High resolution transmission electron microscopy observations show for the first time the presence of two orientations of pure silver precipitates in nanocavities induced in bulk silicon by implantation at 1.6 MeV with a dose of 5×1016 He+ cm−2 and a two hour annealing at 1050°C. These precipitates were called A and B to refer to the two well-known nickel silicide (NiSi2) precipitates or Ag films on a {111} silicon surface. Thus, the A precipitate corresponds to a growth of silver nanocrystal on {111} cavity walls in epitaxy with the Si matrix with an orientation relationship Ag(-111)[211]||Si(-111)[211]. The B precipitate develops on a {111} plane parallel to a {111} cavity wall as well, but in a twin orientation with respect to the Si matrix defined by Ag(-111)[211]||Si(-111)[-2-1-1]. The Ag nanocrystals have a size ranging from a few nm to 50 nm. Most of them have the faceted-shape characteristic of “clean” cavities. They are either A precipitates or they contain alternatively A and B bands in good agreement with both the low stacking fault energy of silver and the two types of nanocrystal orientations obtained by Ag deposition on (111) Si substrate at room temperature. Some Ag precipitates were also found at dislocations located at the He+ projection range, but these trapping sites were found thermally unstable as compared to the cavity ones. Indeed, during a second identical annealing, the precipitates grow in cavities whereas they fade at dislocations.