We simulate a binary mixture of colloidal patchy particles with two and three patches, respectively, for several relative concentrations and hence relative average valences. For these limited-valence systems, it is possible to reach low temperatures, where the lifetime of the patch-patch interactions becomes longer than the observation time without encountering phase separation in a colloid-poor (gas) and a colloid rich (liquid) phase. The resulting arrested state is a fully connected long-lived network where particles with three patches provide the branching points connecting chains of two-patch particles. We investigate the effect of the valence on the structural and dynamic properties of the resulting gel and attempt to provide a theoretical description of the formation and of the resulting gel structure based on a combination of the Wertheim theory for associated liquids and the Flory-Stockmayer approach for modeling chemical gelation.