The agreement allows ICN to buy 100% of the claims over a one-year period, subject to a retained net smelter interest of 1% on gold and silver, payable to Seabridge Gold.
ICN is also required to issue 100,000 of its shares, and make a final payment of $100,000 USD and issue another 150,000 shares within one year of the deal's approval.
The project,called the King's River Project, is approximately 60 kilometres north of the Sleeper Mine in Nevada and has 44 unpatented mineral claims. The project area comprises an untested volcanic system, whose tertiary volcanic rocks contain anomalous gold and silver mineralization.
ICN Resources, which explores previous metals deposits, said that this agreement will add to the company's current land holdings to the south of the Sleeper Mine, also known as the Dunes and North Dunes Properties.
The company is currently evaluating the project so as to decide on the best way to further the properties' advancement, it said.