Originally posted by DrαGoɳ$' uK:

We went high up where the drakes were only to find the skeletons. Maybe just unlucky no silver then. Or maybe we didnt dig far out enough.

Might not be high enough, drakes and wolves can spawn on lower levels as I recall. You'll want to find a really big mountain range with golems, nests, stone structures and all that good stuff. Silver doesn't seem to be few and far in between up there either, just walk around for a bit and start digging when the wishbone is beeping as fast as you can get it to.