The house located in Gate Street, in which Malik's relative lived, was also searched during the operations, they said.
However, the police remained tight-lipped on the type of gun and quantity of ammunition.
Police has also taken some persons in the locality for questioning, they said, adding, the recovered items were taken for inspection.
The house is presently under the custody of heavily-armed police personnel, while search operations were continuing in the house, they said.