The buyer is Toronto Venture Exchange-listed Full Metal Minerals, which has been on the hunt for a new project.
Puhipuhi is an exploration stage epithermal gold project on the North Island of New Zealand.
FMM will pay C$50,000 upfront for the project and up to $5.5 million in milestone payments, which can be made in shares.
Evolution acquired Puhipuhi from De Grey Mining in 2015 for A$370,000.
Evolution spent over NZ$5 million on exploration including extensive soil geochemical surveys, 24 line kilometres of geophysics surveys and 3800m of diamond drilling.
FMM has raised C$1.25 million in connection with the transaction.
Evolution has been focusing all of its recent exploration efforts on its Australian projects, with a focus on near-m...