Silver Mountain rises just east of Mt. Mestas and is composed of the same granitic materials. However, Silver Mountain is also at the center of a set of granitic dikes radiating outward like spokes on a wheel around the mountain. For most of its' history, Silver Mountain was known as Dike Mountain. That changed in some circles in the late 1870's when gold and silver were discovered on different parts of the mountain. Today there are still a couple of claims outstanding but hardly any ore has been taken from the mountain in fifty years.

The northeastern half of the mountain is owned by the BLM while the southwestern half is a consolidation of school land. The entire mountain is leased by ranchers for cattle grazing purposes.

Sheep and Little Sheep Mountains are to the northwest, the Spanish Peaks are to the southeast.