[ noun ] an alluvial deposit that contains particles of some valuable mineral <noun.object>
Placer \Pla"cer\, n. One who places or sets. --Spenser.
Placer \Plac"er\, n. [Sp.] A deposit of earth, sand, or gravel, containing valuable mineral in particles, especially by the side of a river, or in the bed of a mountain torrent. [U.S.]
But most of that "placer" and "alluvial" gold was gone by about 1950.