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 16 km west of Portage Bay on Bathurst Inlet, Nunavut Territory. The property is approximately 600 km northeast of Yellowknife. But most importantly, it is located within a new and exciting gold camp in Canada with one new gold mine under construction and more exploration programs ongoing.
Historical drill results at Pistol Lake was confirmed by Qikiqtaaluk Corporation in 2000 (WGM). A review of all work done on the property was undertaken plus an additional eight hole drill program. This confirmed the previous drilling. The review included a compilation of all past drilling (80 drill holes, 11,089.2 m).
Allan, J.R(1992), Pistol Lake Gold Property, Taiga Consultants Ltd., reports an estimate by Chevron Minerals Limited for the “F” and “G” zones at 580,000 tons grading 0.406 oz/ton Au or 12.63 grams per ton. This is not a NI-43-101 compliant resource and work must be done to bring this up to current reporting standards. There are numerous untested gold surface showings on the property and continued systematic exploration drilling is expected to provide further gold mineralization along strike and at depth. A recent 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. 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 productive 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 Mine.
North of Pistol Lake, Agnico Eagle’s recently acquired Hope Bay Mine is described as an orogenic gold deposit. Much further away from Pistol Lake but also located in Nunavut are Agnico-Eagle’s Meadowbank, Meliadine and Amaruq gold deposits. These deposits share characteristically similar host lithologies (iron formation), structural features, gold and gangue minerals as found at Pistol Lake but located in a different region within Nunavut.
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 an oxide facies cut by gold-bearing quartz veins. Gold mineralization is often associated with arsenopyrite, faulting, folding and silicification.
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 a model. Detailed mapping will be completed as well as geochemical and geophysical surveys, leading to a drill program that will target and expand upon the historical data and bring Pistol Lake to the resource estimation phase.
There are cost benefits for investors for Pistol Lake. The work permits are approved, extra land positions have
been granted and we are partnered with the Kitikmeot Inuit Association on the additional land.
Infrastructure has improved and continues to improve, in this area of the arctic allowing for us to utilize current and future infrastructure.