The Black Colt property is situated on Shea Creek in the Slocan Mining Division. The underground workings are on Reverted Crown grant Lot 1721 at 1630 metres elevation above sea level.

The claim was granted in 1900 to the Hinckley and Black Colt Mining Company, Ltd. Little work was apparently done until 1919 when the first shipment of ore was made. Later work by E.J. Vandergrift was responsible for the claim being taken over in 1929 as part of the Consolidated Queen Bass holdings. From that time until 1937 development continued intermittently. A little exploratory work was done under option in 1949.

There are 2 adit levels on the claim, 31.6 metres apart at elevations of approximately 1417 and 1448 metres. The portal of the lower is on the Silver Ridge claim (082FNW011), and a third adit level on the Silver Ridge Fraction crosses into Black Colt ground. In 1949 the Black Colt levels were accessible by raises from the Silver Ridge Fraction adit (082FNW011).

Regionally, the area lies on the western margin of the Kootenay Arc, in allochthonous rocks of the Quesnel Terrane. In the vicinity of the occurrence, the Quesnel Terrane is dominated by very fine grained clastic sedimentary rocks of the Upper Triassic Slocan Group that include locally weakly metamorphosed argillite, quartzite, limestone and some tuffaceous rocks. These sedimentary rocks are intruded by dikes, sills and stocks of varied composition and origin. Permian and/or Triassic Kaslo Group metamorphosed volcanic rocks occur to the north of the Slocan Group rocks. Middle Jurassic Nelson intrusions are immediately south of the Slocan Group and are inferred to be the source of granitic to pegmatitic sills and dikes found in the area. The Nelson intrusions comprise at least six texturally and compositionally distinct phases ranging from diorite to lamprophyre. The most dominant phase is a medium to coarse grained potassium feldspar porphyritic granite (Paper 1989-5).

The occurrence is hosted by predominantly black and locally calcareous argillite and quartzite of the Slocan Group. The sedimentary rocks have been folded, fractured, faulted and regionally metamorphosed to greenschist facies. The regional northwest trending asymmetric Slocan syncline is thought to be Middle Jurassic and is the first recognizable deformation in the sequence. Several fault structures are evident and host vein mineralization. Later stage normal and thrust faults and shearing have chopped, deformed and remobilized the veins and mineralization. Drag features are also present.

A low angle anticlinal structure occupies the central part of the property and the dip of the strata is extremely variable and complicated by faulting. The sedimentary rocks are cut by numerous porphyritic felsic dikes probably related to the Nelson intrusions. Mineralization at the Black Colt occurs along a fracture zone some 20 metres wide. The zone generally strikes 055 degrees and has been explored by a branching adit driven southwesterly for about 135 metres. A raise connects the No. 2 level of the Black Colt with the underground workings on the Silverite property (082FNW011). Within the underground workings, argentiferous galena, sphalerite and pyrite occur in quartz and siderite veins. Mineralization is also present as coatings on joint surfaces. The mineralized veins vary greatly in widths and the wider parts of the veins are commonly brecciated.

Production from the Black Colt between 1919 and 1948 yielded about 1328 kilograms of silver, 257,385 kilograms of lead, 126,777 kilograms of zinc and 435 grams of gold from 718 tonnes mined.

In 2011, Klondike Silver Corp. prospected the area as the Ricoridge property.