Pistol Lake Project

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 2000 work completed by Watts, Giffis and McOuat, 80 drill holes were completed outlining 580,000 tons of 0.406 oz/ton gold. Continued systematic exploration should provide further gold mineralization along strike and at depth.

Pistol lake is very prospective property and the table below illustrates the features it has compared to deposits that are further along in development. The mineralization at Pistol Lake is found in two layers of banded iron formation belonging to the Yellowknife Supergroup. Adjacent to Pistol Lake is the Bathurst Aulacogen, a major regional structure. 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.

Banded Iron Formation at Pistol Lake

The banded iron formation at Pistol Lake has had at least three phases of deformation resulting in 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.

 The table below summarizes the similar geological characteristics of these gold deposits in Nunavut. All of these deposits are defined by Precambrian banded iron formations that are highly altered and folded, and crosscut by local or regional faults. The deposits on this table are the most geologically relevant and should be used as guides to exploration and development at Pistol Lake.

Pistol Lake has all of the necessary features, common to this exciting new gold camp that will contribute to the development of a profitable gold deposit.

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