This paper presents the results of an experimental investigation which was carried out with the purpose of assessing the performance-related properties of an emulsion-based cold-recycled mixture to be employed as a sustainable solution for the surface finishing of unpaved rural roads. This mixture contained significant quantities of recycled components (reclaimed asphalt and mineral sludge), and its composition was fine-tuned by following an innovative mix design procedure. Properties of these mixtures were studied by means of laboratory tests which considered key parameters, such as flowability, indirect tensile stiffness modulus, indirect tensile strength, moisture susceptibility and resistance to permanent deformation. It was found that, by means of the proposed mix design procedure, optimal dosages of the recycled components can be identified, thereby ensuring the achievement of the desired properties in terms of high workability and adequate stiffness and strength.