With the Tom's Gully underground mine granted environmental approval in 2020, Primary has full environmental approval for the whole project.

The project is located on the old Mt Bundy station, about 100km south of Darwin.

Gold was first found at Rustlers Roost in the 1940s.

Mining was sporadic until the 1980s when Valdora Mining moved in and built infrastructure for a brief period of mining between 1994-1998. About 4.5 million tonnes of ore was mined and processed for about 110,000 ounces of gold and 11,000oz of silver.

The mine has since been on care and maintenance.

Primary plans to restart both the Rustlers Roost and Quest 29 pits plus two additional pits as part of a $412 million project.

Early works have begun on site, with a bridge already finished and geotechnical drilling underway.

Primary is in the midst of a definitive feasibility study with Mintrex Engineering.

Once operational the project is expected to create 300 full-time jobs for a 10-year period.

Gold production is expected to exceed 135,000oz per annum.

NT mines minister Nicole Manison said the opening of the mine was great news for local jobs.

"Gold is needed not just for jewellery and investments, but for the creation of electronics, high tech health care and aerospace, and the NT has the supply the world needs," she said.

"The Territory Labor government is delivering more mining projects, strengthening the economy and doing so in an environmentally responsible manner."