Pistol Lake Gold Property and an Overview of the Similar Gold Deposits in Nunavut, Canada
The Pistol Lake property is located at 67°02’55”N and 108°47’10”W, approximately 14 km west of Portage Bay on Bathurst Inlet, Nunavut Territory. The property is approximately 600 km northeast of Yellowknife and also not far from Sabina’s port facility at Bathurst Inlet. But most importantly, it is located within a new and exciting gold camp in Canada with gold mines currently in development and production.
Historical drill results and gold content at Pistol Lake was confirmed by Qikiqtaaluk Corporation in 2000 with work completed and optioning Leeward’s Pistol Lake Gold Property. The 2000 review of all work done on the property was undertaken plus an additional eight hole drill program to confirm the previous findings. Qikiqtaaluk did not pursue the option at that time, despite recommendations by Toronto consultants Watts, Giffis and McOuat to continue working on this project. Prior to this 2000 confirmation work, 80 drill holes were completed providing a historical pre-NI43-101 geological resource (Chevron, Silver Hart) of 580,000 tons of 0.406 oz/ton gold in two of the prospective zones. There are numerous untested gold surface showings on the property and continued systematic exploration is logically expected to provide further gold mineralization along strike and at depth. A NI-43-101 Technical Report by Stantec Consulting Services for Pistol Lake was completed in the fall of 2020 and is published in the reports section on this website.
The Pistol Lake leases are located within the Archean Yellowknife Supergroup in the Yellowknife greenstone belt. Adjacent to Pistol Lake is the Bathurst Aulacogen, a major, deep reaching regional structure. Major regional structures like this appear to have a correlation with other gold deposits in Nunavut. The table below illustrates features that Pistol Lake has compared to other gold deposits in Nunavut. Mineralization at Pistol Lake is found in two layers of banded iron formation, siliceous shear zones and fold structures. Regionally, the iron formation at Pistol Lake is within the same stratigraphic layer that is the host to the mesothermal gold deposits at the past producing Lupin Mine (produced 3,000,000 oz gold) and Sabina Gold and Silver’s George Lake, and Goose Lake Deposits. Goose Lake deposit is going into production. The George Lake deposit, bears a striking resemblance to the Pistol Lake deposit concerning the nature of the host lithologies, structural setting, ore mineralogy, and grade.
North of Pistol lake, Agnico Eagle’s recently acquired Hope Bay gold deposit is described as an orogenic gold deposit, not iron formation hosted. Much further away from Pistol Lake but also located in Nunavut are Agnico-Eagle’s Meadowbank, Meliadine and Amaruq gold deposits. These deposits do share characteristically similar host lithologies, structural features, gold and gangue minerals as found at Pistol Lake but located in a different region within Nunavut.
Nunavut is becoming a very active gold producing area in Canada.
The gold bearing banded iron formation at Pistol Lake has had at least three phases of deformation resulting in faulting and recumbent isoclinal folds.
To date, exploration at Pistol Lake, has defined silicate iron formation hosting significant gold mineralization and the oxide facies cut by gold-bearing quartz veins. Gold mineralization is often associated with arsenopyrite and faulting, folding and silicification.
The table below quotes the gold content at Pistol Lake as a historical geological reserve. Leeward will move forward, starting with a structural mapping program. Work will be completed in preparation for drilling, in order to build upon and improve the historical reserve into a NI 43-101 compliant resource.
A NI-43-101 report on the Pistol Lake gold property is available for download in the reports section on this website. A LIDAR survey has been completed in order to provide accurate ground control to plot past drilling , surface gold occurrences and all future work. Structural geologists will be working with all available data to produce a structural analysis of the property, tying known mineralization into the structural model and detailed structural mapping will be completed in the next field seasons as well as geochemical and geophysical surveys. This work is necessary to target and expand upon the historical data and bring Pistol Lake to the resource estimation phase.