The agreement with the affiliate of U.S-based Cliffs Natural Resources Inc. was made for an undisclosed amount and will give Noront the camp at McFaulds Lake, about 500 kilometres northeast of Thunder Bay, Ont.
The acquisition is targeted to close in the third quarter.
Noront also received approval for a mining lease application for its Eagle's Nest and Blackbird projects that gives it the ability to extract minerals for 21 years.
The Ring of Fire is believed to contain one of the largest deposits of chromite in the world, a key ingredient in the making of stainless steel. However, the development of the area has faced some challenges, including the lack of a transportation route.
Cliffs suspended its operations in the region indefinitely last year, saying it couldn't keep spending money while the question of whether it would be able to build an all-weather road to the remote site remained in doubt.