The Colby occurrence is located at 975 metres elevation, south of Kelly River and west of Colby Creek, on the Colby (Lot 1088s) Reverted Crown grant.

Development of this claim consists of an 18-metre adit bearing 215 degrees which extends along the trace of a vein. Numerous opencuts and shallow shafts are also found in the vicinity. Little is known of exploration or development work prior to 1933, when the Colby 1 and 2 claims were Crown granted to R. Forshaw and associates. In 1962, 44 tonnes ore was mined from the Colby occurrence. Recovery included 1617 grams of silver, 93 grams of gold, 43 kilograms of lead and 43 kilograms of zinc. Since 1979 the property has been owned and explored by Dayton Creek Silver Mines Ltd.

The Colby occurrence occurs in metasedimentary and metavolcanic rocks of the Carboniferous to Permian Anarchist Group. These rocks have been intruded by a small granite to granodiorite stock of the Middle Jurassic Nelson intrusions and by a larger granite to granodiorite stock of the Cretaceous to Tertiary Okanagan batholith. Quartz-pyrite mineralization is hosted in sheared, fractured and faulted quartzite and chlorite schist.

Mineralization on the property is confined to a 30 to 122 centimetre wide quartz vein. The vein strikes 200 to 235 degrees and has reportedly been traced for 213 metres on surface. Mineralization consists of pyrite and an unidentified dark blue mineral. The vein and shear zone truncate against porphyritic granite.

In 1933, a 61-centimetre wide chip sample taken 9.1 metres above the portal yielded 1.3 grams per tonne gold and 195.4 grams per tonne silver (Minister of Mines Annual Report 1933, page 154). Another sample across 1.07 metres at the face of the adit yielded 1.02 grams per tonne gold and 24.0 grams per tonne silver (Minister of Mines Annual Report 1933, page 154). Samples taken in 1981 returned similar values. On surface, the average of 5 chip samples, over an average width of 71.1 centimetres, yielded 8.2 grams per tonne gold and 160.0 grams per tonne silver (Assessment Report 8563). The average of 8 underground samples was 12.8 grams per tonne gold and 123.5 grams per tonne silver (Assessment Report 8563). The average chip width was 64.8 centimetres.