Placers can be found in virtually any area where gold occurs in hard rock (lode) deposits. The gold is released by weathering and stream or glacier action, carried by gravity and hydraulic action to some favorable point of deposition, and concentrated in the process. Usually the gold does not travel very far from the source, so knowledge of the location of the lode deposits is useful. Gold also can be associated with copper and may form placers in the vicinity of copper deposits, although this occurs less frequently. followed by at least partial concealment by other deposits, including volcanic materials. Residual placer deposits formed in the immediate vicinity of source rocks are usually not the most productive, although exceptions occur where veins supplying the gold were unusually rich. Reworking of gold-bearing materials by stream action leads to the concentrations necessary for exploitation. In desert areas deposits may result from sudden flooding and outwash of intermittent streams.
As material gradually washes off the slopes and into streams, it becomes sorted or stratified, and gold concentrates in so-called pay streaks with other heavy minerals, among which magnetite (black, heavy, and magnetic) is almost invariably present. The gold may not be entirely liberated from the original rock but may still have the white-to-gray vein quartz or other rock material attached to or enclosing it. As gold moves downstream, it is gradually freed from the accompanying rock and flattened by the incessant pounding of gravel. Eventually it will become flakes and tiny particles as the flattened pieces break up.
Some gold is not readily distinguishable by the normal qualities of orange-yellow to light yellow metallic color and high malleability, where it occurs in a combined form with another element, such as tellurium. Upon weathering, such gold may be coated with a crust, such as iron oxide, and have a rusty appearance. This "rusty gold," which resists amalgamation with mercury, may be overlooked or lost by careless handling in placer operations.
As mentioned before, the richest placers are not necessarily those occurring close to the source.Much depends on how the placer materials were reworked by natural forces. Streambed placers are the most important kind of deposit for the small-scale operator, but the gravel terraces and benches above the streams and the ancient river channels (often concealed by later deposits) are potential sources of gold. Other types of placers include those in outwash areas of streams where they enter other streams or lakes, those at the foot of mountainous areas or in regions where streams enter into broader valleys, or those along the ocean front where beach deposits may form by the sorting action of waves and tidal currents. In desert areas, placers may be present along arroyos or gulches, or in outwash fans or cones below narrow canyons
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