The move opens a 60-day public comment period on the proposed scope of the project before the USFS completes and issues the final EIS and draft record of decision.

"We are one step closer to recognising the full benefits of the Stibnite gold project," said Midas CEO Stephen Quin.

He underlined the project design took a holistic approach to restore habitat and mitigate historical wastewater issues from the brownfields site, while reactivating a local economic dynamo.

Haywood Capital Markets analyst Geordie Mark said the development was a "significant de-risking step".

"We view today's permitting update as a significant de-risking step that now facilitates the tabling of a project feasibility study by year-end, which we expect to be followed by the issuance of the final EIS and draft record of decision expected in Q1/21, and the delivery of the final RoD estimated in Q3/21," Mark said.

Stibnite's proposed redevelopment and restoration is subject to a 15-day extension of the legally required 45-day comment period. Comments on the draft EIS are due by October 13.

A 2014 pre-feasibility study on Stibnite, as amended in 2019, pegged the initial capex outlay at US$1.25 billion to produce 337,000oz gold per annum, at all-in sustaining costs of $506/oz over the initial 12-year mine life.

Haywood reiterated a ‘buy' rating and a C$3 target price.

Shares in Midas (TSX:MAX) recently achieved a new 12-month high in Toronto at C$2.04, trading at $1.88 on Friday.