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 by Stantec for Pistol Lake was completed in the fall of 2020 and is published in the reports section on this website. Pistol Lake is very attractive property and should not be considered a greenfield prospect.
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 have been associated 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. 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. 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. Much further away from Pistol Lake but also in Nunavut are Agnico-Eagle’s Meadowbank (permitted and going into production) and Meliadine (currently in production) gold deposits. Again they share characteristically similar host lithologies, structural features, 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.
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.
In summary, Pistol Lake has all of the necessary features that will contribute to the development of a profitable gold deposit. 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 this field season 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 is planned and will be completed in order to provide accurate ground control to plot past drilling , surface gold occurrences and all future work. Terrane Geoscience Inc has been working with all available data to produce a structural analysis of the property, tying known mineralization into the structural model and structural mapping will be completed in the 2021 field season as well as geochemical and geophysical surveys. This work is necessary to target and expand upon the historical reserve and bring Pistol Lake to the resource estimation phase.