed: Invalid argument or a SquashFS/ECC error:

[  815.776499] __nand_correct_data: uncorrectable ECC error
[  815.781998] __nand_correct_data: uncorrectable ECC error
[  815.787547] print_req_error: I/O error, dev mtdblock6, sector 0
[  815.794030] SQUASHFS error: squashfs_read_data failed to read block 0x0
[  815.800870] squashfs: SQUASHFS error: unable to read squashfs_super_block
mount: mounting /dev/mtdblock6 on /mnt failed: I/O error

I do not think there is anything wrong with the device itself: I am able to boot the router successfully. Additionally, I was able to reproduce the same errors on another device as well as using an older initramfs image. I am not sure if I am missing some step or configuration that should be done before mounting. I tried installing kmod-fs-squashfs and squashfs-tools-unsquashfs using opkg but that didn't seem to help. I don't seem to find any relevant posts on this forum as well as on the OpenWRT wiki. Does anyone know what could be going wrong and how to fix this?