The project, located near Pony Hill in the Mineral Hill Mining District, consists of 17 patented and 67 unpatented lode mining claims (about 1,800 acres).
Under the deal, the companies will form a joint venture under which they will work together to explore and operate the claims.
Initially, the companies will each hold a 50% participating interest in the joint venture.
Innocent may contribute up to $5m in operating funds over one year, and in the event those funds are not provided, the company will forfeit 10% per $1m not provided.
Steele Resources will act as the operating partner and have a commitment to match up to $5m in funding within one year of Innocent contributing its first $1m, and Steele will forfeit 10% per $1m not provided under its obligation.
Steele Resources is a precious metals exploration and development company.
