The Silverado occurrence is located in the northern head waters of Parker Creek.

The area is underlain by Lower Jurassic Bonanza Group rocks comprising mainly amygdaloidal basalts and lesser silicified andesites and volcanic rocks of the Upper Triassic Karmutsen Formation (Vancouver Group). To the south east these have been intruded by granodiorites of the Early to Middle Jurassic Island Plutonic Suite.

Locally, chloritic and sheared volcanic rocks host quartz-carbonate veins with finely disseminated to blebby pyrite and chalcopyrite. In 1988, two samples (SLV 01 and SLV 04) assayed greater than 100 grams per tonne silver (Property File - Chemex Labs Ltd. (1988-03-24): Certificates of Analysis - A8813063, A8813064, A8813065, A8728381, A8728382 - Silverado claims). Another sample from the area is reported to have assayed 1067 grams per tonne silver (Property File - unknown (1988-05-27): Sample Notes and Map - Silverado).

In 1986, Ashworth Explorations, on the behalf of Payton Ventures, completed a program of geological mapping, prospecting, soil sampling and rock sampling on the area immediately south east as the Silvercross claim. In 1988, Gracey Resources completed a program of rock and soil sampling, geological mapping and 38.0 line-kilometres of combine ground magnetic and electromagnetic surveys on the area immediately north and west as the St. Anthony, Silver Plate and Monte Casino claims. A further 4.0 line-kilometres of combined ground electromagnetic and resistivity surveys were completed the following year.