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.