The Spanish colonial authorities in New Spain (Mexico) did well out of the galleon trade. They did their best to ensure they enjoyed a monopoly.
Their counterparts in the Viceroyalty of Peru would presumably have loved to get in on the action.
A cynic might suggest an underlying motive behind the three expeditions that left Callao bound for the South Pacific in 1567, 1595 and 1605.
On the other hand, Marco Polo's islands of gold remained undiscovered.
The Incas had stories that ran along the same lines. There was no shortage of would-be conquistadores in Lima and similar locations.
The details of Álvaro de Mendaña y Neira's two voyages (1567-69 and 1595-96) make fascinating reading in themselves.
His initial appointment to lead an expedition to search for rich islands believed to lie somewhere near New Guinea came with a strong whiff of nepotism.
The two ships that left Callao on 20 November 1567 reached the Solomon Islands in February 1568. However, Mendaña abandoned any notion of starting a settlement, despite his belief that the islands were the source of the gold that decorated King Solomon's temple.