For electrical conduction, there needs to be a continuous path through the conductor for the electrons to flow. However, for heat to flow easily, it suffices to have a high volume fraction of conductive particles. Thus, if I have a lot of particles in a mixture and I smear it around, there's a good chance that some of them will be touching, but a miniscule chance that a "chain" of touching particles will reach from one end to the other. The chance of forming a continuous electrical path increases as the concentration of silver increases.