You are looking for a small, if somewhat unorthodox, container (somewhat between the size of a micro and a small cache), which includes a log book and a very small bit of space for pathtag-sized objects. Indeed the FTF should find a pathtag and a Government of Nunavut lapel pin inside. It does NOT include a writing tool. Please use some stealth, the area can be busy from time to time. Usually during the day time hours is the time when the street isn't very busy. Evenings, it can be a bit trickier.
A word of WARNING, though. When you come, please plan to come "old school", with a proper GPSr. Smart phones will now (as of the summer 2015) work in Kugluktuk BUT ONLY if they are connected to the Bell system. But a GPSr with the coordinates loaded will definitely get you to GZ.
If you're in the right place, and look to the southwest, you should see a pair of silver fish; if you look easterly you can see the spire of the local Anglican church on the opposite side of the street. The Anglican parish was founded in 1929. The first house of worship for the Anglicans wasn't in a separate building, but was a portion of the missionary's house. This building was still standing until the fall of 2016 when it was demolished partly for safety reasons and partly to make room for new housing. It was across the street from the existing church. The second church was built in the early 1950's and then extended, but it had to be demolished in 1992. The present building was erected shortly after that.
The cache is placed with permission of the Vicar of the parish, and if you get stuck, or if you would like a refreshment after your hunt, please feel free to drop in at the appropriate house and introduce yourself. If you're any cache of geocacher, you should be able to find the right house quite easily, and inside you'll certainly find a kindred spirit.
CONGRATULATIONS TO gypsy+ for their FTF and triklass on his STF.