Banks Nii Łuutiksm Conservancy is part of the greater Banks Island, a large, isolated, exposed and wild island with a number of scenic, safe inlets and anchorages. Banks Island is part of Milbanke Strandflat, a flat low plain, underlain by granite.
The conservancy contains a number of small lakes. This area is important for the traditional harvest of intertidal marine resources by the Gitxaala Nation.
Other nearby protected areas include: Lax Kul Nii Luutiksm/Bonilla Conservancy, 6 km to the west; Gitxaala Nii Luutiksm/Kitkatla Conservancy, 15 km to the north; Pa-aat Conservancy on northern Pitt Island, 25 km to the east; and, Monckton Nii Luutiksm Conservancy, 20 km to the southeast. These are all remote backcountry conservancies that include large terrestrial and marine components, except Pa-aat Conservancy, which has a limited coastline.
Banks Nii Łuutiksm Conservancy is one of a number of areas that were identified for conservancy status from the North Coast Land and Resource Management Plan (LRMP). The Gitxaala Nation has identified interests in Banks Nii Łuutiksm Conservancy. This conservancy was designated in 2006.