The guard's injuries were not considered life threatening, but he was medevaced to Yellowknife for tests to ensure no internal organs were punctured.
The patient admitted himself to hospital voluntarily, about two hours before the incident.
The man has a history of psychosis and hadn't been taking his medication, said Dr. Braam de Klerk, acting chief executive for the Inuvik Regional Health and Social Services Authority.
The hospital assigned a guard to supervise the man through the night, standard practice whenever a potentially unstable patient is admitted.
At about 2:20 a.m., the man pulled out a jackknife and stabbed the guard four or five times in the chest.
"Once he had stabbed the guard, he froze. One of the doctors and the guard spoke to him, and he went back to his room on his own," said de Klerk.
Sent to Edmonton
Police arrested the man. He was later sent to Edmonton for a forensic psychiatric assessment to determine if he can be criminally charged for the stabbing.
The incident left hospital staff shaken and wondering if current security measures are enough.
Security at the hospital currently consists of a guard/receptionist who keeps an eye on people coming and going, and makes sure doors are locked at night.
Guards are not trained to subdue aggressive patients.
"Security has always been low key as in any small town," de Klerk said.
"The question we have to answer is if it should remain there, or if it should be expanded to provide safety to patients and staff."
De Klerk said the hospital's occupational health committee look at how the incident might have been avoided.
The committee will also review security at nursing centres in outlying communities because of a perceived rise in abusive behaviour toward at staff in recent years.
Once the security review is complete, the committee will make recommendations to the health authority board.