It looks like there is a hike you can walk to a hill overlooking the town, but I don't think there are really any trails to speak of. I'm not sure if the land is private or public or reserved for scientific research, but a longer hike I imagine would just be trekking deeper into Cornwallis Island. There are some interesting looking rivers and geological formations. I imagine this would be very dangerous at any time beyond the warmest days of summer.