Miners came to Slocan Lake in 1891 after John L. Seaton discovered outcroppings of silver. By 1892, 140 claims had been staked, the most important being the "Slocan Star", "Payne", "Whitewater" and "Reco".
Most Slocan mineral veins were small, but had a very high silver content. "Reco's" seams were only inches wide, but averaged 40 ounces of silver and 42 ounces of lead per ton. The largest silver producing mine in BC was "Slocan Star" until 1896. The mine had wide ore bodies carrying 100 ounces of silver, $8 in gold and 70 ounces of lead per ton. "Payne", the main silver-lead mine from 1897-1904, shipped more than 50,000 tons of ore with a value of $4 million.
The mines were rich enough that each was able to pay for their own buildings, mills and tracks, as well as dividends to the owners. This was a disadvantage later when the price of silver dropped in 1903, and the mines were abandoned.
Today heritage tourism is an important economic factor in the area known as the Silvery Slocan. The almost ghost town of Sandon is a destination for many visitors who marvel that it was once a thriving city served by two railways. Mining on a small scale is still active at Sandon. New Denver on Slocan Lake was laid out in 1891 and was soon named after Denver, Colorado which its backers hoped it would eventually rival as a mining city.