Named after the mineral the mine at the base hoped to find, Silver Mountain offers beautiful views of the Sturgeon River gorge and Prickett Lake to those who make the trip. The mine has since been sealed, though this location still offers a relatively easy hike. There is an established trail with staircases that lead to the top. The top of the mountain has many sparse areas due to bedrock outcroppings at the surface. This allows for many viewing areas of the surrounding terrain where the fall colors can be awesome if you get here at the right time. Camping is technically prohibited here, though there is a campsite at the bottom of the mountain and I'd imagine you could find plenty of spots to pitch a tent at the top of the mountain if you wanted to. Just make sure to have a good sleeping pad for the rocks. I've also heard that this is an awesome place for rock climbing. I've linked to climbing-specific pages at the bottom.
To get here from Houghton, head south on US-41 towards Baraga. When you get to the stoplight in Baraga, take a left onto M-38. After 9.5 miles, turn left on to Prickett Dam/Silver Mountain Road. Continue for 2.3 miles and turn right onto NF-2270. Continue about 5.8 miles and turn right down a dirt road. You should come to a parking area within a half mile. Park here at the trailhead and take the stairs to the top!
(note that the map location on this page is incorrect. based on the pictures posted it should be obvious where the climbing area is.)
Thanks to Andrew Dubay for the photos!