NV said within 30 days, Hochschild would pay $50,000 and the 2020 renewal costs for the property, which was about 6km southwest of the Pipeline gold mine operated by Barrick Gold and Newmont's Nevada Gold Mines.
Hochschild could earn 51% of SW Pipe by spending $7.5 million over five years and paying a further $750,000.
It could then purchase 100% of the project for $25 million or 12,500 ounces of gold - with the choice up to NV, which would retain a 2% net smelter royalty.
Or after earning 51%, Hochschild could earn a further 24% by spending a $2.5 million on exploration and delivering a feasibility study.
NV Gold said SW Pipe was said to host a shallow, sediment-hosted gold system.
"NV Gold will remain operator of the initial exploration programmes on the project and we are excited to work with Hochschild to test the project at depth for extensions of the neighbouring multimillion-ounce gold deposit at the Pipeline mine," president and CEO Peter Ball said.
Ball, NV chairman John Watson and high-profile investor Eric Sprott are among the junior's largest shareholders.
Ball said NV was touring "other interested mining companies" to its exploration projects in Nevada for further potential joint ventures.
The company had about C$1.6 million in cash at the end of February, according to a presentation this week.
London-listed Hochschild has precious metals operations in Peru and Argentina.
It said last week it was on track to meet its 2021 production target of 360,000-372,000 gold-equivalent ounces.
Its shares are trading near the middle of a 52-week range, around 195p, capitalising it about £1 billion (US$1.4 billion).
NV Gold shares (TSXV: NVX) have ranged from C13.5-47.5c over the past year and gained 23.9% yesterday to close at 28.5c, valuing it at $18.5 million (US$15 million).