I understand the overall meaning of this saying, but I don't understand the specific meaning of the characters 无觅处. It literally would mean 'unsearched location,' which semantically doesn't make sense. Can anyone explain the meaning of that bit?
It literally would mean 'unsearched location,'
The point is that
无 is used for
处 (place) here, not
觅 (seek). So
无觅处 should be parsed as
无|觅处, which literally means "there's no seeking place", i.e. there's not such place for seeking, semantically means "(something) can't be found at all (and you even don't know where to look for)".
If you parse it as
无觅|处, you'll get "unsearched location" which literally means
没有找的地方, which indicates that there're still places which could be sought; they're just not be sought by now.