I think that calling a woman "a sleek bit of mink" is damning of her personality and motives. If the person who wrote this knows anything about mink, he/she is saying three things:
1. The woman is pretty
2. She's a bitch; and
3. Stay clear of her.
Note that he/she said "She's a sleek bit of mink", not "She's as sleek as a mink". There's a very big difference. In essence, he/she is saying that she is a mink. What does that mean?
Mink are highly territorial, highly aggressive animals that, among other things, will attack and eat other mink.
I have wild mink on the salmon river where I spend my summers. On the surface, they are cute, and in the water graceful. In reality, they are fast-moving, highly opportunistic predators. I think that the person who wrote the sentence you are asking about knows this (it's pretty common knowledge), and that his description of this woman is an indictment.