Exploration at Puquios began in 1979, when initial geological mapping and geochemical sampling revealed a copper–molybdenum anomaly, historically known as the Las Pascualas anomaly. This was followed by early-stage exploration from a joint venture between Placer Dome and Elecmetal S.A., confirming the anomaly through additional sampling in the early 1980s.

In 1988, Placer Dome drilled seven reverse circulation (RC) holes, targeting shallow mineralization. Further advancement came between 1990 and 1993 with underground tunneling and detailed mapping by Sociedad Legal Minera Las Pascualas and later by Compañía Minera Aurex – Chile Ltda., a Freeport subsidiary.

A new phase of surface geochemistry and drilling began in 2005 with Minera Cielo Azul and continued through Tarquin Resources (later acquired by Natasa Mining). This phase included over 270 drill holes and culminated in a JORC-compliant resource estimate, which supported a preliminary economic assessment for open-pit development and copper cathode production.

In the 2010s, Cuprum Resources Chile SpA (formerly Ltda.) advanced the project with additional RC and core drilling, refining the geological model and resource estimation. Between 2018 and 2021, 60 new holes were drilled to support updated technical evaluations.