Moreton Resources subsidiary MRV Metals has obtained government approval and funding to resume production at the Granite Belt polymetallic project near Texas in southern Queensland, Australia.
The Queensland Department of Environment and Heritage Protection (DEHP) issued MRV with environmental authority (EA), providing environmental clearance for restarting mining and mineral processing at the project.
Moreton Resources said that it has received applications from parties capable of providing financing needed to bring the project back into production.
In addition, the shareholders of Moreton have evinced interest in maintaining or increasing their respective holdings.
Moreton executive chairman Jason Elks said: "Whilst we still have a lot of work to do in terms of closing out funding offers, I am encouraged by the progress we have made towards realising the full potential of this compelling project and I believe that is starting to be recognised by the broader investment community.
"The Granite Belt project is not only significant for Moreton, but also for the region in which it is located.
"As it is looking more likely to proceed, the company is looking forward to contributing to economic development of Texas and the surrounding communities.”
The EA will be effective once the company receives the mining lease, which is the only outstanding approval needed for the project.
The mining lease is expected in the coming months.
MRV Metals signed a binding agreement with Texas Silver Mines to acquire a range of tenements in the Granite Belt region, near Texas in southern Queensland.
These tenements host more than 20 areas of interest that have contain indications of high-grade silver and copper, with additional early indications of gold, lead and zinc.