The Number One occurrence is situated on Crown grant Lot 4560 at 1585 metres above sea level, in the Slocan Mining Division. The property is on the north side of Carpenter Creek about one kilometre north of the community of Cody.

The Number One (Lot 4560) and Number Two (Lot 4561) claims were Crown-granted in 1900 to J.A. Whittier. The Number One was subsequently acquired by J.M. Parris as part of the Reco property, which was under development by The Reco Mining and Milling Company, Limited Liability. Ore shipments from the Number One began in 1911 and production was recorded in 1912, 1916-1919, and 1922. The workings included 4 adits over a vertical range of 122 metres, and totalling over 762 metres of drifts and crosscuts. A well-developed vein is exposed on No. 3 level where considerable stoping has been done on it over a length of about 61 metres beginning about 72 metres from the portal. This shoot was picked up on No. 2 level, where the 51.8 metre crosscut from the portal intersects the lode, and has been stoped above the level over a length of 12 metres. The crosscut follows the eastern boundary of the Slocan Sovereign (082FNW036) claim and the southwesterly part of the shoot should continue into this claim.

Further work was done, and some ore shipped, by the owner and by lessees during the period 1936-1938.

Cody-Reco Mines Limited carried out exploration work on the Slocan Sovereign section of the lode from No. 3 adit in 1954. A raise was driven on the vein and a sublevel established 15.2 metres above. Drifting and raising was done on the vein at this horizon, extending into Slocan Sovereign ground.

Reco Silver Mines Limited In 1964 acquired an option to purchase the Reco group in-cluding the Number One property from Mrs. A.L. Harris and The Reco Mining and Milling Company, Limited. The company name, Reco Silver Mines, was changed in May 1980 to Silvex Resources Corporation. At that time the company held 100 per cent interest in the Reco group comprising 30 claims and including in addition to the Number One property the Reco No. 2 (082FNW035), and Chambers (082FNW032).

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 the Upper Triassic Slocan Group, a thick sequence of deformed and metamorphosed shale, argillite, siltstone, quartzite and minor limestone. Rocks of the Slocan Group are tightly and disharmonically folded. Early minor folds are tight to isoclinal with moderate east plunging, southeast inclined axial planes and younger folds are open, southwest plunging with subhorizontal axial planes. The sedimentary sequence has been regionally metamorphosed to lower greenschist facies.

South of the occurrence, the Slocan Group has been intruded by the Middle Jurassic Nelson intrusions which 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. Several feldspar porphyritic granodiorite dikes, apparently related to the Nelson intrusions, also cut the sedimentary sequence near the occurrence (Paper 1989-5).

The Crown grant is underlain by argillite of the Slocan Group and felsic to mafic dikes related to the Nelson intrusions. The felsic dikes are conformable to bedding and sill-like in nature while the mafic dikes appear to be parallel to the mineralized veins. The mafic dikes are 0.3 to 15 metres wide and in places cut the felsic dikes. The southwestern portion of the claim is mostly underlain by black slate.

The occurrence consists of a fissure vein striking 040 degrees and dipping 50 to 55 degrees southeast. The vein is exposed in the northwest portion of the Crown grant, continues to the east on the Slocan Sovereign Crown grant (082FNW036) and may correlate with the Reco No. 3-Goodenough vein on the Reco property (082FNW035), one kilometre northeast.

On the Number One Crown grant, the vein varies in width from a mere fracture up to 1.5 metres. It consists mostly of broken wallrock cemented with quartz and siderite with minor calcite. Massive galena and pyrite with minor sphalerite are concentrated along the vein walls in bands usually less than 10 centimetres wide. Galena is coarse, cubic and in part distinctly gneissic. The vein has been explored with at least four short adits.

Production from the vein yielded about 1245 kilograms of silver, 284,312 kilograms of lead, 16,075 kilograms of zinc and 93 grams of gold from 553 tonnes mined between 1916 and 1946.