The company will pay Orion Minerals A$1.5 million in cash upfront and two later payments of $500,000 each for the Connors Arc project.
Orion will also receive a 2% net smelter return royalty over gold production up to $5 million.
Connors Arc, between Mt Carlton and Cracow 160km northwest of Rockhampton, covers around 3200sq.km of ground.
Evolution described the project as technically compelling with multiple and extensive alteration zones that could be indicative of multiple preserved epithermal gold systems.
"The Connors Arc acquisition is in line with our strategy of building a pipeline of quality exploration projects," Evolution vice president discovery Glen Masterman said.
"It represents a rare opportunity to secure a large and underexplore...