Mining

Labyrinth Resources completes acquisition of Distilled Analytics; raises $1.6M

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Labyrinth Resources (ASX:LRL) has completed its acquisition of Distilled Analytics, securing the Vivien Gold Project located near Agnew Gold Mine.

Alongside this acquisition, the company has raised $1.6 million before costs through tranche 2 of the placement.

As part of its growth strategy, Labyrinth has announced significant changes to its board and management team.

Highly experienced resources director and investment banker, Kelvin Flynn, has been appointed as a non-executive director.

Seasoned geologist and resources executive, Alex Hewlett, will also join the board as a non-executive director.

"This represents a pivotal moment for the company as we start to build a high-grade Western Australian focused gold exploration and development company," said Kelvin Flynn, non-executive director of Labyrinth Resources.

"The company's projects hold untapped potential, and I'm eager to apply my experience and network to help create further value for all Labyrinth shareholders," Flynn added.

Matt Nixon has stepped down as a non-executive director to focus entirely on his role as COO of Genesis Minerals.

Charles Hughes has joined Labyrinth as the new CEO, while Jennifer Neild will transition to the role of chief development officer.

Drilling at Comet Vale is set to commence in mid-October, with additional targets along key trends identified for exploration.

The new board and management appointments aim to leverage their expertise to maximise exploration and development opportunities at Labyrinth's projects.

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