Granting of the mining lease follows the completion of various requirements including the signing of the Land Access Native Title Agreement and State Deed with an aboriginal corporation.
The Julius project is situated in the Yandal greenstone belt of the Eastern Goldfields, one of Australia’s most bountiful gold regions.
It hosts a total JORC resource of 5.2 million tonnes grading 2.0 g/t gold for 335,008 ounces of gold.
A scoping study projected a positive cash flow of $47 million by mining a 68,740 ounce resource for 2 years with upfront capital expenditure of under $3 million.
Echo has recently submitted the Julius mining proposal, mine closure plan and clearing permit to the state authorities and anticipates receipt of approvals this quarter.
In addition, the Julius bankable feasibility study is nearing completion and expected to be available for release in the coming weeks.
Echo shares are trading up 150% over the past 12 months currently priced at $0.20.