Evion finds a second Nevada fluorspar test in 9,116 metres of stored drilling

Evion reunites the historic Carp and Blue Nose ground

Evion Group NL (ASX:EVG) is expanding its Nevada fluorspar strategy with an option over 40 claims at Blue Nose, about 1.2 kilometres northwest of its Carp Fluorspar Project. The deal could give Evion up to a 75% interest in non-reserved minerals including fluorspar, silver, gold and copper, while Infrastructure Materials Corp. retains the reserved industrial minerals and a minority interest.

“The 40-claim Blue Nose property in relation to the Carp Fluorspar Project (Globex option claims and Company-staked claims) and the neighbouring Silver One Cherokee claims.”

“Historical IMC reverse circulation drill-hole locations at Blue Nose, 2009-2010.”

Caption and image © Evion Group NL. From “Evion extends Carp Fluorspar District with Blue Nose Option”, 2 Nov 2026.

The geological prize is not yet defined, but the property carries an unusually useful archive. Infrastructure Materials drilled 63 reverse-circulation holes at Blue Nose between 2009 and 2010, producing 9,116.6 metres of drilling for a limestone study. Fluorine was not included in the laboratory suite, although duplicate samples from 5,626 intervals were retained and are stored in Reno.

Stored samples offer a low-cost test of fluorspar potential

Evion plans to inspect the stored material and selectively reanalyse it for fluorine before committing to new drilling. It will also screen existing barium oxide data, which the company identifies as a potential pathfinder for barite-fluorite mineralisation. That gives the company an early exploration test based on historical material rather than an immediate large field programme.

“CARP PROJECT”

The move extends the exploration campaign already under way at Carp, where Evion recently identified a 200-metre by 200-metre unmined prospect near the historic South Pit in its new Carp fluorspar target. At Blue Nose, the company says historic mapping recorded fault zones, hydrothermal alteration, jasperoid silicification and prospects containing fluorite, barite, galena and other minerals. Those observations point to potential, not a current resource or an established economic deposit.

Option terms bring staged cash and equity costs

Evion will pay US$1.5 million in cash and issue 4 million shares over two years, alongside a US$30,000 non-refundable due diligence payment. The staged consideration comprises US$250,000 and 1 million shares at closing, US$350,000 and 1 million shares in year one, and US$900,000 and 2 million shares in year two.

There is no minimum exploration spend under the agreement, and Evion can accelerate the payments to vest its 75% interest earlier. In return, IMC can earn up to 25% of the Carp claim group, free-carried through to a bankable feasibility study alongside its Blue Nose interest. On completion, Evion says its combined interests would span 99 unpatented lode claims covering about 829 hectares.

Closing and assay results remain the immediate tests

The transaction has not yet completed. It remains conditional on due diligence, regulatory and third-party consents and the absence of a material adverse change. The next practical steps are receipt of IMC's drill database and records, assessment of the stored samples, fluorine reanalysis and a review of Blue Nose's historical barium oxide results.

Evion also intends to consider extending its drone magnetic survey and planned surface geochemistry from Carp across Blue Nose, while continuing its existing Carp programme. The company's earlier exploration plan included magnetic surveys, surface sampling and potential drilling at Carp, but the Blue Nose samples will need to produce meaningful fluorine results before the larger district thesis becomes more than an attractive historical dataset.