Labyrinth Resources, the Western Australian micro-cap gold miner with big-name backers, has agreed to buy the Vivien gold project in Western Australia, marking a step forward in its plan to consolidate high-grade mines close to infrastructure across the Menzies, Leonora and Leinster corridors.

According to terms sent to brokers on Tuesday, the $5.9 million Labyrinth will fund the deal via a $4 million equity raising, split across a placement and rights issue. Vivien was one of the most profitable mines when it was owned by Ramelius Resources “and, over its life, generated net cash flows of $130 million for Ramelius,” the term sheet said.