We have two separate accounts of the loot-filled cave's secret location, one from Nevarez himself, and the other from one of his gang. Both men would be dead within a day of revealing the spot, and both accounts were recorded by clergymen from the Acolman Monastery in Mexico. As it turns out, both descriptions are similar, and seem to bear one another out.
Nevarez's account says to go to the Organ Mountains, a 2 days horse-ride from El Paso. Look for two gaps, Soledad and Tortuga. Just before entering the first gap, turn toward the right slope and look for a thick juniper tree, halfway up. 100 paces downhill of the tree is a large blue stone with a cross chiseled into it, underneath which a small silver horde is buried. Then go back and through the pass, called Soledad Canyon, to the spring to the right of the spring, on a small precipice is carved another cross in the rock. Just above is the entrance to an abandoned silver mine, once owned by a Jorge Colon, and covered by a timber door and a heavy boulder. Here lies the bulk of the plundered riches.
The other account provides some more clues. The cave in the brow of a hill deep inside Soledad Canyon faces out to the south, though in this version the cross is carved directly above the entrance. When the sun is rising, the shadows of 3 medium sized peaks will converge 250 paces east of the entrance, and slightly to the south. It can also be located by taking 100 paces up the arroyo from the spring. In this version, there is also an adobe wall 10 paces beyond the door, that must be knocked down before the silver coins, candlesticks and precious icons can be reached.