A relative of the man, is charged with assault with a weapon.
The victim was stabilized in Fort Good Hope, medevaced to Inuvik and released after treatment.
"He's fine," said Fort Good Hope's detachment commander Cpl. Jim Forsey.
Forsey said police were called to a family residence early in the morning and found the victim.
Exactly what happened is still unclear, he said, but alcohol was a factor.
"We're still investigating. A lot of the facts are still not clear. There are a lot of people who know things. We're still trying to find them and talk to them."
"At the moment, there's no apparent reason why he was stabbed."
The community, including himself, is embarrassed when incidents like this happen, he said.
"It's not a true reflection of how nice this community is."
The 34-year-old charged in the case is free on bail and will appear in territorial court in Fort Good Hope on April. 2.