After freeing the villagers from the orc and returning the sword to the druid, you go through a gate and travel into the mountains. After the screen jump you are attacked by a giant snake. To the west are several were-creatures, but to the north is a single verberg. A tough fight, but not that hard. In his hidy hole you get a random treasure. I have seen 25 gp to two magic weapons, gold and gems. I save before the screen jump and try for something good. This game I got a ring of protect+1 and a spear+1 plus gold and a gem. Any other go random spots I should take advantage of?

That's the only one I remember but I'm sure there must be others.

Random item drops dot the place. iirc atleast one of the three goblin leaders who attacks the paliside have random items. Loki has a random item or two in his/her loot.
The most famous random item place should be the tower in Seldarine where you fight shadows of creatures you killed before (you get the luck ring there).