I think some of it also has to do with the distance from the world starting spawn as well.

I started a world after the update as well. I have found plenty of ice caves on mine.

Silver is plentiful but you have to know where to look. I don't use a wishbone either.

Silver is high altitude. You will only see it around and above where you find stone golems.

If there is a stone golem around there is very likely silver near by. Even if your wishbone does not ping you should dig around a bit.

Look for humps or hollows in the snow with "seam lines" and dig around there.
If silver node is close to surface it will not ping the wishbone.

https://steamcommunity.com/sharedfiles/filedetails/?id=2792535930
https://steamcommunity.com/sharedfiles/filedetails/?id=2792536065

You just have to be at high enough altitude and look for the signs.

You must equip the wishbone for it to work.

1. Are you equipping correctly the wishbone? You have to click to equip it like gear and listen for beeps. Faster beeps means closer to the silver.
2. What is the seed you are using?
3. You say the world was spawned after the ice cave update so there should be plenty of silver. And plenty of ice caves but knowing the seeds, we can at least look it up on the seed generator to see if there are any discrepancies.
4. Alternatively, using an iron sledge hammer in places and getting a damage tick of 0 under the ground can be a good indication of silver there.

Silver tends to be in the elevations where you also find obsidian. Just have to keep an ear out for the proper beeps.

Originally posted by Apothacary:

I'm playing a new run with some first time friends, and we've all got our wishbones and are looking for silver. The first two mountains we entered had none, and I wrote it off as they were generated and partially explored before a wishbone was had, so maybe no silver spawned (Though I don't think it works that way AFAIK). 5 Mountains later, 2 had silver (one of them being Moder's mountain) and only one of them had an ice cave. This world was generated after the update, and in my solo world the ice caves seem INSANELY rare as well.

Just looking for thoughts/things I'm missing/others who have experienced this!

Small mountains tend not to have silver or caves. Look for the ones that tower into the sky.

I figured elevation was a factor, that was one thing I noticed between the mountains that did or didn't have silver.

Originally posted by Apothacary:

I figured elevation was a factor, that was one thing I noticed between the mountains that did or didn't have silver.

It is, if a mountain has no obsidian then it has no silver.

Drake nests that spawn eggs have a nearby vein quite often.

Originally posted by Bored Peon:

Originally posted by Apothacary:

I figured elevation was a factor, that was one thing I noticed between the mountains that did or didn't have silver.

It is, if a mountain has no obsidian then it has no silver.

Drake nests that spawn eggs have a nearby vein quite often.

I was in a mountain with both obsidian and a drake nest, no silver, even tried re-equipping the wishbone lol. Unlucky I guess.

Originally posted by Apothacary:

Originally posted by Bored Peon:

It is, if a mountain has no obsidian then it has no silver.

Drake nests that spawn eggs have a nearby vein quite often.

I was in a mountain with both obsidian and a drake nest, no silver, even tried re-equipping the wishbone lol. Unlucky I guess.

obsidian and drake nests can be below the silver line.. stone golems are 99% sure.
The only time I found a stone golem without silver was a one peak mountain just high enough for the golem but probably not even room for the silver.

But that is rare. Stone golem and above is pretty much a sure thing.