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 about 190 km northeast of the Lupin Mine on Contwoyto Lake. 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 by optioning Leeward’s Pistol Lake Gold Property in 2000. A review of all work done on the property was completed plus an additional eight hole drill program and this confirmed the previous findings. Qikiqtaaluk did not pursue the option at that time, despite recommendations by Watts, Giffis and McOuat to continue working on this project. Prior to the work completed by Watts, Giffis and McOuat for Qikiqtaaluk, 80 drill holes were completed providing a historical geological resource (Chevron, Silver Hart) of 580,000 tons of 0.406 oz/ton gold in one of the prospective zones. Continued systematic exploration should provide further gold mineralization along strike and at depth. A NI 43-101 report for Pistol Lake will be completed in 2020.
Pistol Lake is very prospective property. It is 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 the features Pistol Lake has compared to other gold deposits in Nunavut. Mineralization at Pistol Lake is found in two layers of banded iron formation. The iron formation at Pistol Lake is within the same stratigraphic layer that is the host to the mesothermal gold deposits at the Lupin Mine, George Lake, and Goose Lake Deposits. The Lupin Deposit produced 3,000,000 ounces of gold. The nearby George and Goose Lake deposits are owned by Sabina Gold and Silver Corporation and Sabina’s George Lake deposit, SSE of Bathurst Inlet, bears a striking resemblance to the Pistol Lake deposit concerning the nature of the host lithologies, structural setting, ore mineralogy, and grade. Agnico-Eagle’s Meadowbank (permitted and going into production) and Meliadine (currently in production) share characteristically similar host lithologies, gold and gangue minerals as found at Pistol Lake.
The banded iron formation at Pistol Lake has had at least three phases of deformation resulting in faulting and recumbent isoclinal folds. This type of folding occurs at the other deposits as well. At Pistol Lake, the silicate iron formation hosts significant gold mineralization and the oxide facies are cut by gold-bearing quartz veins.
Pistol Lake has all of the necessary features that will contribute to the development of a profitable gold deposit.