"Loading Block Textures..." is not proceeding ahead

Summary: Game gets stuck on the loading screen for "Loading Block Textures...". Other functions such as the console still operate but the game appears to not be doing anything. Unlike the previous screen where the Loading of particles did use more CPU usage (~28%), where then it gets reduced to only 2-3% during the loading of the block textures.
 

Game Version: V1.0 b309

OS/Version: Windows 7 64bit

CPU Model: Intel i7-4770

System Memory: 16 GB

GPU Model and VRAM: nVidia GTX 1060 6 GB 

Screen Resolution: 1920x1080

Video Settings: Full Screen

Game mode: Loading Screen

Did you wipe old saves? No

Did you start a new game? N/A

Did you validate your files? Yes

Are you using any mods? No

EAC on or off? Off

Status: NEW

Bug Description:

Detailed steps to reproduce the bug:

1)Launch game with EAC turned off

2)Loads Particles

3)Begins to load Block Textures but stays on that screen forever, game is still responding and I can still type commands in the console.

Actual result: Game seems to be permanently stuck doing nothing. It's barely using any memory (less then 1GB) and only 2-3% CPU usage. 

https://imgur.com/a/fk0BPpm (loading screen with and without console)

Expected result: Proceed to the main menu

Link to Pastebin Output Log:

https://pastebin.com/PKxTnaup